Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Florida is judical foreclosure state and courts are backed up. She hadn't paid her mortgage from September 2008. Finally got court notice in November 2010. That's 2 year before even first court notice.
It's now Feb 2012. She has lawyer on case. He's predicting she has until beginning of Feb 2013 If she declares BK it will give her until August 2013. So in contested forecloses in Florida you are good for close to 4 years.
In her case. Close to 2 years after first foreclosure filing. But it took close to 2 years before even first foreclosure filing.
Florida is judical foreclosure state and courts are backed up. She hadn't paid her mortgage from September 2008. Finally got court notice in November 2010. That's 2 year before even first court notice.
It's now Feb 2012. She has lawyer on case. He's predicting she has until beginning of Feb 2013 If she declares BK it will give her until August 2013. So in contested forecloses in Florida you are good for close to 4 years.
In her case. Close to 2 years after first foreclosure filing. But it took close to 2 years before even first foreclosure filing.
Ah! That's the sort of information I'm after! Thanks. I'm hearing the same thing. FL is a loooooong ride. The one I'm looking at has a Mid-March date on his Final Order. The powers-that-be seem to think he can go before the courts and get an extension now that he has a buyer...
The side of things that I'm wondering is if he can use my offer to go to the lender and try to renegotiate the balance or if that shipped sailed a long time ago?
Even if you knew the time until foreclosure, you still don't know 1) when the previous owners will vacate or be evicted or 2) how long the bank will hold on to it before listing because they are trickling out inventory rather than flood the market.
I wouldn't count on anything in pre-foreclosure being something you can buy anytime soon. It could be 3 months, it could be 3 years.
Believe me, even when there are only or two judges in a specific country hearing all the foreclosure cases the variations that the court comes up with can be extreme. There are some lenders that will have law firms that seem intent on speeding along the process, perhaps because the law firm has been told that the lender does not want bad assets on its books because the FDIC is pressuring the lender to improve its balance sheet or be shut down and then there are law firms that are 180 degrees opposite, not just being accommodating of the borrower but actually slowing things down. I suspect that those cases involve a series of parcels that the lender is worried will be destabilized by a quick foreclosure OR just a lender whose internal staff is in such turmoil that they do not have a handle on what sort of "house of cards" their loan portfolio might be...
Each case ends up being a new set of twists.
When you throw the possibility that some counties have MUCH heavier case loads then others that complicates matters tremendously -- where one case might take 36-48 months to come to conclusion in less burdened courts you might seem times lass than half of that.
Dozens of factors enter into both the lenders' & courts' decision making process -- none of these people want to be seen as unreasonably harsh, especially during holiday time and when there are elections. The other side of the coin is that a large number of banks are still facing insolvency, especially those that wrote large mortgages to / thru developers that took on bigger projects. If those mortgages are foreclosed quickly the judicial oversight won't take kindly to others "getting an extended free ride"...
The time to work hard on a distressed home is when the lender is open to a short sale. Once that window closes it is probably such a different set of variables that you have to be more or a gambler to continue to pursue the property.
If I am following the OP's additional comments the question now is not just what the homeowner can expect the lender to agree to, but what sorts of decisions are coming out of the foreclosure hearings / requests for extensions from home owners. The way courts in the US are set up the usual tone of judicial proceeding is of adversaries -- the opposing parties fight as hard as they can to get as much as judge will let 'em. The judge does not give a whole lot of consideration of "side bets"... Even if the OP could show the lender that his offer was fair based on comps the lender may essentially be on "auto pilot" and the law firm that is representing them in these proceedings may also be connected to so many other cases that the lender is not equipped to stop this train that may have left the station...
Quote:
Originally Posted by NinaN
Even if you knew the time until foreclosure, you still don't know 1) when the previous owners will vacate or be evicted or 2) how long the bank will hold on to it before listing because they are trickling out inventory rather than flood the market.
I wouldn't count on anything in pre-foreclosure being something you can buy anytime soon. It could be 3 months, it could be 3 years.
With all due respect, I see you have 12k+ posts... but I have to wonder,
exactly what information have you shared and/or contributed in those posts?
Chet is a c-d 'award winning' poster. He won because of the content of his posts.
Number of posts is irrelevant. Lots of people just do drive-bys or one-line crapola posts or they have to respond to each and every comment made about their posts.
