NEIGHBORS UNITE - let's talk about all ***ARIZONA*** foreclosures and timeline related information

[WalkingTheTalk]

Being subscribed to as many ARIZONA related threads as I can find thought it best to start an actual thread on the subject for everyone from this region to post. Makes it easier for anyone searching to find Arizona SPECIFIC information to help them on their journey.

And for everyone from our state (neighbors in other words) to be able to make this transition as easy and INFORMED as possible!


My husband and I decided to miss our first payment in June of this year. Don't know exactly where we are in the process but it doesn't seem like anything has happened except the NOI and lots of calls to (both) our cell phones and google voice number. We have atleast 3-4 more foreclosures going on within a 1 block radius in our neighborhood so we also don't know if because of that the banks won't slow one or more of them down to delay them all hitting the market at the same time. As of right now it seems that the foreclosure process in Az is taking about 6-7 months as evidenced by foreclosureradar.com website and what people from AZ have been reporting on this forum.

Also starting to look around for a place to rent and as a heads up it seems that people need to be careful when renting a new place that you don't rent from someone else who is walking from their property (your future landlord in other words) and who might WALK AWAY with all your DEPOSIT money !!!!!

[RightOnTime]

Hello! I'm still early in my 'surrender'. First missed pmt was 9/1. 1st with Greentree and 2nd HeLOC with Chase.

Filing Chapter 13 later this month. Looking to surrender home in the BK, and hopefully stay rent free to save some emergency funds for the next 5 years of our BK. I hear that filing BK can prolong the foreclosure. Someone on another forum said her Ch 13 BK took 1 year to confirm. That seems really long to me, but we'll see!

Glad to see an AZ thread on here!

[tstrong2000]

I very much appreciate this thread. I am in Phoenix and stopped paying my mortgage on 8/1. Received my NOI Oct. 2 and have until Nov 5th to get caught up. The same day I got an email from Zillow telling me that my home value had dropped another 5.9% last month! Bought for 284k and now is worth around 135k. FHA loan with 272k balance. With a 3% appreciation per year starting next year, I will be back to 281k value by 2037! No guilt for decision here. Just resolved to do the best that I can for my wife and myself in the long run. Don't want to mess with a short sale and have to bow down to the bank for permission to get out of this mess. I know the hit on my credit. I will take that versus 27 years of paying into something that will not be worth what I paid for it in 2008.

3-5 years from now I will look closely at the market and decide with my brain versus my heart on whether to get back into another mortgage or not. In another thread I offered to get together for a dinner somewhere if people in the Phoenix area have any interest. Offer still stands if anyone on this thread has interest. I really appreciate the collective wisdom on this site and all of the members.

[RightOnTime]

Received NOD today. Total shocker! I'm less than 60 days past due. Darn GreenTree. I called them over the weekend to notify them i've retained a BK attorney. They don't waste any time!

[DrDrew]

Tucson here... My timeline... Last payment 2/1... NOD 7/6... Sale date set for 11/17/11 (YAY!)... Home bought in 2009 for $237K... Current Zillow value $141K... I tried to do a short sale, listed at $170 then $160 with a total of three people looking at the place over a 4 month period.

[RightOnTime]

Starting to think it's not a real NOD. Found this thread with same language as my letter

Green Tree Charge Off & Settlement

[olivianphoenix]

Hello, fellow Arizonians. I'm 3 months into a SS process. My tenants are trying to buy. It will be sweet if it happens. See my details at YAAW - Yet another Arizona walker

[phoenixsuns]

Hello, fellow Arizonians. I'm 3 months into a SS process. My tenants are trying to buy. It will be sweet if it happens. See my details at YAAW - Yet another Arizona walker

Hello,

Does anyone know who is currently in the foreclosure process what happens if you don't foreclose within
this 2012 year? I say this because the "Mortgage Debt Relief Act of 2007" is only good until the end of
the 2012 year. This is the law that was passed in 2007 where the cancellation of your mortgage debt from
a short sale or foreclosure will not be taxed. After this year everything will be taxed. I hear you need the 1099-C
tax forgiveness form dated by December of 2012 from your lender or you will be taxed. My main concern is if
you start missing your payments in Jan of 2012 and the foreclosure process takes more than 12 months are you
completely screwed or will the IRS work with you if the process is dragged into the early months of 2013?

