Thanks so much for your comments
Hello all! Hope everyone's fine and that things are working out awesome for you. I have another post foreclosure update:
Everything's the same. The house is up for sale, I don't know how much it's listed for, nor do I care at this point. Nobody's called us to harass, haven't received anything in the mail at all. July 24th is the deadline for the 90 days after foreclosure term, so I'm pretty stoked to get this all completely done and over with. The HOA sent me another invoice for the month of July. Apparently, the bank hasn't sent them the new deed w/ their names on it. Pity. I'm not paying for jack and let them know that the home was repossesed as of April. I'm sure they're gonna have to battle it out on their own terms. I did however, print out a copy of the new deed and faxed it over to the misses at the lovely HOA office. They've been rather kind As far as anything else, everything's pretty A ok!
After your auction, make sure you keep on the HOAs toes to change your namsies off of their docs. They love being babied
Thanks for reading and hope all of you are fine!
Thanks for the post-foreclosure feedback. It lets forum participants know that there is life after foreclosure. My guess is you are feeling much better with the "dream of home ownership" behind you.
Why you're more than welcome sir!
You've answered so many questions for me in the past, that I figure I might as well pay it forward with periodic updates in such. I know how stressful this time might be for most of the people sharing this forum
I haven't been on the forums for a long while, so I just wanted to come back and do an update. I can honestly say that foreclosing has been the BEST thing I've done for my family. No more ridiculous mortgage payments, no more headaches as a result of this. The HOA returned some of my money (I hadn't posted this update in my previous one), and this year when filing my taxes, I wrote off for good on the foreclosure. I didn't have to pay anything extra, no extra taxes or anything, and still had a return on my federal. I'm completely done with this, and next year's taxes will be the same as any other year.
I haven't received anything at all from my previous lender, nor from my past HOA. The cloud has lifted, and we're finally over this for good. You know, I had the guts to apply for a new credit card and guess what... we were approved! None of our past cc's cancelled on us as a result of the default, though the APRs did go up a bit. We had a cc with an 8% and they upped the percentage to 15%. Woopdie doo, I say. All I know is that our credit isn't as horrid as I initially thought it'd be. I'm getting pre-approved offers in the mail like clockwork, with 0% APR on some. Of course, we are definitely not applying for any at the moment, just for the one I chose to.
Life has been the same. There really is life after foreclosure. I know many of you are scared and often go into anxiety mode trying to choose what's best for your life. All I can say is that, if you're really considering it and have nothing to lose, you will not fall into obscurity at the end of the road. Isn't life after all, worth living? If you're on here, you're obviously down the same path I was almost two years ago.
Good luck to you...
That is amazing to hear. I have a question and maybe you answered it already, how hard was it to find housing after the ordeal? Thanks.
It was rather simple for my parents to find us a new home. Keep in mind, my new home is technically mine, but it's under my parents' credit and name.
thank you so much for sharing your experiences!!
i have a question for you - you mentioned " July 24th is the deadline for the 90 days after foreclosure term" would you explain this a bit? what's this date about?
thank you in advance!
After the trustee's sale, the bank has 90 days to file a deficiency judgment claim against you. Seeing as though my foreclosure proceedings were non-recourse, I essentially didn't have anything to worry about. I was a ball of nerves going into this, so I still just wanted to wait 'til after the 90 days to jump up and down w/ joy. I didn't have to, but I just wanted to be on the safe side. Again though, I didn't have anything to worry over
(Well, that, and we bought back the same home that we walked from. The "investor" that bought it at the FC auction was a ... bit surprised when we offered to do that, but it all worked out in the end and we didn't have to move like we were expecting). A "failed walkaway" - how strange is that?
How are you guys handling property-tax and insurance? I'd imagine both of those are in your parents' names as well, with you covering them?
Just an update to close this chapter for this family. We initiated non payment of our mortgage in July 09 and just did nothing to delay the foreclosure process. We got our NOD and visit by a bank realtor. We made our plans and stuck to it. There were no real surprises. The auction date came up and I went to the courthouse to see it. They pushed it out one month. On the next auction date, there were no bidders and Freddymac bought it back. So all in all, about 10 months from missed payment to f-c. We got an offer of 3K cash4keys.
We left the house in ready-to-list condition. I think all bank did was shampoo'ed the carpet and tidy the landscaping. It was on the MLS in about a week. Unfortunately, it has been 3 months and they lowered the asking price but buyers are on strike!
All in all, I am certain we made the right decision for our situation. Our case is much easier and straightforward, comparing to what many of you folks are facing. I feel the pain of those in recourse states and with potential deficiency judgement hanging over their future.
Aloha and keep the faith.