When scrolling through a thread to save time, Chet is one of the posters I stop on to see how the thread is shaping up. It's a real time-saver.
Not that Chet needed the support, but questioning the value of an established poster caused a boggle at my end.
Believe me, even when there are only or two judges in a specific country hearing all the foreclosure cases the variations that the court comes up with can be extreme. There are some lenders that will have law firms that seem intent on speeding along the process, perhaps because the law firm has been told that the lender does not want bad assets on its books because the FDIC is pressuring the lender to improve its balance sheet or be shut down and then there are law firms that are 180 degrees opposite, not just being accommodating of the borrower but actually slowing things down. I suspect that those cases involve a series of parcels that the lender is worried will be destabilized by a quick foreclosure OR just a lender whose internal staff is in such turmoil that they do not have a handle on what sort of "house of cards" their loan portfolio might be...
Each case ends up being a new set of twists.
When you throw the possibility that some counties have MUCH heavier case loads then others that complicates matters tremendously -- where one case might take 36-48 months to come to conclusion in less burdened courts you might seem times lass than half of that.
Dozens of factors enter into both the lenders' & courts' decision making process -- none of these people want to be seen as unreasonably harsh, especially during holiday time and when there are elections. The other side of the coin is that a large number of banks are still facing insolvency, especially those that wrote large mortgages to / thru developers that took on bigger projects. If those mortgages are foreclosed quickly the judicial oversight won't take kindly to others "getting an extended free ride"...
The time to work hard on a distressed home is when the lender is open to a short sale. Once that window closes it is probably such a different set of variables that you have to be more or a gambler to continue to pursue the property.
If I am following the OP's additional comments the question now is not just what the homeowner can expect the lender to agree to, but what sorts of decisions are coming out of the foreclosure hearings / requests for extensions from home owners. The way courts in the US are set up the usual tone of judicial proceeding is of adversaries -- the opposing parties fight as hard as they can to get as much as judge will let 'em. The judge does not give a whole lot of consideration of "side bets"... Even if the OP could show the lender that his offer was fair based on comps the lender may essentially be on "auto pilot" and the law firm that is representing them in these proceedings may also be connected to so many other cases that the lender is not equipped to stop this train that may have left the station...
Chet, thank you very much for the information. I understand that every case is different -- I'm seeing, at least in my area, that the time between the Lis Pendens (pre-foreclosure) and the actual time of Final Order of Foreclosure is several YEARS... usually 2 or more years!
Quote:
Originally Posted by mortimer
Chet is a c-d 'award winning' poster. He won because of the content of his posts.
Number of posts is irrelevant. Lots of people just do drive-bys or one-line crapola posts or they have to respond to each and every comment made about their posts.
When scrolling through a thread to save time, Chet is one of the posters I stop on to see how the thread is shaping up. It's a real time-saver.
Not that Chet needed the support, but questioning the value of an established poster caused a boggle at my end.
It looks like it took a while for him to "kick in" on this thread.
I've also been wondering about this timeframe. My neighborhood is littered with empty, bank-owned homes. Meanwhile, the prices are up 10% from this time last year (inventory is WAY down... it feels like 2006 all over again).
Someone on another forum said he is listing his home for sale and his Realtor told him there will be a tsunami of foreclosures in FL this summer.
I wonder if this is true, because if so, I would wait to buy. I'm not going to buy some overpriced "flip" that someone wants $180k for. (we looked at it back in 2010 when it was listed for $85k!)
Have the big banks settled regarding the mortgage fraud/ robo-signing, etc? Is that a done deal or still dragging on? This was the reason the foreclosures have been held off the market for what, around a year here?
That wasn't the only reason. They were trying to keep some of the losses off of their balance sheets so they look more solvent then they are.
I believe there's been a settlement, as I read something about how certain states were getting $X million and planning on using some of the money to close holes in their budgets.
Realtytrac said that there was a million foreclosures in the pipeline at the beginning of this year, so we probably haven't seen a bottom in prices yet. But the government is considering bundling them in packages and auctioning them off to investors to rent out. This will no doubt include some kind of taxpayer backing to make it more attractive, if it happens, since I doubt there's that many investors who want to be landlords and the ones that do are already buying the houses they want.
Lost in this process. Filed for BK, surrendered house. Now house in pre-forclosure. Lender has forced placed hazard insurance. Very expensive. Should I try to buy it myself (Hazard insurance)? Thanks.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Too true...