[GustavsenB]

Thanks for starting the thread. I've been searching for and reading everything I can find relating to AZ foreclosures. I posted a link this morning about a push for a change in the non-recourse statutes here. Seems that the deep pockets just can't stand the idea of us underwater homeowners walking out and leaving them upside down on their foreclosed asset. I personally am not walking because I'm upside down... I'm walking because several things have changed in my financial life and I can't afford to stay at all. I wouldn't ever get a mod down to 33% of what I'm paying now (which is what it would take to be able to afford it with any sort of living standard) so I'm stuck walking. I am underwater bigtime though... owing just over $297K on a place that is worth somewhere probably $140-160K. Thats anywhere 180-210% upside down LTV. Last payment was in October, so first missed was 11/1/11. I just hope Green Tree goes after this fast and takes the house. I have been paying back for 5 years, over $130K paid on time to first and seconds... so if they eventually sell at market, Fannie shouldn't be taking that big of a hit (not that I'm crying for Fannie).

Planned Arizona bill lets banks go after 'underwater' homeowners who bail

[phoenixsuns]

Thanks for starting the thread. I've been searching for and reading everything I can find relating to AZ foreclosures. I posted a link this morning about a push for a change in the non-recourse statutes here. Seems that the deep pockets just can't stand the idea of us underwater homeowners walking out and leaving them upside down on their foreclosed asset. I personally am not walking because I'm upside down... I'm walking because several things have changed in my financial life and I can't afford to stay at all. I wouldn't ever get a mod down to 33% of what I'm paying now (which is what it would take to be able to afford it with any sort of living standard) so I'm stuck walking. I am underwater bigtime though... owing just over $297K on a place that is worth somewhere probably $140-160K. Thats anywhere 180-210% upside down LTV. Last payment was in October, so first missed was 11/1/11. I just hope Green Tree goes after this fast and takes the house. I have been paying back for 5 years, over $130K paid on time to first and seconds... so if they eventually sell at market, Fannie shouldn't be taking that big of a hit (not that I'm crying for Fannie).

Planned Arizona bill lets banks go after 'underwater' homeowners who bail

GustavsenB....thanks. It's makes sense in your case to walk. Plus this is really the last opportunity to take advantage of the tax relief. Let me know how long yours take until you get your "notice of trustee" sale date. You will know the date when you receive a notice on your door down the road or at Maricopa County Recorder's office website. I read one thread and it appears Green Tree moves quickly (6months). Mine is with Seterus/Aurora Loans which is backed by Fannie Mae so we'll see how long my process takes.

[GustavsenB]

Phoenixsuns - I'll post back with updates as they come. This has been such a stressful couple of years for me and my family... first making the huge payments and draining savings after losing an income... then, realizing that we just can't do it and we're going to lose the house... now waiting with no control over the FC process. I don't plan on contacting Green Tree (1st) or Citi (2nd) to delay the process or play any games with them. I just want them to enact their rights of remedy and foreclose so that I can get on with life in a new start. I'm actually down the road in Pima County, so I've practiced searching the site to monitor any recordings against my name and property. Good luck to you and all others out there going through this mess.

[phoenixsuns]

GustavsenB....yes your lender will give you the run around. This is all I've heard in many blogs I've read. Have you received their
annoying daily phones calls yet? If this starts you can write a "Cease and Desist" letter to your lenders and by law they have to stop calling you. Mail by certified mail with a return receipt. Good luck to you. Things will look up.

[kikimonkey]

Looks like I found a good thread. We just moved from Cave Creek, AZ to Reno, NV for a job transfer. We "had" renters all ready to go in our home. They bailed. Now, even with rent, we will still be upside down by $500 a month. We paid $300K, we would be lucky to get $220K. Our "friend" who is a realtor is really pushing her "client" on us to rent our home and then short sale it. She also wants us to use her attorney (dont know why). I posted on the "ask the attorney" link and was told, do not need an attorney. So I told her this. Bottom line, she wants the attorney to benefit her no big surprise there. We are really leaning toward just walking.

