I live in the Portland Or area , My loan is with Chase Owe 400,000 ish and is worth about 200,000 Ish .... I Have not made a payment in 3 years and was a few late before that .... So I am a total of 40 payments behind and still no foreclosure notice. Chase has paid all property taxes and my homeowners thru State Farm for the last 3 years.... I don't receive any phone calls or statements for the last year... So you never know how long you could live in your house rent free ...
bigdawg100Originally Posted by bigdawg100
Good for you. I know you count your lucky stars and will continue to enjoy this free ride for as long as possible!
Well, the autopayment is no longer, so we are officially on our walk away from our BoA underwater mortgage. Here's to a smooth ride!
We walked away from our Newport, OR home on January 1st, 2011. It's been about 17 months now. At first we received notices from BofA that our payment was late, then from a trust company telling us we were potentially facing a foreclosure, then that was it... All quiet.
I got concerned and called BofA around March of 2011 to let them know I could no longer continue paying bills (I was promoted at my company in Portland, the wife and kids were tired of me being in Portland throughout the week, and commuting home on the weekends beat and tired - So we decided to stop paying a mortgage for a house underwater and an apartment rent up in Portland). The BofA rep was pleasant, asked me some questions about my income and situation, and then quickly informed me that there was nothing she could do to modify my loan or help me in any way. (I guess I made too much money).
That was that. We left that house in June of 2011 simply because we received the notice that they were going to auction the house in early August 2011. It's now the end of May 2012. We're starting to get a ton of notices from the trust company again (at our new apartment) informing us that they're going to be auctioning the house in September of 2012! (13 months AFTER they originally told us they'd be selling it?!?!?).
Now we're also receiving calls from BofA department of debt collections informing us that we're now 17 months behind, owe over $27,000 dollars in back payments, and those debts are continuing to pile up. They've told us (just today) that we should do a Deed in Lieu to just sign the house over to them. I tell them this sounds pretty good, and then they inform me of the following:
- They'll need my last 2 paycheck stubs.
- They'll need my last 2 Tax Returns.
- They'll need my last 2 monthly bank statements.
- They'll need me to write and sign a letter of hardship.
- They'll need me to print out and sign an IRS 4506T form (Request for Transcript of Tax Return).
- ...And they'll need me to list out all my assets, my liabilities and then analyze the results to justify my request.
...Now I'm regretting even talking to these guys. What is this all about. It almost sounds like doing a "Short Sale" or "DIL" in Oregon would be much worse, than just continuing to wait and let them foreclose on the house which they'll eventually have to do.
Am I missing something here? Should I consult with a lawyer? The BofA rep sounded pretty menacing with his scary IRS 1099 talk.
Anjisan
I am no expert, and still a newbie, but from my research, and reading this forum religiously, you shouldn't be forced into a SS or DIL. From what I understand, the balance of the mortgage and any fees are considered cancelled debt, since the house is going to the lender at the foreclosure. You will prob get a 1099, but if the foreclosure closes before 12/31/12, you will qualify for the MRDA, and not have to pay taxes on the difference. I would think if you are concerned, consult a lawyer or tax professional for your unique situation. Someone please correct me if I'm wrong on this.
On a different note, this quote is from our local newspaper:
"Three Oregon towns rank top five in the country where home prices are rising the fastest, including Medford, Eugene, and Corvallis. Medford taking second place. That making a big difference in what was, just recently, a sluggish market."
So this just adds another wrench in the works. We were pretty confident that walking away was a good idea because of the poor housing market, and that it would take many years for our house to gain positive equity. I would not think that Medford would have a boom in housing, since the unemployment is still close to 12%! Now that we've started the process, here's our first hiccup. I still feel that it will be a while before the prices stabilize, and we will continue with the process, but this news isn't the best I want to hear.
