If an NOD has been filed. Why are they waiting so long to get the thing foreclosed? I thought it only took 90 days plus 21 publication days and the sale is done. Or some kind of timeline like that. 7 months and as of the first it's 8 months. Still no sale date??
If an NOD has been filed. Why are they waiting so long to get the thing foreclosed? I thought it only took 90 days plus 21 publication days and the sale is done. Or some kind of timeline like that. 7 months and as of the first it's 8 months. Still no sale date??
Guess they don't want to flood the market with more floreclosure signs.
Doesn't somebody somewhere have the money these people lost?
Yeah, the sellers....say you buy a house for $500,000 (or a big yellow boat for $50,000) And a year later you can only sell it for $300,000. ( or $30,000 in the case of the slow banana) It is the price the market will bear.....the $200K is gone. The bank doesn't have it. You don't have it. The seller got it!
Sorry, the value has dropped. It only existed at the will of others, it wasn't really money to begin with. Buying something without intrinsic value is only worth what the next guy will pay for it.....I suppose everything can go down in value....even if its guaranteed...even that is only as good as the guarantor. Like Bonds or Treasury notes.
What good even is gold, if no one has the money to buy it?
Just spoke with my friend and he said it's been longer. He was 4 months behind in MArch 07. He made a deal with the bank to make his current payments and add a certain amount for the rears. He totally renigged on that deal and made no payment what so ever. So he is actually 11 months behind. Plus 2 years taxes. What could be the banks motivation to do this? Everyday they lose more. He's living for free. After they foreclose they still have to evict him, which will take a few months. THis first is 1,100,000. His amount to redeem is over 100,000.
If an NOD has been filed. Why are they waiting so long to get the thing foreclosed? I thought it only took 90 days plus 21 publication days and the sale is done. Or some kind of timeline like that. 7 months and as of the first it's 8 months. Still no sale date??
Usually an NOD is filled after 90-120 days late on there mortgage so it is possible that no sale date after missing their first payment 7-8 months ago.
I'm also following another story of a guy 9 months without a NOD. He's waiting, and figures he'll start looking for a place to rent whenever they get around to filing the NOD. Until then, he too is socking away cash. It's a purchase money TD, so he will walk away without anything to bite him in the arse!
The guberment also has some emergency BK legislation trickling thru which would permit lenders to modify loan terms to allow debtors to stay in their homes. Currently they cannot do that.
Unreal, but apparently they are that swamped.
Just spoke with my friend and he said it's been longer. He was 4 months behind in MArch 07. He made a deal with the bank to make his current payments and add a certain amount for the rears. He totally renigged on that deal and made no payment what so ever. So he is actually 11 months behind. Plus 2 years taxes. What could be the banks motivation to do this? Everyday they lose more. He's living for free. After they foreclose they still have to evict him, which will take a few months. THis first is 1,100,000. His amount to redeem is over 100,000.
I believe the bank doesn't have to book it until it follows through with the foreclosure. Your friend could have a heck of a tax problem when he gets all that "debt relief" that he'll owe to the IRS.....
Is he aware of that part of the "living for free?"
What do these houses look like i cant imagine someone taking care of them if no Payments have been made for 11 mo. If they are in bad shape have them E mail me pictures for my Blog E mail them to icantsellmyhouse@yahoo.com
I had no idea someone could go so long NOT making a payment i think its worse then we thought.
I believe the bank doesn't have to book it until it follows through with the foreclosure. Your friend could have a heck of a tax problem when he gets all that "debt relief" that he'll owe to the IRS.....
Is he aware of that part of the "living for free?"
I doubt it. Could you imagine.....the house sells for 600,000 and he has TAX LIABILITY ON OVER 500,000. I think that same scenerio is gonna happen toa lot of people. Buy a house, lose money, and have to pay income tax on the money you lost.....Is that really how it goes?
If an NOD has been filed. Why are they waiting so long to get the thing foreclosed? I thought it only took 90 days plus 21 publication days and the sale is done. Or some kind of timeline like that. 7 months and as of the first it's 8 months. Still no sale date??
It usually ends up taking 4-9 months from the NOD, bank will extend the dates by just asking them. The only thing I can think of for your friend is for some reason they are trying to keep it off the books until next year?
Interesting.
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