I did not pay our taxes (they are not linked to payment). Our payment on house is due in 2 days, it is a Chase loan. We are not going to make. Now, my "friend" said we need to continue to make homeowners association dues? We are making the home insurance payments, the homeowners association seems silly.

So what happens next. We just watch Maricopa recording and pray it forcloses by Dec 2012? From what I have read so far, we want to avoid the phonecalls? For forclosures, do we need an attorney? We just want peace. This move/job change have been stressful enough.

Thanks!

[GustavsenB]

Phoenixsuns... thanks. Yes, I have been receiving calls from both lenders. GT calls often at work, Citi calls mostly at home but has contacted work a few times and sent a couple letters. I received the latest letter from Citi yesterday saying that they have reported me now to credit agencies. I haven't subscribed to any sites to monitor my score, but I have a general expectation that the first hit will be around 100 points, with an eventual slam of about 280 total on my FICO. Really stinks, but 840 in early 2011 will probably be under 600 by spring. I have drafted a cease and decist letter for each lender, but have not sent yet... thinking that I might do that soon because the calls at work are starting to become problematic.

kikimonkey... welcome to the thread. The renting/short sale thing can be frustrating and from what I've found in my research and speaking with my attorney and realtors, the process many times does not work out for the seller. It can work, but there are so many hoops to jump through and opportunities for things to go badly that I decided it was not in my best interest to prolong the process and attempt a short sale. I'm too far underwater to get a sale that would satisfy the banks on any reasonable percentage basis from what I've seen. I've resigned myself after attempting modifications in the past that it's just not worth trying to negotiate such an upside down deal with the banks. As for what to do... I personally decided that I would consult a lawyer and have him review all of my original loan docs and confirm my protections under state law. (For a couple-few hundred bucks, it's probably worth it to do some research, find a RE attorney that you like and get their input... you'll also have a go-to contact established in case things run amok along the way). Once I had his input on the docs and a good discussion about all of my options and their implications, I decided to let the house go. I was advised to keep insurance and HOA dues current, live in the house and take care of it until the bank decides it's time to go. I will wait for the certified notices from the lender(s), and especially for the notice of trustee sale. Once that NTS is scheduled and recorded at the county, I'll have the 90 time clock ticking to start preparing for a move. I plan on residing at the house until the auction date passes (they can postpone the date many times) while saving what I can toward my move to a new place. When the sale is done, I expect that I will be immediately contacted by either the bank (REO) or the new owner (if sold at auction) to set the vacate date. I will keep the house maintained and clean, and hopefully get a cash for keys type offer to help cover the moving expense. Other than the pain of dealing with intensifying contact attempts and the pain of leaving the house, I hope that this will be a fairly straight forward process. I'm staying conservative on this and not playing any games with the lenders... I don't want to give them any reason to jerk me around. Just want it over with. As noted above, I probably will send the cease and decist communication letters just to stop the constant calls. Once those are received, I'm sure the lenders will know what's going on and just push forward with foreclosure. Certified notices and watching the county recorder's office should keep me up to date until move day. I hope that helps with some info. Good luck!

[kikimonkey]

GustavenB- I have been keep HOA current and insurance are current. I may give my friends attorney a call later, just to have him review our docs. The short sale seems to benefit everyone else, but us. We just want to be done with the house. We left it in great condition. Our payment to Chase is due tomorrow (weds), not going to make it.

[phoenixsuns]

Looks like I found a good thread. We just moved from Cave Creek, AZ to Reno, NV for a job transfer. We "had" renters all ready to go in our home. They bailed. Now, even with rent, we will still be upside down by $500 a month. We paid $300K, we would be lucky to get $220K. Our "friend" who is a realtor is really pushing her "client" on us to rent our home and then short sale it. She also wants us to use her attorney (dont know why). I posted on the "ask the attorney" link and was told, do not need an attorney. So I told her this. Bottom line, she wants the attorney to benefit her no big surprise there. We are really leaning toward just walking.

