Nj foreclosure. Help!!

Hopefulnj

LoanSafe Member
Jul 4, 2013
9
1
1
Wells Fargo has filed an acceleration notice in connection with my foreclosure in NJ. What should I expect next? How long before I have to vacate the house? Very scared of a deficiency judgement.:sad:
 

catleg

LoanSafe Member
May 15, 2013
43
2
6
You are lucky you had so long. They are trying to "test" the new foreclosure process by pushing all their cases through the pipeline (Wells Fargo).
 

NJwalker

LoanSafe Member
Jan 31, 2013
6
0
1
You are lucky you had so long. They are trying to "test" the new foreclosure process by pushing all their cases through the pipeline (Wells Fargo).
I, too am walking in NJ. I have not made a payment in 20 months and short of a monthly statement with a summary of my deficiencies have not heard a word from WFHM. Do you have any additional info on this new foreclosure process that they are accelerating or can you point me in a direction/thread/website that I could get more info? One additional question- It has been 20 months (March 2013) since my last payment; they filed with the courts in 12/2013- is the date filed my 'default' date or is it my first missed payment date? When does the clock start ticking. TY for any clarification.
 

catleg

LoanSafe Member
May 15, 2013
43
2
6
I'm trying to find a citation for my previous comments but having no luck...darn it.
In my own personal experience, we stopped paying in Feb 2013, WF filed a foreclosure suit against us in Oct 2013 and it has moved a lot slower than I expected. We have not contested at all and they didn't get order for default until Sept 2014.
Nothing has happened since then , though Wells Fargo keeps calling to offer "help" so maybe there is some pressure on them to avoid more foreclosures after all. What sunk us is a 2nd mortgage with a different bank which makes short sale or deed in lieu impossible. Negative equity in house and debts were discharged in BK.
 
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patnj

LoanSafe Member
Jul 12, 2008
105
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I'm trying to find a citation for my previous comments but having no luck...darn it.
In my own personal experience, we stopped paying in Feb 2013, WF filed a foreclosure suit against us in Oct 2013 and it has moved a lot slower than I expected. We have not contested at all and they didn't get order for default until Sept 2014.
Nothing has happened since then , though Wells Fargo keeps calling to offer "help" so maybe there is some pressure on them to avoid more foreclosures after all. What sunk us is a 2nd mortgage with a different bank which makes short sale or deed in lieu impossible. Negative equity in house and debts were discharged in BK.
Hi,

Just started this process. What happened with your case? Just trying to plan how much time I have to work out a deal with the bank.

Thanks
 

NJwalker

LoanSafe Member
Jan 31, 2013
6
0
1
The way my experience turned out.....I accepted no contact nor did I reply to WFHM for the entire process. After my above post I remained in the home until 2 days before the sheriff sale which I did delay for one month. I vacated the home June 22, 2015 and the sale was held June 24, 2015. I did NOT receive a deficiency judgement and have not heard a word about it since. I thought we were going to get hit with huge tax implications however the tax prep company we used found a loophole that we qualified for which forgave $20k in taxes that we would've owed. I hope my experience details help....
 

NJwalker

LoanSafe Member
Jan 31, 2013
6
0
1
The way my experience turned out.....I accepted no contact nor did I reply to WFHM for the entire process. After my above post I remained in the home until 2 days before the sheriff sale which I did delay for one month. I vacated the home June 22, 2015 and the sale was held June 24, 2015. I did NOT receive a deficiency judgement and have not heard a word about it since. I thought we were going to get hit with huge tax implications however the tax prep company we used found a loophole that we qualified for which forgave $20k in taxes that we would've owed. I hope my experience details help....
My last payment was 3/2013; time I had in the home was 27 months (thru 6/2015) without contesting anything. I did ask for the 2wk extension twice (so total of 4 weeks) from the county to delay the sheriff sale which was my legal right to do. I vacated prior to the sale. Shortly after this, I was told my someone who knows us that they were in the driveway one day after we left and someone immediately came up to them asking if they were the owners or if they knew us (to which they replied no). It was left as that. I don't know if they were looking to serve us deficiency papers or what their business was but we never heard anything there after. We moved out of state right before the sale but did forward our mailing address. We never heard anything else. I see that the home has since been sold and is now occupied. Good luck.
 

NJwalker

LoanSafe Member
Jan 31, 2013
6
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Thanks!! How did you go about the delay of Sherriff Sale?
You will receive the notice of sale with the date it is scheduled. You will take that to the sheriff Dept and ask for the extension. It is your right to 2- 2 week extensions. They allowed me to request both at the same time for a total of one additional month. There is a fee for each 2 week extension but it wasn't much. If asked I was going to give the reason of having to secure alternate housing arrangements but I don't recall being asked. They were very considerate. I don't know what county you are in or if the process is the same for all counties but I was in the North Western most county in the PA, NY, NJ borders (if you catch my drift).
 

airahcaz

LoanSafe Member
Sep 18, 2010
302
2
18
NJ
You will receive the notice of sale with the date it is scheduled. You will take that to the sheriff Dept and ask for the extension. It is your right to 2- 2 week extensions. They allowed me to request both at the same time for a total of one additional month. There is a fee for each 2 week extension but it wasn't much. If asked I was going to give the reason of having to secure alternate housing arrangements but I don't recall being asked. They were very considerate. I don't know what county you are in or if the process is the same for all counties but I was in the North Western most county in the PA, NY, NJ borders (if you catch my drift).
Right, one month, but I wonder if a SS application will extend/delay it further... the problem with that is providing your financials in the application...
 

NJwalker

LoanSafe Member
Jan 31, 2013
6
0
1
I certainly am no authority on the process but I don't believe anything will delay the sheriff's sale as you described above once it has gotten that far. They have no interest in the financials at the Sheriff's end that sound like it would be dealt with elsewhere. They are only there to "close the deal" literally.
 

airahcaz

LoanSafe Member
Sep 18, 2010
302
2
18
NJ
I certainly am no authority on the process but I don't believe anything will delay the sheriff's sale as you described above once it has gotten that far. They have no interest in the financials at the Sheriff's end that sound like it would be dealt with elsewhere. They are only there to "close the deal" literally.
Sorry, I meant the bank/attorney would delay the Sherriff Sale if an impending Short Sale was brought forth to them...
 

NJwalker

LoanSafe Member
Jan 31, 2013
6
0
1
Sorry, I meant the bank/attorney would delay the Sherriff Sale if an impending Short Sale was brought forth to them...
Certainly yes.... It could be delayed from that end. I really didn't have any reasons to delay, no attorney, no short sale options available to me....I do not have any experience in delays. It took a long time without any resistance on my end. Good luck to you!
 

airahcaz

LoanSafe Member
Sep 18, 2010
302
2
18
NJ
Servicer wants a 4506T to obtain copies of tax returns in order to submit a DIL and if approved they'll offer up to $6000 to the second mortgage who will agree to remove any deficiency and 2) cash for keys to me for about $3000. They said it was formality for the 4506T but I'm hesitant. Thoughts?