I guess the thing that really concerns me is this: We walked away from the home 17 months ago. From everything we read, we believed they'd send us a "Notice of Default" letter, take the house back from us, and (from their earlier mailed statements) would auction our house off in August of 2011. Now they're contacting us telling us that the auction won't be until September 2012 AND they're still counting the principal and interest against us until it sells (So we left the house owing $180k on the house, over the past 17 months we would have made $27k in payments - BofA is telling us we'll be owing the 180k plus the 27k in payments), they are also counting the taxes and the insurance they're paying.
I'm just mystified here. I think I was under the impression that they would foreclose, and after a period of time (180 days) the house would roll back to them, and then they'd have to take steps to auction the home. After 540 days BofA is telling us that the house and all the bills, taxes, insurance, and everything else is a debt that's growing against us until the house sells completely.
Theoritically, they could never sell the house, continue to count the principal and interest against me, and in 50 years come knocking on my door telling me I owe them $750k for the house. Isn't there some sort of due process that says, "After so many days of non-payment, after the Notice of Default has been sent, the banks can no longer continue to assess or levy fees against the homeowner they're foreclosing on".
I mean. They've sent the NOD. They've changed the locks on the house. They've verified that no one has been in the house for a year. They were originally going to sell the house nearly a year ago. Just because they're extremely slow, does this mean I'm liable for everything going forward still. What really concerns me is if BofA continues to drag their feet. Are they going to cancel the auction in September, and set something up for 2013 so they can ensure that I miss qualifying for the MRDa?
BigDawg, I presume you were a Wamu homeowner before Chase? Our timeframe is similar and I am also in Oregon. Right now, I have just received my umpteenth denial for a mod, even with the Rest Report, and they believe I have requested a ShortSale, which I did not. They have also not responded to two QWR at all.
For both BigDawg and Anjisan, it is a transitional time in Oregon, as the new bill 1552 has been signed by the governor, and takes effect after 91 days, which I figure puts it at July 12. From thereon, all foreclosures will require mandatory mediation with the "lender." Doubletracking is verboten, and it will be a more involved process to foreclose on homeowners. I think this is the reason they are trying to push the Short Sale process. How things go after July is anyone's guess. But it does seem things will be more challenging for the banksters to process foreclosures.
Big Update: It's June, the month of my 6th missed payment and I got a Trustee's Notice of Sale posted on my door. I thought I would get the NOD first but the sale notice mentions that the default has been recorded. I've been checking on Multnomah County Foreclosures (Oregon) but they don't update too often. The sale is scheduled for late October, so I've got 4 months til then. Now I've really got to figure out my game plan, read up on the hampster thread, etc.
Wow, today I received TEN copies of the same letter from recontrust. It's just a casual thing informing me that the bank has decided to sell my property. 5 copies were mailed, and 5 were sent certified mail which I had to sign for. What a complete waste. I guess I should brace myself for the barrage of harassment from recontrust, and the vultures that feed off public records.
Over $30 in postage:
Last edited by elcaminos; 06-23-2012 at 04:50 PM.
Today I got 6 copies of the Recontrust debt collection letter, stating that if I don't dispute the validity of this 155k debt, they will assume it is valid. So do I ignore this? I've searched the forums and the only people it seems who are replying to this are the ones that want to delay foreclosure. Once the whole process is complete and the home is auctioned the debt is wiped out, correct?
My wife and I have concluded that we don't have any interest in delaying the process. We might even have a rental lined up through a family member.
Last edited by elcaminos; 06-25-2012 at 06:06 PM.
also project reconomy one of the most active in helping homeowners. used to be "good grief america"
The security on the second is always wiped out on any second when any foreclosure happens whether it is judicial or nonjudicial in Oregon. But the note remains and that lender who is not paid off by proceeds from the sale of the collateral will get a judgment and garnish wages and bank accounts and go after future assets you acquire in the next 20 years if you are not protected by an anti-deficiency law that forbids them from getting a judgment on the unsecured note. In a pure 80/20 it is the statute forbidding the second from getting a judgment that protects you. Not the unsecured status of the second or the reliance on being judgment proof.
I talked with the process server I use and she said that the foreclosure trustees also give her a checklist to fill out when she is serving things at the house as to how many cars are there, whether the lawn is mowed and other indications of vacancy.