I did not pay our taxes (they are not linked to payment). Our payment on house is due in 2 days, it is a Chase loan. We are not going to make. Now, my "friend" said we need to continue to make homeowners association dues? We are making the home insurance payments, the homeowners association seems silly.

So what happens next. We just watch Maricopa recording and pray it forcloses by Dec 2012? From what I have read so far, we want to avoid the phonecalls? For forclosures, do we need an attorney? We just want peace. This move/job change have been stressful enough.

Thanks!

Yes you have to continue to pay your HOA fees until you are no longer the owner of the house (notice of trustee sale date) is when you are no longer the owner of the home. I hear the HOA can come after you for this if you don't pay. Attorney is always best to consult with if you want the peace of mind and pay for their knowledge however you don't need one. If you are going to foreclose I would start now and hope it closes by 12/12. Mostly likely it will. I'm not sure what happens if it extends into 2013. I would call the IRS and ask. Good luck to you.

[Cat Damiano]

kikimonkey,



Your agent is correct about the HOA dues. Your HOA dues are assessed against the property and are also a personal debt. They actually have priority over your lender's loan under the rules relating to priority. What I mean by that is the HOA dues are being charged pursuant to the Covenants, Conditions, and Restrictions (CC&R) that were recorded before any of the condo units were sold. But, virtually all CC&Rs contain a specific subordination, where their prior lien is eliminated for unpaid dues that existed before your first loan is foreclosed. Dues that accrue after the foreclosure sale become the obligation of the purchaser at the foreclosure sale (usually your lender).

So, HOAs can and often do attempt post-foreclosure collection against the foreclosed former owner. That is why I recommend that you pay them even if you are going to walk and let the lender foreclose. Mitigating this expense is the fact that I recommend that you remain in the property until after the foreclosure.

[kikimonkey]

I will just pay the dues then for the year and obviously insurance. I am going to have another friend check on the house as she has a key. Do I need to maintain landscaping? I still have electric on. I guess I could also turn the remaining utilities off? Sorry to be asking so many questions. Just hard not physically being there. We did not have a choice in this matter.

Thanks for all the advice. What happens from this point? I know it takes 30 days to hear something. We just sit and wait? Seems too easy...maybe it is the lack of any control that has me freaked out.

[Cat Damiano]

From this point the waiting is the hardest part, but you have to maintain contact with the lender, don't wait for them to contact you with updates.

[kikimonkey]

Do I want to tell them we are not making any payments, or wait for them to contact us? What type of communication should we be keeping? Sorry, not to sound like an idiot, this is just all new to me.

[Cat Damiano]

If you are going to try the short sale route then you would need to start the process by contacting the lender. If you are going to use the property as the rental and keep it, then you would have to catch up any of the missed payments. If you are just going to walk away, you may want to look through the threads of the other members from AZ going through the process to see where they are at.

[GustavsenB]

Well, after a couple more calls at work today I'm going ahead with sending out the C&D letters. Not sure if that's going to ramp up my timeline or not, but can't keep receiving calls at work. Before this all got rolling, I did try to find my profile info on the various account sites to delete my work number and only leave my home, but never could find any place to "delete". I could update, but not delete.

Anyway, we'll see what's next.

[phoenixsuns]

Kikimonkey....I suggest you read some other blogs with people going through you exact same situation. This site
has many good blogs going other than this one we are both communicating on. Check out the blog under "az is no longer 5-7 months..." If you have no renters no point to keep untilites on, waste of money. Landscaping you don't need to upkeep as well unless you really like your neighbors. If you use a C&D letter they will stop calling you so you would need to check your mail. Also
they like to post notes on your door when foreclosure is near. Again read the other blogs to see what other people are doing. Good luck.

Do I want to tell them we are not making any payments, or wait for them to contact us? What type of communication should we be keeping? Sorry, not to sound like an idiot, this is just all new to me.

[kikimonkey]

@phoenixsuns I will look at the other thread. Keep in mind, we are no longer in AZ, we moved to NV for my husbands job. I will have a "friend" check the house for us.

