OT: Has anyone been through a foreclosure?

[teenagebambam]

If so, and without boring you with details, I have a maybe-silly question: when the bank is coming to take your house, do you know WHEN they're coming? Like, a day and time? Or do you just come home from work one day and find your locks changed, your stuff on the lawn, and your dogs at the pound?

[Why Syzygy]

1. Maybe you should check the laws in your state.

I think in Texas they would have to follow the normal eviction procedures, which does give you some idea of the time line involved, although not necessarily the exact time and date.

[I Have A Dream]

2. I'm sorry if you're going through this, teenagebambam.

:(

[teenagebambam]

3. Thanks for your sympathy

but I'm really okay with it. REALLY! We've had the house on the market for over a year, as we saw the danger coming...and in that time there has been ONE looker. We tried to be proactive and talk to the bank while we were still making payments, but the basically said they wouldn't give us the time of day unless we were ALREADY in default. So there you go. They're talking to us now!

The only mildly deceptive thing that I'm a little worried about, karma-wise, is that though my partner and I contribute equally to expenses, the house is in HIS name. We're hoping the fact that the state won't LET us be legally tied together will save MY credit so we can find a rental when the inevitable day comes.

[Why Syzygy]

4. omg...

credit reporting is the mark of the beast (or thereabouts).
I cannot believe that karma is set to protect credit bureaus!

[Hestia]

6. We're kinda, sorta going through one in Dallas, though we live in another state

We tried to rent the house, but then got a psycho/sociopath as a renter, 5k and a couple of months later, and turning into the city for not having the fence the psycho wanted, he moved and we haven't paid the mortgage since August. We have no idea if we are under foreclosure or not. First they say yes, then they say no, they want their money. FNMA had a moritorium on foreclosures until this month, so who knows?

Another guy at work, a year or so ago, though, was a couple of months behind and the sheriff came to the door pronto to kick them out. They didn't hear anything from the bank for 18 months, so who knows?

If the house & mortgage is in his name, then he takes the credit hit - but! talked to a lawyer and the hit is only like 100 points, and within 2 years comes back up if you pay each and every bill on time and pay them off. In 2 years, ya'll can get another mortgage with no problems.

Sorry to be so iffy on the info, but going through the same thing, all we get is "who knows" from the lawyers (on their side).

[rumpel]

5. In CA

they will send you a notice of default. Some time thereafter, they will send you a foreclosure sale notice, and the time frame you can still cure the default. After the foreclosure sale, they will send out an unlawful detainer, then comes either cash for keys and then an eviction notice.

But Votes is right, best thing to do is to check the Code of Civil Procedure in your state. Many states have them posted online.

I wish you do not have to go through these unpleasant experiences. I will send positive thoughts...

:grouphug:

[all.of.me]

7. Did you try to do a short sale?

Banks would much rather do a short sale than go through the expense and time of a foreclosure. Ask your agent, and ask your bank.