Last edited by Cat Damiano; 08-04-2012 at 01:56 AM.
this is an interesting question that attorneys - those on the oregon foreclosure defense google group are brainstorming on. If you are not benefitting from the house I suggest getting a good short seller on it and getting that done. Not as much work as most people think. Everyone talks about the frustrationg of a short sale. Only frustrating for the buyer. You are not in the house, you don't care how long it takes to sell. banks are much more likely to get a short sale in oregon done right now than a foreclosure because of sb 1552 and niday. they probably have to switch to a judicial now if you have mers on the trust deed.
So think about what your goals are. Get a family member in there? it could be another year? get a renter in and rent below market value and fully disclose? one intersting peice of law is that during the redemption period (which is 180 days after a judicial sale) a renter with an unexpired lease gets to stay if they pay the bank market value rent. I haven't researched that all out because I just ran into it. If it was a nonjudicial with no redemption period then you have to rely on the renters protection acts which require the renter to be a bona fide tenant and not be a family member and be paying market value rent before the foreclosure to be able to stay to the end of the lease after the foreclosure or 90 days if it is a month-to-month. But in judicial there are not those requirements. Something to look into.
here it is
18.946 Possession after sale; right to rents or value of use. (1) Subject to subsection (2) of this section, the purchaser of real property at an execution sale is entitled to possession of the property from the date of sale until a redemption of the property, if any. Subject to subsection (2) of this section, the redemptioner of real property is entitled to possession of the property from the date the payment required by ORS 18.966 or 18.967 is made until another redemption, if any. (2) If property sold on execution or redeemed is in the possession of a tenant who holds the property at the time of the sale under an unexpired lease that has a priority that is inferior to the claim of the judgment creditor, the lessee has the right to remain in possession of the property until expiration of the period allowed for redemption if the lessee makes the lease payments to the purchaser or redemptioner, or pays to the purchaser or redemptioner a monthly payment equal to the value of the use and occupancy of the property, whichever amount is greater. [2005 c.542 §33]
since most oregon sales are going to be judicial you can put a renter in now and make sure they sign a one year lease a few months before the saleand then when the sale happened they would be able to stay for the 6 month redemption period by paying rent to the bank.
If it went before a judge it would sure be a good argument that people everywhere are leaving their homes and you had no idea if it was going to foreclose in a year or five years or five months and that the only form you had was for a year lease and you are not a professional landlord etc. etc. You are keeping places from sitting there empty and unmowed.
by the way I am not creating an attorney client relationship here and don't rely on anything here to make your personal decisions regarding your home loan.
what some attorneys have suggested is filing a motion for a judge to order them to foreclose. In circuit court. You could even file for damages I suppose. Inability to begin reestablishing credit. check your trust deed and see if anything they are doing by not foreclosing is breaching the trust deed which is a contract. damages in the form of lost possession. Could be a fraud claim, detrimental reliance or something like that. They said they were foreclosing, expected you to rely on that, you did rely on that, you lost this many months of use of the home. But.... this probably doesn't fly unless you abandoned and were still making payments. If they don't get a deficiency then they never collect any of what you are racking up. If they do, then the deficiency would be lower if they foreclosed more quickly and I can see potential damages there. If you don't get to take advantage of the COD law because they don't get around to it until 2013 there may be damage there as well. Interesting....I know of no attorneys who have taken this issue and run with it although it has certainly come up.
I would look it up on the foreclosure trustees website since they are required to list the status of the foreclosure there and or call the foreclosure trustee. Hard to get them to tell you if they are going to postpone and still leave time to react if they don't. I have gotten BofA's recontrust atty to call california for me on a Friday to see if the foreclosure was going to actually happen on the next monday. She did this because I said if they couldn't verify that it was not going to happen I would have to go ahead and file motion for TRO. She called and it wasn't happening. Every mers loan has this leverage right now to get info and or stop the nonjudicial based again (i feel like a broken record) on Niday.