[GustavsenB]

Update: I sent C&D letters last week and received my return receipt cards from both lenders on Saturday 12/17. In the same batch of mail, I received a letter from GT about potential eligibility for credit counseling and a HAMP application packet. Then yesterday (Monday 12/19), I received a letter at the top in bold "ARIZONA - NOTICE OF DEFAULT". I have found the exact content quoted in others' postings relating to GT, but essentially they give 30 days from 12/13 to cure the default or the "maturity of this loan is accelerated and full payment of all amounts due under the loan agreement is required without further notice"... I'm not sure that a NOD is required to be recorded at the county under AZ law, but if they move forward quickly after the 30 day period passes I guess I could be looking at a Notice of Trustee Sale sometime in January. Per Fannie Mae guidelines posted elsewhere on this site, I believe they would have a maximum 105 days from NTS to sale date... so potential trustee sale in late April? Guess we'll have to see.

[phoenixsuns]

Update: I sent C&D letters last week and received my return receipt cards from both lenders on Saturday 12/17. In the same batch of mail, I received a letter from GT about potential eligibility for credit counseling and a HAMP application packet. Then yesterday (Monday 12/19), I received a letter at the top in bold "ARIZONA - NOTICE OF DEFAULT". I have found the exact content quoted in others' postings relating to GT, but essentially they give 30 days from 12/13 to cure the default or the "maturity of this loan is accelerated and full payment of all amounts due under the loan agreement is required without further notice"... I'm not sure that a NOD is required to be recorded at the county under AZ law, but if they move forward quickly after the 30 day period passes I guess I could be looking at a Notice of Trustee Sale sometime in January. Per Fannie Mae guidelines posted elsewhere on this site, I believe they would have a maximum 105 days from NTS to sale date... so potential trustee sale in late April? Guess we'll have to see.

I tried for HARP and was denied instantly on the phone because my mortgage to income ratio was not over 33%. That's all they cared about and said no. HAMP is very similar and I believe just a waste of time. I would say April would be close to on time for the "notice of trustee sale". Please update when you receive notice. I'm curious how fast foreclosures will move in AZ this year thanks.

[Povertynpines]

GustavsenB-GT sent the exact same letter to me dated 12/15, but I just received it today. I have till 01/15 to remedy the situation. I don't plan on paying and am on the fence as to if I should fill out a HAMP, I know now from this forum that the clock still ticks as far as the foreclosure. I found on the FannieMae site that AZ foreclosure takes approximately 150 days. My question how much time do I have before I have to be out of the house now. From your post, you mentioned NTS to sale date being approximately 105 days, so is it safe to say I can stay in the house till March at the least? Or should I expedite my departure sooner?

I have checked Foreclosure Radar and it seems like they give a broad timeframe and not the minimum time frame (from what I can interpret) on the foreclosure time frame. Seeing as we both have GT as our first and our dates are only days apart, we are almost on identical timeframes.

Thanks for any input from you or any other members.

[GustavsenB]

Povertynpines: I goofed on the timeline, the MAX days between referral to trustee and sale date is 150 days not 105 that I posted. By state law, I believe 90 days is the minimum between the recorded notice of trustee sale and auction date. So, once you get the certified letter for notice you'll have between 90 and 150 days. I know it's not an exact science, but that's the way I see it.

I've decided not to mess with any HAMP paperwork or other stuff because I do not want to delay FC. At this point, I've resolved to let the house go and take the financial hit. I want it done before any changes are made to state laws and before the income tax exemption runs out. I'm just watching the county recorder's office for anything recorded against my name, as well as the lpsasap site. I figure if they go after things quickly, they can accelerate and go to trustee after 1/13/12 which would put trustee sale between 4/12 and 6/11/12 (90 min per state and 150 max per Fannie Mae). If they waste time though and don't refer to trustee right away, it could be longer.

Interesting stuff yesterday... got the first "scout" from GT at the house taking pictures and left a note on the door to call their office.

