Question on Foreclosure hearing

DolfanFICO · ‎10-27-2014

Hi all!!!

Quick question...

My foreclosure hearing is scheduled for Thursday October 30th. I plan to attend to ask the clerk to 'accelerate' the sale date of the house. I am not living in that house anymore, still paying for maintenance and utilities, have been trying to work an alternative (i.e. Deed in Lieu) without success and what I want now is to get my name off that deed as soon as possible. I understand asking to accelerate the date is the opposite of what is usually requested by folks in those hearings.

Has anyone had any experience doing this?

I also understand I do NOT need a lawyer as the hearing process is pretty straight forward, and having had my BK7 discharged in July, I am protected regarding the two loans on that house... do you guys agree?

Thanks in advance for the responses!!

0REDSOX7 · ‎10-27-2014

I cannot answer the first question, but for the second question, as long as both loans were included in your bankruptcy and you did not reaffirm them then you are correct. You will not be responsible for any deficiency remaining.

BK Discharge 2/11/14

Currently in the garden.

ezdriver · ‎10-27-2014

A foreclosure hearing is one in which the mortgagor is requesting the court's permission to seize the collateral [your home] for their loan. It is not a sale and it will not remove your name from the deed. Once in possession of your home, the mortgagor will then sell it at some point. You have no control over how long the mortgagor takes to sell the property but your rname will remain on the deed until it has been sold. The mortgagor can choose to sell it via a foreclosure auction sale or to sell it via a listing agent. Either way, the bank will ratain possession of the property if bids/offers do not meet their minimum requirement.

I walked away from my property before the actual foreclosue [I knew that it was inevitable] and it was sold shortly after the foreclosure occured.

joedtx · ‎10-27-2014

@ezdriver wrote:
A foreclosure hearing is one in which the mortgagor is requesting the court's permission to seize the collateral [your home] for their loan. It is not a sale and it will not remove your name from the deed. Once in possession of your home, the mortgagor will then sell it at some point. You have no control over how long the mortgagor takes to sell the property but your rname will remain on the deed until it has been sold. The mortgagor can choose to sell it via a foreclosure auction sale or to sell it via a listing agent. Either way, the bank will ratain possession of the property if bids/offers do not meet their minimum requirement.

I walked away from my property before the actual foreclosue [I knew that it was inevitable] and it was sold shortly after the foreclosure occured.

Sorry for your loss, just keep in mind better days lie ahead.

DolfanFICO · ‎10-28-2014

Thanks, 0Redsox7!!

Yep, I understand that... do you know if I am still liable for say, HOA dues due AFTER the discharge (considering that I was current as of the discharge)? I guess I am, but hoping they will settle them when they sell the house...

Thanks!

DolfanFICO · ‎10-28-2014

Thanks, ezdriver!!!

Well, I understand most of what you describe regarding the foreclosure hearing... my only 'discrepancy' is that I thought the clerk will actually set the sale/auction date, if not at the hearing, almost right after... and that such date can not be (in NC) earlier than 20 days after the hearing... knowing that, I was hoping to get them to set that date say, by early December, or right after Thanksgiving... we'll see...

Now, you do have the experience of having walked away.... I have done it, half way... I am not living there, but I am still paying for utilities.... and lawn care... again, out of a (maybe wrong? maybe 'misplaced'?) sense of 'good citizenship'... so, on that line, my question to you is... can I just stop paying utilities? I know I can stop the awn service at will... but am I in any way liable to pay for utilities as long as the house is on my name? Or can I just cancel them so that I can stop paying without damaging my credit? That is really my main doubt....

Thanks again!!! and hope your rebuilding is going well!!

Anonymous · ‎10-28-2014

Have the utilities shut off. If you are not living there then there's no sense leaving them on in your name. Just make sure you pay any closing bills. Even the city services such as water/sewer/garbage can be discontinued.

ezdriver · ‎10-28-2014

Regarding HOA dues and city services [eg: sewer, water, taxes, etc], you remain responsible for those things as the owner of record. Until the property is foreclosed, you remain the owner of record.

Regarding the scheduling of an auction sale, not all foreclosed properties are sold via autions. For example, some homeowners choose to voluntarily sign over the deed to the mortgagor in lieu of going through the full foreclosure process. The lender then may choose to retain a listing agent to market the home. The only issue being addressed at a foreclosure court hearing is whether or not the court will award the mortgagor title to the property. The current homeowner has no say in the timing of foreclosure action unless contesting the foreclosure.

ezdriver · ‎10-28-2014

@joedtx wrote:
@ezdriver wrote:
A foreclosure hearing is one in which the mortgagor is requesting the court's permission to seize the collateral [your home] for their loan. It is not a sale and it will not remove your name from the deed. Once in possession of your home, the mortgagor will then sell it at some point. You have no control over how long the mortgagor takes to sell the property but your rname will remain on the deed until it has been sold. The mortgagor can choose to sell it via a foreclosure auction sale or to sell it via a listing agent. Either way, the bank will ratain possession of the property if bids/offers do not meet their minimum requirement.

I walked away from my property before the actual foreclosue [I knew that it was inevitable] and it was sold shortly after the foreclosure occured.
Sorry for your loss, just keep in mind better days lie ahead.

Thank you. I'm doing well. I closed on my new construction home three months ago and loving it!

Anonymous · ‎10-28-2014

@ezdriver wrote:
Regarding HOA dues and city services [eg: sewer, water, taxes, etc], you remain responsible for those things as the owner of record. Until the property is foreclosed, you remain the owner of record.

Regarding the scheduling of an auction sale, not all foreclosed properties are sold via autions. For example, some homeowners choose to voluntarily sign over the deed to the mortgagor in lieu of going through the full foreclosure process. The lender then may choose to retain a listing agent to market the home. The only issue being addressed at a foreclosure court hearing is whether or not the court will award the mortgagor title to the property. The current homeowner has no say in the timing of foreclosure action unless contesting the foreclosure.

They are 'responsible' for the utilities, but they do not necessarily need to remain 'on'. If no one is inhabiting the property, the water can be turned off, and there is no need for garbage service to continue. The rules may vary from city to city as to how to handle it.