There is a high likelihood they will switch and do it judicial based on niday if you have mers on your trust deed. Wait as long as you can, work on modification, QWR etc. but have a motion for TRO ready to file to force them to switch to judicial if needed. Then answer the judicial complaint.
FYI, to my knowledge, there are no Oregon lenders who ever conduct a judicial on small residential loans. Hence, your statementis very suspect.There is a high likelihood they will switch and do it judicial ...
If you disagree, to prove your statment, please cite a judicial FC case on a small residential loan for us.
Thanks.
It is my understanding that due to the recent ruling on MERS in Oregon, should any of those existing nonjudicial cases which involve MERS move into a judicial, there could be a lineup at least two years or longer, and it costs the lender around $10,000 to go judicial. So, what is already an expensive process will become clogged. The court system is really not setup to handle that. The banks have continued changing the rules on the homeowners, and now, the rules are changing on the banks...what fun! Now, for once, it would be a good time to have a MERS loan in Oregon.
quickest place to see judicial sales currently on the schedule is here Sales: Oregon State Sheriffs' Association (OSSA)
let me quickly point another thing out. Wells was doing judicials before sb 1552 and niday. BofA still isn't seen doing them much that I have heard of. BofA has over 1800+ nonjudicial sale dates scheduled in Oregon. the risk for them if they plow forward and do the nonjudicials is that even if people don't challenge the nonjudicial sales they could come back after and sue for damages. the thing that I think the banks attys are playing with is the fact that the majority of those homeowners won't be able to show damage as there was no equity in the home. So...the moral is. If bofa or others don't voluntarily rescind you have to challenge the nonjudicial if and when it fits into your strategy. But Niday gives an ironclad ability to successfully (and probably easily) challenge if you have Mers on trust deed. I wish there was a way to get the word out more effectively. I am mailing to everyone in the bofa pipeline in Marion and Polk counties but there are a whole lot more out there. I think northwest trustees has 3500+ sale dates scheduled in its nonjudicial pipeline in oregon.
One last thing. it is clear that the banks have quit filing NOD's ther were 256 in the 7 largest counties the week before sb 1552 and niday and only three the week after. but when I get the lists now there are still a bunch of trustees sale notices being recorded. that indicates some intention to plow forward with the nonjudicials that are in the pipeline but at least for now not to initiate anymore.
It is good to have your input here Michael. Ironically, I have been in the merry go round with Chase for four and a half years, and am one of the 256 who received a NOD and sale date just three days before 1552 went into effect. However, this is still the beginning of that chapter. There is an interesting podcast on Mandelman with Portland attorney Clarke Balcom, who addresses the downside of SB 1552 and where this will all lead to. There was probably a deliberate attempt to get the non-judicials filed before July 12th, knowing they can postpone the sale date.
Special Report for Oregon Homeowners – A MM Podcast With Portland Attorney Clarke Balcom - Mandelman Matters
Update:
We are currently 8 months "deficient" on our mortgage (now with Seterus). (We are approx. $160,00 underwater)
We have recently received letters from Seterus informing us that we did not qualify for a loan modification because of our poor credit score....it was 760 prior to stopping payments. Interesting thing is, we never asked for a loan mod, written or verbal.
The very next day, we received a notice that we have been given a loan modification and our "trial payments" will be $130 a month less (on the first). It also stated that we have until Aug. 31st to pay the first of 3 trial payments or they will continue trying to collect the debt.
Questions: #1 Any thoughts on the notice of not receiving a modification when we didn't ask for one? #2 Thoughts on setting up a modification and trial payments even though they told us that we didn't qualify? #3 We have never received a NOD....am I hearing correctly that they are no longer sending out NOD's? #4 We are a little concerned about the podcast with Clarke Balcom....Oregon going to judicial foreclosure! Is it possible that we will receive a 30 day notice to get out instead of being given 120 days? If so, we really need to be looking for a rental!
Any thoughts/input would be greatly appreciated!