Also received two new letters from Citi... the first one says basically "we're here to help, but we can't help if you don't call". The second one is titled in response to my Cease and Desist letter, and it is all about acellerating my balance due as soon as the 30 cure period is up (next week I believe). Whatever... they're an underwater junior lender, so I take it as saber rattling only.

No phone calls this week. That's about the only good thing going on right now.

[Povertynpines]

GustavsenB-Thanks for the quick reply, much appreciated. I have yet to send a C&D letter to either lenders, I have a 1st and 2nd (both purchase money), but am considering it since I plan to walk away. I think if I do send out the letter, it will accelerate the 1st and their process of foreclosure, I need at least the 90 day minimum to get everything in order to move. I check the county website and don't see any changes to it, it still lists me at the "Grantee." (whatever that means?) I also subscribed to the LPS website, but in the search engine it only list the current date and allows you to search 7 days prior. Is there a different search to see future sales?

Thanks again to everyone on this site!

[From_AZ_to_OH]

We walked from our home in Red Rock last year. Here's our timeline (purchase money mortgage with CHASE):

First missed pymt 3/1/11; received NOD after the 90 mark (apprx); received plenty of letters offering to help us "save our home" during that time (seemed like one every other day at least); we received ZERO phone calls about payments due; got letter from lender weekend before Christmas asking if home is secure and being looked after by us or if it is vacant-we advised them the same day via voicemail that home is vacant and to please proceed with whatever they need to process with (their letter had said they would change locks if it was vacant); 7 days later we received certified letters notifiying us of county auction date (3/30).

So it took approximately a year to get to the point that we are at now. I knew it would take awhile but didn't really think it would be this long. What we read online seemed to indicate 6-7 months, 9 months in some extreme circumstances. And since we haven't actually gotten to the auction date I'm still a bit skeptical that it could have been as "easy" as this. We didn't receive any harrassing phone calls, we didn't really do anything other than literally stop paying and walk away. I guess I'd be interested in finding out what happens after the sale date if anyone out there knows. We paid half of our property taxes last year and the second half is due in March when the auction is set for. I'm hoping we won't have to pay those. Anyone know if we will have to notify the county of the sale to avoid having to pay taxes or will that be automatic with the filing of the new deed? As for the homeowners insurance, the lender paid that back in November (which really suprised me) so they can have any refund coming, I don't want something I didn't pay. We've continued paying the HOA fees each month so I'm guessing I will need to notify them when the auction is finalized. Anyone that has any info on what happens now would be greatly appreciated. That light at the end of the tunnel is getting brighter and brighter with each day we get closer to 3/30!!

[RightOnTime]

Where in AZ did your home foreclose? Metro phx area? thanks so much for the timeline!

[surpriseaz]

posted this in the june/july walkers thread but I will add it here since it helps az guys see my timeline

In surprise AZ bought in july 2005 stopped paying june 2011.
We have fannie may , boa was servicing transferred it to greentree.
we ignored all calls, mail, even the clowns green tree sent to our door numerous times were left ungreeted.
We basically were ghost to all and any of them. Well December 29th the landslide of registered mail showed up 8 in total, so I figured it was gonna be the NOD so whatever and signed for them. Turns out they were NODS 4 of them , the other 4 were trustee sales notices set for march 19th. I will say I was surprised they arrived together. recontrust doesn't show my auction so looks like I will have to look elsewhere to see it. IF they keep the date it will have been faster then I figured , place next to me sat empty for over a year before they auctioned it .

We are a strategic default, paid 270k put down 60k . Places in the same tract have been selling for 88k-99k so recovery was never going to happen.

Just figured Id share my timeline with my actions for the area

[GustavsenB]

Povertynpines - on the LPS site, once you log in you should see the Sales Search Criteria box in the upper right of your screen. There are two date lines in the lower portion of that box where you can set date range for your search... you can go months out into the future to see everything that is scheduled. You can find auction dates for about 3 months out into the future.

