AZ foreclosure timelines - no longer 6-7mos says Phoenix attorney instead 9-14mos (with link)

[WalkingTheTalk]

Strategic Default Arizona – What You Should Know

Came across this the other day and thought i would post it here where the people are who are actually going through w/ their foreclosures/strategic defaults.


the link provides a video by Phoenix area attorney who says forget 6-7 month timelines. Instead its going to take 9-14 months for f/c to take place now.

Also some good videos (x2) for anyone who is unsure or anxious about walking/strategic default - he lays it out pretty clearly in these 2 short videos.

http://www.mytitleguy.net/2011/07/st...fault-arizona/


For those already walking in AZ - how are your timelines going?

thanks.

[walkawayjo]

It looks like your info is pretty good- a friend who is a realtor says at least 9 mo - For those of us who are just starting this process, i would l really appreciate knowing what documents people are getting during the timeline- I got the Notice Of Acceleration after about a month and after about 4 months I got some sort of letter that documented that Bank of America says the total is due and if i want to dispute that I have 30 day otherwise they will proceed- they didnt say proceed with WHAT so I can only hope that it is foreclosure because i know that with Baker V Gardner in AZ, they can't sue directly on the note due to the antideficit protection. I am trying to take the good advice of others and use the time to my advantage

[Denada]

I will be following this thread closely, since my first missed payments (80/15 purchase-money loans) will be next month. Will see how my timeline turns out. Good luck to my fellow AZ walkers!

[cclee]

walkawayjo, that 30 day notice is them proceeding with the foreclosure, they will file it with the county if payment is not received by the 30 day mark, BofA seems to be the fastest at foreclosing.

[Denada]

walkawayjo, that 30 day notice is them proceeding with the foreclosure, they will file it with the county if payment is not received by the 30 day mark, BofA seems to be the fastest at foreclosing.

Anyone know about how long Citimortgage is taking in AZ?

[freedomwon]

Any members on this thread that have an interest in increasing your time in your home & living "rent free", go over to this thread:
http://www.loansafe.org/forum/chase-...heel-game.html

[WalkingTheTalk]

Good luck to everyone w/ what you're going through! The information and people on this forum are invaluable for understanding this process and getting through this seemingly difficult time (well for some of us atleast).


We just received our notice of intent to accelerate - almost exactly 30days after our first missed payment. Seems BofA doesn't waste anytime w/ their foreclosures. Thats fine w/ us but we were hoping for atleast 6 mos of free rent. We were glad to see that AZ attorney mention that its taking longer then 6 mos but who knows now w/ BofA moving right along we might be out of here in 6 months or less!

[cheetah5]

B of A is definitely stepping it up in AZ. We have three properties, one with B of A, one with Chase, and one with GMAC. On all three our last payment was 2/11. B of A just listed foreclosure date end of October. Nothing yet on Chase or GMAC.

[rightyAZ]

B of A is definitely stepping it up in AZ.

I would agree with this statement. B of A here, first missed payment 2/1/11, auction date set for 9/12/11. So if it does not get delayed (anything is possible), then 7 months.

-RightyAZ

[cheetah5]

Yeah, our last payment was 2/11 and our auction date is 10/24. The trustee is ReconTrust - in fact, I got something from ReconTrust this past week and I thought it was junk mail! Now the question is...will it be postponed?

[freedomwon]

Here's some resources for you. LPS Agency Sales And Posting You can go to that site & register. It's FREE & will enable you to keep track of your sale date & postponements. Also, since Recontrust is the trustee handling your sale, you may want to keep up on their legal status here ReconTrust not a legal business in California I haven't conducted research in Arizona as to their standing.

[WalkinAZ]

House in AZ with GMAC here. Our first missed payment was in February and we just received the Notice of Trustee Sale with an auction date set for the end of October. So assuming the auction does not get deferred, our whole process will have taken approximately 8 months.

Speaking of auctions, does anyone know where I can confirm that the house has sold at auction? The trustee for the auction is Executive Trust Services, LLC, but they are owned by GMAC so I am leery of contacting them for information about the sale. Is there an AZ government website that would have this information? If so, how long after the sale would it take for the info to appear?

[cclee]

The best info you are going to get is thru Executive Trust Services because they are the ones performing the auction, you can look up the info at Maricopa County, Arizona under recorded docs but that will not update when and if the auction is postponed. Most banks use someone that they are affiliated with to do the sales. Executive Trust isn't going to lie to you about the auction status.

[Denada]

...Speaking of auctions, does anyone know where I can confirm that the house has sold at auction? The trustee for the auction is Executive Trust Services, LLC, but they are owned by GMAC so I am leery of contacting them for information about the sale. Is there an AZ government website that would have this information? If so, how long after the sale would it take for the info to appear?

Eventually, all Maricopa County property transfers should show up here. Don't know how long it takes, though. Maricopa County Recorder Elections Department

[WalkingTheTalk]

B of A is definitely stepping it up in AZ. We have three properties, one with B of A, one with Chase, and one with GMAC. On all three our last payment was 2/11. B of A just listed foreclosure date end of October. Nothing yet on Chase or GMAC.