Why do the deer demolish one plant entirely and right next to it, leave another untouched? It is the same with the fraudsters. There is no logic whatsover in how they do things. It also differs from one servicer to the next. Next week it can be 180 degrees different. I worked so hard repeatedly to get a loan mod, with no offer of even a trial plan. Given what has happened to some people, that may have been a blessing. If you want to stay in the house, it might be worth getting more details on the trial modification...what program it is under, etc. That will give you an idea of how the terms might be for the long run. The banks will get great bonuses for modifying people now before the end of the year, which might be one reason this offer came. Could be good timing for you. You are still early in the default. I received one of the last NODs right before the new law went into effect last month. Given the existing NODs which had been MERS, which will have to resort to judicial, and the added steps which SB1552 will bring, things could be sluggish for awhile. But, there is no doubt that the easy non-judicial ride the banks had here in Oregon will not continue. It is hard to live with everything up in the air, but always wise to have a Plan A, Plan B, Plan C. My feeling is, though, that things are not going to be happening fast enough to get a 30 day notice real soon.
Hmm, today I got a letter in the mail from BofA asking for me to contact my HOA and ask them to send along a copy of their insurance policy on the structure. Seems like an odd request. Any ideas why, or if I should comply? I thing for now I will continue to ignore them.
If it were me, I wouldn't bother. It sounds like they're trying to get you to do (for free) leg work that they would have to pay someone else to do. This is assuming you're late on payments already
Oh yeah, I'm 6 weeks away from the auction.This is assuming you're late on payments already
Anjisan,
I'm in a very similar situation with the same frustrations. I had made all my initial decisions with the house with the idea it would be all over more than a year ago. Now that it's been dragging out so long, even if I had the means to get current, I've got such a "bill" wracked up in unpaid interest and fees that there's not a chance. What a scam!! I want to be done!!!
Any new developments in your story? I'm hoping to hear an encouraging word, though with the new changes with MERS and judicial foreclosure, I'm not optimistic this will be over anytime soon.
As homeowners, we get focused on the house. Follow the money. It has never been about the house to the banksters, it is totally about the money trail. The banksters get write-offs/payoffs when they foreclose. Aside from the money, perhaps the greatest payoff is that they have effectively eliminated that homeowner from ever digging further into how much money was made and where it went. Dragging it out, to the point of sending copies several dozen times, denial of modifications, as the interest and balance increases is a tactic all the banks have used to wear us down. Nothing the banks do has ever been tidy nor timely. Still, review your documents. Your recordings are your friends. Quite likely they might hold the golden key you are hoping for.
I agree with the "drag" of banks dragging it out! I certainly like paying off some debt and putting away some $ for a later purchase, but some days would like for this process to be over! We are constantly looking for a rental, but aren't in a position to grab the one we like because of the uncertainty. Always wondering when the letter is going to come and how long we will have to find something when it comes.
Question...we received a letter from our second loan, for the first time today. ( both loans were originally from sun trust, 1st sold to seterus....now second is notifying they have a collection agency handling). We received loans at same time and never refied. Shouldn't have to worry about 2nd when all is done....is this still correct? Nothing new? Also, kind of worried about the "forgiveness" ending in 2013....anyone heard anything about extending this?
Thanks!!!!
It's almost over. Our home was auctioned today and sold to some investment company. I don't know what the final price was, but the minimum bid was 45k. That's over 100k less than what we owed. Still gotta move, have a place lined up but its being worked on so we have to wait about 10-14 days. Investment co wants me out ASAP. They also wanted to come inside and take pictures for insurance purposes. I told them no. I'm curious, if I stall beyond the 10 day period, and they start the eviction process, will it go on my record if I'm out within 2 weeks?
Thanks for your post. An auction and trustee's deed confers legal title but not legal possession. Legal possession must be perfected via 1) a settlement, like a C4K agreement or other settlement, 2) a notice to quit, or 3) an unlawful detainer (eviction). Contested evictions can be dragged out for several months by a savvy defendant/occupant. No judgment for possession can be awarded the plaintiff until the defendant eventually loses the case. In my state, that would likely take 3 week minimum, more if the defendant avails himself of several motions, demurrers, and other moves.