Not much to update on my end. 11/1 was first missed payments and my "cure by" date with GT is coming up this Thursday, 1/12. I'm loving the fact that I sent the C&D letters telling them no more calls and that I was residing in the residence until after trustee sale. No calls, no more people coming by (yet). I have now received acknowledgement letters from both Citi & GT (GT's came yesterday) in response to my C&D letters confirming that calls have been canceled and correspondence will come by mail as required. I'm still thinking I'll be in the house til summer... tho my wife and I are so emotionally detatched now from the place it just feels wierd living there. Family is helping us with new arrangements, but those are dependent on a few different things and nothing is set in stone yet... kind of scary knowing that you'll be leaving your home of many years and going who knows where??? We've been downsizing furniture and starting to thin things out, but we haven't packed anything yet. That will wait until we receive the notice of trustee sale, then we'll start getting some boxes and really getting organized for the move when its time. Trying to have a happy new year, but 2012 is very uncertain so far.

[Povertynpines]

GustavsenB-Thanks for the direction on LPS site, I will look into it. I feel what your saying about living in the house when you know your gonna be out of it soon, under rather less than wanted reasons. I, like many others, put alot of sweat and muscle into improving my "home" all these years. I have detached myself from it and have already begun packing and putting things in storage. No word yet on a NTS, but I want to be ready to move when the date arrives. I hope all goes well and keep your head up.

Update-Just got done talking with a GT rep who came to my door. Nothing exciting, he asked if I thought about a short sale and took some photographs and that was it. I'm sure my dogs barking and my presence let him know it was occupied. Also got a letter from WF, Notice to Cure Default demanding all back payments and accumulated late charges. Gives me till 01/21/2012 to cure the default. Occasionally get calls from all parts of the country from WF, I just ignore them. Gonna send out a C&D letter tomorrow. I'm just preparing for the impeding move and keeping my spirits up.

Thanks again to everyone on this thread and site!

[MovingonAZ]

Hi all,
Just wanted to add my info to this thread. 80/20 loans in Phx (GMAC), purchased 2005, started walk (and moved out of state) 2011. First missed payment on the 1st loan 4/1/11 (still paying on the 2nd loan). NOD 6/11. Lots of phone calls, never answered a single one, got tired of them and sent certified written request (C&D for phone calls) letter to lender of 1st in August 2011. They responded Sept 2011 via mail and confirmed that they would no longer phone me. Have not received any calls or mail since Sept 2011. Checked credit report today and noticed the 1st mortgage is noted as closed and charged off, but a NOS still has not been recorded with the Maricopa Recorder. Am now at the 9 month mark (almost 10) and no sign of an auction. Was hoping this process would be coming to an end by now...

[davephx]

Per Fannie Mae guidelines posted elsewhere on this site, I believe they would have a maximum 105 days from NTS to sale date..

I understand there is no 105 day limit - If HAMP agrements are fraudulently ignored, guidelines certainly are worthless.

In my long battle in 2010 with Fannie as owner I was WAY beyond 105 days more like 9 months as I kept fighting every 30 days for extensions.

I also checked with an attorney related to my 2nd that I haven't paid for about 3 years (way underwater just on 1st). I was told the NOD/Acceleration I received 3 years ago technically is still effective but usually the banks redo the notices... that kind of confuses me.

I have now received 4 2MP mod agreeements from Bank of America each correcting earlier ones and the intial denial since claimed wasn't HAMPed when I was 2 years ago.... The latest calls for 1st payment 2/1/12 which I will probably make and continue at the 1% rate to be sure the very old NOD is wiped out.

They delayed 2MP as long as they could to heep on more interest at 9.1% the original 2nd rate. So while 2MP is at 1% for a few years the back interested added about $12,000 to 2nd principal.

[GustavsenB]

Movingon and Dave... thanks for the posts. I realize the timelines are subject to the banks' whims, so averages are not really helpful but give us some idea I suppose. Anyway, it has been very quite for me since early/mid December. I'm 3 payments late now on both 1st and 2nd with C&D letters sent in a few weeks ago. No calls, no mail for about 3 weeks other than my two statements for the Jan 1 payment that was not sent. Just hanging out now in a house that no longer feels like home...

