Foreclosure question

[CJ'sMom]

I'm fairly new to this site, and it is the best tool for getting back on the right track. In July 2006 foreclosure proceedings started. After trying to work it out, we filed chap 7 in April 07 and gave up the house. The house was due to be sold 11/30/07 and did not. We moved out the weekend before. Nothing has happened since. Today I was searching the internet and check out the county courts, found our case and noticed it had an entry from around the time of sale that says "motion vacating judgement and dismissing complaint filed." What does this mean? Will they sell my house? And how should this look on the CR? One more question, when will we be able to buy another house?

 

I know it is alot of questions, I do appreciate all your help!

 

Thanks!

 

CJ's Mom

[CJ'sMom]

bump.....

 

anyone????

[hoapres]

The house went back to the lender and your liability to pay the mortgage was discharged in BK. The lender no longer had grounds to pursue a deficiency judgment and informed the court to dismiss the foreclosure lawsuit.

[SportsNut]

I'm fairly new to this site, and it is the best tool for getting back on the right track. In July 2006 foreclosure proceedings started. After trying to work it out, we filed chap 7 in April 07 and gave up the house. The house was due to be sold 11/30/07 and did not. We moved out the weekend before. Nothing has happened since. Today I was searching the internet and check out the county courts, found our case and noticed it had an entry from around the time of sale that says "motion vacating judgement and dismissing complaint filed." What does this mean? Will they sell my house? And how should this look on the CR? One more question, when will we be able to buy another house?

 

I know it is alot of questions, I do appreciate all your help!

 

Thanks!

 

CJ's Mom

 

Regarding the "vacating judg and dismissing complaint filed", this is common language in a judicial state where a Bk is filed... They usually temp dismiss the complaint so as to not be crossways of collections while in Bk. Usually they will activate the case again following the discharge of Bk, and pursue and finish foreclosure at that time.

 

It doesn't sound as if the sale had been completed, as previously advised. I suggest you check the county records and determine if title has passed to the lender; my guess is that it has not done so yet.

 

CR is immaterial since you are no longer liable for the mtg due to Bk filing. The debt is discharged and you have NO pers liability for payment of same. When you can buy another house...? I think you are looking at 3yrs from completion of the foreclosure sale on your existing house... so until that is finalized the clock hasn't started to run on that time limit.

 

There should be lots of options out there for Lease with Option as there are many LL's who are sitting with inventory... Other potential creative ways of purchasing, just make sure you don't get in over your head... Good luck going forward.

[mommyof2monkeys]

If you really liked the house you could always call the lender and see if they would be willing to do a loan moad now. My SIL's dh was out of work they finally packed up and move to IL. They filed BK in FL including their house. Now one year later they are back in FL saying they will never live in IL again LOL. Now the lender messed up the foreclosure and forgot to do something (I don't know the correct legal thing about it.) Basically they have to totally redo the foreclosure legal stuff again. The lender has now offered to work with SIL and her dh. Now SIL works in the bank resell industry - she actually prices the houses for the realtor she works for. SIL originally bought the house for $350K. They sold ceiling fans, the pool cage, the fence and such to afford the move so SIL now says she would price the house at $95K. She is offering the bank 80% of current value at 5.5% interest. Not sure if the bank will take it but hoping for them as they would be great.

 

Tammy

[CJ'sMom]

Thanks for all the information. I live in Ohio so I'm not sure if it is a judicial state or not. So, if I understand this correctly, if they don't sell the house for another 2 years, it will be 3 years from that date before we can qualify for a mortgage? We are in a house that is rent with the option to buy. But, I don't think they will wait for 3 or more years. We are not interested in going back to the old house. They neighborhood was high crime and schools were terrible. We are in a great neighborhood and super close to work. The schools are some of the best in the state. I guess I need to do a lot of research on this and see if the owners will work with us.

 

Thanks for all your help!

 

CJ'sMom

[cinderella]

If you really liked the house you could always call the lender and see if they would be willing to do a loan moad now. My SIL's dh was out of work they finally packed up and move to IL. They filed BK in FL including their house. Now one year later they are back in FL saying they will never live in IL again LOL. Now the lender messed up the foreclosure and forgot to do something (I don't know the correct legal thing about it.) Basically they have to totally redo the foreclosure legal stuff again. The lender has now offered to work with SIL and her dh. Now SIL works in the bank resell industry - she actually prices the houses for the realtor she works for. SIL originally bought the house for $350K. They sold ceiling fans, the pool cage, the fence and such to afford the move so SIL now says she would price the house at $95K. She is offering the bank 80% of current value at 5.5% interest. Not sure if the bank will take it but hoping for them as they would be great.

 

Tammy

 

This happens all the time............ I'm always amazed by it, folk still in BK or weeks out.

 

If you are in a chapter 13, your lawyers have to dismiss it and under a chapter 7, you can have your lawyer remove the house. Then go in for a loan modification with a specialist. But you better have something to give that lender (say 10-30% of the delinquent amount) to get the loan mod including a change to a lower interest rate and/or principal reduction. If you included them in BK and show up with "we'll work out payment arrangements on the 10 months in arrears!" and offer them nothing, they won't fall for that again.

[mommyof2monkeys]

Sorry about that CJ's Mom - I got your thread mixed up with another thread in which the person was wishing to have their house back.

 

Good luck!

 

Tammy

[SportsNut]

Thanks for all the information. I live in Ohio so I'm not sure if it is a judicial state or not. So, if I understand this correctly, if they don't sell the house for another 2 years, it will be 3 years from that date before we can qualify for a mortgage? We are in a house that is rent with the option to buy. But, I don't think they will wait for 3 or more years. We are not interested in going back to the old house. They neighborhood was high crime and schools were terrible. We are in a great neighborhood and super close to work. The schools are some of the best in the state. I guess I need to do a lot of research on this and see if the owners will work with us.

 

Thanks for all your help!

 

CJ'sMom

 

Ohio is a judicial foreclosure state. Most of the counties in Ohio are online and docs or summary of docs can be accessed to view the status of your case. You might try to do goog search of the clerk of court in "X" county, and from there you coud access your case to see if it has been sold yet... Or, you could simply call the Clerks office and ask someone to access the records for you and inform you of the status of your case... Has it been sold yet, and if not, explain the process of the lender getting it to completion... Then you will know.

 

You won't be alone in those that are negotiating wiht their landlord on lease with option deadlines. You will wan to get anything discussed in writing, to avoid the LL from later on saying, "I don't remember that... OR that isn't what I meant"... when I said I would extend your deadline. Good luck on it.