So it looks like around 8 months for your sale assuming the sale goes through. Perhaps the timeline is going out past the 6-7 month time frame now even for BofA.

Thanks to everyone for posting the helpful links!

We are only hoping to go through this process like everyone else and that there are no changes in the laws to complicate things or make it more difficult. I don't know whats going to keep people in these upside down mortgages - it seems inevitable that unless something is done to change the laws making it less advantageous to do - that many many more people are going to be walking! In fact why wouldn't they ?!?!!!

Was just reading an article online (was actually some economist or some harvard professor guy that accurately predicted trends in the past) saying that the housing crisis is no where near being over and that things might not hit bottom for 2 or more years and to expect A T L E A S T a 20% further drop in housing prices. More in some areas that are inflated such as Arizona Nevada, California. Said that w/ so many surplus housing hitting the market - all the foreclosures - it will take at least that long ( 2 years) for excess inventory to start clearing out thus prices continuing to drop. HOW FUNNY THIS IS THE OPPOSITE PROBLEM THAT STARTED THE WHOLE HOUSING COLLAPSE TO BEGIN WITH - too many unapproved buyers not enough houses to go around inflated pricing the result. Then take into consideration even more people WALKING and well can see how this vicious cycle is operating and won't be something we will need to be worried about once our house is gone!!! But for anyone considering purchasing seems the best bet might be to wait another year to be safe.

[WalkingTheTalk]

Well BofA doesn't seem to wasting any time here in AZ - we are only 30days late and they have already reported us to the credit bureaus. This has already brought our score down - oh well no credit score is worth being underwater over 100k in an already depressed neighborhood in a house that requires easily 50-80k in improvements.

C'est la vie!

[walkawayjo]

I have moved a little down the timeline!
Arizona
loan with CW now BOA
1st missed payment 3-2011
May 2011 received notice of acceleration
July 2011 received debt validation letter
August 5 2011 received notice from an atty in AZ that they have "been retained to enforce the contract.. and will do so by non -judicial foreclosure"

[freedomwon]

update!

I have moved a little down the timeline!
Arizona
loan with CW now BOA
1st missed payment 3-2011
May 2011 received notice of acceleration
July 2011 received debt validation letter
August 5 2011 received notice from an atty in AZ that they have "been retained to enforce the contract.. and will do so by non -judicial foreclosure"

If you'd like to buy yourself more time, there's a number of things you can do. First would be to dispute the debt validation letter. Also, I'm in Ca. Countrywide now BofA - non-judicial. So, you can follow my thread. Feel free to use the letters posted or any portion that fits your individual case. There was a people of Arizona vs Countrywide & a stipulated judgement was handed down. My recent letter to BofA (Part 2)

[walkawayjo]

Thank you for the kind offer of help! I want them to go as fast as possible so I can quite paying the HOA fees- i am resigned to it- I still get scared because I have never done anything like this but then i read how everybody else on this site is going through the same thing and surviving so I know I can too! I will keep updating the timeline

[DrDrew]

Interesting to see...glad to have some ideas on timeline...last payment was March...have gotten letters from WF and, two months ago, a letter from a Phoenix attorney that I really, really need to pay but emphasizing it was not my letter of acceleration. I haven't spoken to robocallers in months...but have told them I'm not planning to pay again. Even put it up for short sale just to see what would happen... But paid $232. Owe $228. Offering for $160. With no offers...on a great house in great condition in a desirable neighborhood. Zillow today says $151. I just want them to take it. NOW....but 3-4 more months doesn't seem so bad. Then the credit rebuild starts!

[Rodion Raskolnikov]

Last payment 12/1/2010. Just recently received a letter from an attorney saying the have been retained to process the foreclosure.

[WalkingTheTalk]

Last payment 12/1/2010. Just recently received a letter from an attorney saying the have been retained to process the foreclosure.

Wow thats a long time. Do you know what that letter means? In other words is this a standard letter that comes and the house goes up for sale a few months later? We are with BofA and also in Arizona.

[kc3452]

Our last payment with BOA was Nov 2010 and we are still waiting... Our credit was hit immediatly, and in June a notification of some kind was filed but it was for the backer BONY. Nothing since. We would love to give the house back... but it seems they don't want it!

[TomEason]

kc3452

Thanks for your post. If you're anxious to move out and into new living accommodations, I recommend you consider doing so, and then immediately rent out your home. You'll enjoy immediate positive cash flow from the rents because you won't be making loan payments, property tax payments, utilities, etc.

And once you're enjoying that income stream, you'll likely no longer want BOA to hurry and FC.

Good luck in whatever path you choose!

[smalltownblues]

7 months from first missed payment to the trustees sale in June of this year. For those interested this was a FM backed loan. The servicer was very timely and effiecient with the whole process.

[kc3452]

UPDATE!