[GustavsenB]

Missed payments #4 for first and second today... not a peep from either GT or Citi in recent weeks. Does anyone else have any update on recent activity or timeline info?

Only update I have is a real BONUS (not)... the condensing unit on my heat pump went out a couple days ago. No heat or a/c now unless I have it serviced/replaced. Only 5 years old, but I already had to replace the fan coil motor last year at $450. The condensing unit is usually the more expensive part to fix. Anyway, I hope the mild weather continues so I'm not forced to repair/repalce... just can't afford it now. Seems hit after hit in this place and I just want it gone.

[roostking]

Well, Im a AZ homeowner, so I though I would unite. Here is my story and maybe you all could give some guidance, since I am just starting this: A little background: I bought my primary residence in 2004 for $135,000 with a 5 year arm through GMAC. In 2007 I converted that to a regular 30 year mortgage with Chase for $175,000(They told me my house appraised at $235,000 and I could take out 130,000 if I wanted. I guess I should have lol). Now the house is worth roughly $87,000 and I am currently up to date on payments, but ive decided to walk. I know that AZ is a non-recourse state, but I am currently working overseas and do not have access to my mortgage paperwork. Based on what I have written above (Primary residence, though not sure if I refinanced or if it is still Original Purchase Money ***UPDATE PLEASE SEE BELOW***). I have managed to save up enough money to pay cash for a house in a more desirable area and will be doing that when I am done contracting. Here are some questions: 1. Will Chase send me the mortgage paperwork if I request it 2. Since the Mortgage debt relief of whatever expires Dec.31, 2012 and I will not be foreclosed on before then im sure, what does that mean exactly. ? ON what portion of the money will I be taxed on? Any chance this will be extended? 3. If I have say $150,000 in cash, what are the chances I can finance $20,000? I plan to buy the new house before the old house forecloses, how long will it be before the NEW bank sees that I am no longer making payments on the old house? Would they even finance me if they see I have a house(but before the non-payment hits my credit)? 4. Any imminent changes to the Non-recourse status in AZ? I hear grumblings that it might change, but cannot find much on it(Which is probably a good thing). I will be talking to a real estate lawyer when I am in the states(May). Thank for the helps. The beginning of the end is near....

[roostking]

Well, Im a AZ homeowner, so I though I would unite. Here is my story and maybe you all could give some guidance, since I am just starting this: A little background: I bought my primary residence in 2004 for $135,000 with a 5 year arm through GMAC. In 2007 I converted that to a regular 30 year mortgage with Chase for $175,000(They told me my house appraised at $235,000 and I could take out 130,000 if I wanted. I guess I should have lol). Now the house is worth roughly $87,000 and I am currently up to date on payments, but ive decided to walk. I know that AZ is a non-recourse state, but I am currently working overseas and do not have access to my mortgage paperwork. Based on what I have written above (Primary residence, though not sure if I refinanced or if it is still Original Purchase Money ***UPDATE PLEASE SEE BELOW***). I have managed to save up enough money to pay cash for a house in a more desirable area and will be doing that when I am done contracting. Here are some questions: 1. Will Chase send me the mortgage paperwork if I request it 2. Since the Mortgage debt relief of whatever expires Dec.31, 2012 and I will not be foreclosed on before then im sure, what does that mean exactly. ? ON what portion of the money will I be taxed on? Any chance this will be extended? 3. If I have say $150,000 in cash, what are the chances I can finance $20,000? I plan to buy the new house before the old house forecloses, how long will it be before the NEW bank sees that I am no longer making payments on the old house? Would they even finance me if they see I have a house(but before the non-payment hits my credit)? 4. Any imminent changes to the Non-recourse status in AZ? I hear grumblings that it might change, but cannot find much on it(Which is probably a good thing). I will be talking to a real estate lawyer when I am in the states(May). Thank for the helps. The beginning of the end is near....

OOPS forgot the update. I got on the CHASE website and went into the details of my account. It shows Original Loan Amount as $177,000. Would this maybe indicated that I would be a non-recourse lendee?? I requested mortgage paperwork to nail it down, but in the mean time, what are your thoughts.