I have some questions for those interested in assistingWe received a notice from an attorney in Portland today. It said that our mortgage loan was referred to their office for foreclosure. The letter noted that we "still have alternatives", but must a act immediately. #1 Is this notice our "NOD"? Will we soon see a notice of an auction date? (How did this happen for you El Caminos)?
#2 Does this mean our foreclosure will be judicial? (vs. non-judicial) If so, any ideas on a timeline from here? (El Caminos, how long before auction when you received notice?)
I am assuming that the process will go fairly fast from here on.....not really sure but we are working to line up a rental.
Any input from forum would be great!
Thanks!!
Ouch, for a non-judicial foreclosure, you receive notice via first class mail, certified mail, as well as a physical posting at the property. From the date of the mailing, it is 120 days until the trustee sale date. Chances are, the attorney office is the trustee. You can check this out by looking it up on your county's recording site. For a judicial foreclosure, there is 30 day notice, but things are so backed up, a hearing could be a long time out. Best to check and see what has been recorded on your property at the county recording office.
El Caminos, we had the same sale date. But, I chose a different route of stopping the sale and filing a judicial suit against my lender. May we all end up in good homes, whether they are new or old to us.
Just checking in one last time to say it's finally over! The unfortunate passing of a distant family member left a home available for us to rent, and the timing worked out very well for us. I hardly heard from the bank at all in the final months, in fact they hadn't tried to call since February. I'm not sure if the foreclosure has hit my credit score yet, but it has been steadily increasing in the last few months and the mortgage is listed as a closed account on CreditKarma. I'm at about 775 (I was 810 before I stopped paying). I did all my moving as discreetly as possible, and avoided having to say anything to my neighbors or the HOA. I wrote them a letter at the end if it all apologizing, and I paid the HOA dues even though we left at the beginning of the month. My only regret in this whole process is that I didn't do it sooner. In the 5 years we lived there I made about 50k in mortgage payments, and the home was auctioned off for less than that. Things were a little bit stressful at times, but I know I made the right decision. I probably won't be checking this board anymore, but if anyone has any specific questions please PM me so I see it. Thanks everyone for all the help here, I could not have gone through this without LoanSafe.
Well it is 2013 and they do judicial foreclosures in Oregon now
Oregon Judicial Foreclosure - Easiest Way Out - Wells Fargo
Have not been paying for 17 months. Took that long because of numerous attempts for loan modifications. Finally got a court notice today.
I believe this is step 1 of a judicial foreclosure.
We intend to walk away ASAP and move on with our life without owing anything.
1. Do we respond to that notice and if yes, what do we say and how? Again, we do not wish to extend it. Just need to be out soon as we have suffered enough emotionally.
2. Should we consult an attorney to read that notice? The OREGON.GOV websites advices to talk to one but did not say why or what the actions should be.
3. I am concerned about wage garnishment or being locked out of the house. Is that a possibility?
4. How about taking our assets? We don't have anything worth taking except for retirement money.
Any advice would be helpful. I read all the Oregon judicial foreclosure threads here and they were helpful especially #27 from the nationstar thread. However, they don't give advice on letting it go faster. Just how to delay it.
Thanks!
neomatrix
Neomatrix,
I am an attorney with about 30 judicial foreclosures on my desk right now. None of which my clients have had to file an answer on yet. Perhaps the answers to your questions will stay here and guide others who would like to avoid going to three attorneys. It is important though to remember that one little fact depending on what it is can change the answers. There are some generalities though.
1. you don't have to respond to a summons and complaint. Most don't. you just don't do anything and the banks attorneys will eventually (usually 90-120 days from filing the complaint) move for a default judgment based on the fact that you didn't respond. They take the judgment - give it to the sherriffs office and they conduct the sale usually 3-6 months after they get the judgment. Whole process takes 9-12 months usually but if pushed right along could be done in as little as four months from time of filing complaint to date of sale although if you are dealing with one of the big banks and one of the big three foreclosure firms it is 6-12 months.