We finally received our NOD... we were 8 months past due! Here's hoping that the Trustee Sale doesn't get postponed!

[Bella]

We stopped paying last May and the sale is set for October 21, 2011.

[WalkingTheTalk]

We stopped paying last May and the sale is set for October 21, 2011.

Wow that is really fast! And the fastest I have heard about yet.

[WalkingTheTalk]

We stopped paying last May and the sale is set for October 21, 2011.

Bella (or anyone who might know)

So what does it mean then if the sale date is set for Oct 21 -

do you have to be out of the house by this date?

are people going to be coming by (if you're still living in it) and looking at the house?

if the house doesn't sell then can you keep living in it until it does?

I keep hearing people posting their scheduled sales dates but not familiar enough w/ the process to understand what happens up to and shortly thereafter the sale.

thanks!

[TomEason]

WalkingTheTalk

Thanks for your post. Each of the 50 states have their own foreclosure statutes and law. But in all of them a "sale" means the foreclosure auction or trustee sale. It's when the borrower loses the property.

I recommend you research your state's statutes online, download the applicable statutes and read them. It's not at all hard to do.

Good luck.

[DrDrew]

Is the Notice of Demand for Payment that I got from the foreclosure attorney the same as a Notice of Default? I figured it wasn't since the wording wasn't exactly the same... but then I decided to look in my County Recorder's office website and saw that a Notice of Sale was posted a few days ago. I never got anything as a registered letter, so I thought I wasn't this close to being done. I'd like to find out when the sale will be so I can contact the friends living in my house and let them know... Should I call the County Recorder's office? The attorney's office? Any ideas? I'm so glad this process seems to be coming to a close and I can start rebuilding that credit score...

[LastMarch]

Been reading the posts on here for awhile. Good to know a timeline for AZ... I stopped payment in March. I have not received one fedex letter. I did receive a letter from a lawyer about how much I owe and it's non-judicial. I received a couple phone calls, but sent a cease and desist.

Is there anything I can do to speed up the proccess? I think the longer this takes, the lower my credit score goes down. Also, starting in January, I have to pay insurance for a year.. I'd like to not have to pay that.

It's been said here before, but I can't find it.. Is there a place to look online to see the status? Maybe I just didn't receive a NOD.. I live out of state, so I don't know what's been left at the property as far as notices and such.

Thanks for your help

[DrDrew]

Did a little more research tonight on the attorney website...sale is set for 11/17/2011... First missed payment was March. Homestretch!

My credit score was 830 when this started, 720 one month later.... Now 697.

[rightyAZ]

Auction date was held today and property went back to beneficiary. BofA. 7 months 11 days to be exact. First missed payment, 2/1/2011. Auction date, 9/12/2011 back to beneficiary. Expected normal postponements that everyone else seems to have to live through, but nothing like this happened in my case. --rightyAZ

[smalltownblues]

righty,

Apparently that "Phoenix area attorney" was just blabbing nonsense as there are so many variables.

You could have extended your stay had you played the "Hampster Wheel Game". More importantly it would have been great fun playing the game.

[WalkingTheTalk]

Well actually in my opinion

IS IT REALLY WORTH IT ???
(to play the hamster wheel game).

We would rather get this over with as quickly as possible WHILE THE LAWS ARE STILL FAVORABLE FOR BORROWER - non recourse and tax forgiveness etc.

This could probably be argued all day long this way or that for or against. But we hope just to cruise through this thing as quickly as possible before more and more people get the idea to walk then eventually having the laws changing making it less advantageous for us to do so (strategic default). Perhaps call it being scared or what you will but we would rather exit this house the way everyone else is doing currently right now - BEFORE they change any tax or state laws designed to discourage people from walking (which seems inevitable to eventually in the near future to happen).

We view this as an opportunity - an opportune time - that we don't want to let slip through our hands (to be able to get out from under this house, how much its underwater as well as all the repairs the house requires on top of it). Right now we are looking at around november december f/c if ours goes along the same timeline as others here in Arizona (our first missed payment was june2011)

[smalltownblues]

WalkingTheTalk,

My comment was directed at rightyAZ who left me with the impression they wanted their fc timeline to be drawn out.

I agree with you. Each must decide if the hampster wheel game is worth playing. In fact I chose not to play the game. In my case I chose the path of re-investing my housing expenditures in a very affordable REO. The fc process went very quickly and I have no regrets.

Hope things work out for you.

Good Luck and Happy Walking!

smalltownblues

[rightyAZ]

rightyAZ[/URL] who left me with the impression they wanted their fc timeline to be drawn out.

Actually, just the opposite. I didn't want any postponements and that's what I got. Very nice! --rightyAZ

[rightyAZ]

Apparently that "Phoenix area attorney" was just blabbing nonsense as there are so many variables.

Correct. Too many variables. My timeline should give others hope. --rightyAZ

[walkawayjo]

rightyAZ, how did you learn the sale actually went through? thanks for sharing !