2. The only thing that might be in your complaint is language allowing them to go after a deficiency judgment - whether or not they have a right to - that takes about 5 minutes and 50 bucks for an attorney (at least for me) to determine. May take a follow up call to ask the bank to change the language or beef up the language waiving their right to deficiency with you giving them assurances that if they do you will not file an answer/appearance. I have never seen anything else in a judicial complaint that would merit worrying about. The big three firms are Shapiro & sutherland, Routh Crabtree Olsen, and McCarthy Holthus. If you have one of their complaints which I am very familiar with you should not need to worry about anything but the deficiency language. Robinson Tait in Seattle is the same so make that four. Smaller Bank, Credit Union will probably be going nonjudicial anyway but if not you will want someone to take a closer look.
3/4. The bank has two things. A trust deed making the house the collateral for the note and the note itself. If they foreclose they only get the house as long as there is no deficiency judgment that comes out of the foreclosure suit or that is brought later by the second suing on its note. People can only garnish when they have a judgment on a debt. They send the judgment to your employer and/or your bank. So....none of your other assets are in danger including your paycheck unless there is a deficiency judgment - taken by either the first or the second which they eventually try to collect on or sell it to a debt buyer to collect on. If you only have one loan and it is your primary residence at the time you missed the first payment 17 months ago there will be no deficiency and all the bank gets is your house. Of course you could have given them an additional voluntary trust deed to some rental home you own so that two homes collateralize the one note but I am assuming you have not done anything like that.
Getting locked out of the house: In your trust deed there is a clause that gives the bank the right to lock the house up to protect their collateral if they determine that it is abandoned. If that were to happen - you abandon and decide you need to move back in. You just call the bank and ask for the lock box number. You will have to fill the water heater back up - maybe get back flow testing ($30-$50)depending on how long you are gone - and clean the gel stuff out of the toilets that they use to winterize it. But the house is yours until the day the sale happens.
Leaving as fast as possible: You can leave whenever you want - you don't have to notify anyone - But....you can't get off title by leaving. You are on title and responsible for hoa dues, city ordinances, etc. As for property taxes you are responsible for those too but they just foreclose the home which the bank is already doing so don't worry about property taxes. there are a lot of horror stories about people who thought they were off title and weren't See this article
http://www.reuters.com/article/2013/01/10/us-usa- foreclosures-zombies- idUSBRE9090G920130110
You can get off title by selling the house (to someone like me) who wants to rent the house out for the last 12 months before it forecloses. You can benefit from your ownership of the home even though it is in foreclosure by renting it out yourself, selling your redemption rights, selling it outright (quitclaim deeding to someone) the loan will still foreclose but you will be off title and out of the picture as far as liability and ownership of the house. I suggest you have an attorney help you with these.
The other option is to just relax and stay in the house another 9 months until it forecloses - ignore all notices and phone calls until you see the sherriffs notice of sale. At that point you have about 38 days to leave.
I also monitor people's case registers for them (since the average person does not have an OJIN account) so that they know exactly where their judicial foreclosure is at in the process and what landmarks have been reached so they can plan accordingly.
Last edited by Michael Shurtleff; 01-16-2013 at 08:59 AM.
This is very helpful!!! Thank you!
Thanks for your informative post. I'm in CA, where all FCs on small residential properties are conducted via trustee sales; therefore, although I can't benefit directly from this, I must say it's valuable info for Oregon property owners. The following statement is particularly interesting. "You can get off title by selling the house (to someone like me) who wants to rent the house out for the last 12 months before it forecloses. You can benefit from your ownership of the home even though it is in foreclosure by renting it out yourself ..." I am currently buying well located properties in FC and renting them out for the cash flow. I seek to buy properties shortly after a NOD is filed, which would allow at least 4 months, but usually much much longer.
Last edited by TomEason; 01-16-2013 at 10:37 AM.
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