How Long Does It Take Before the Bank Takes The Houses Back?

[fromsdtomenifee]

Back to my original topic….WTF? I’m so angry!

[temeculaguy]

The problem with the question is that there is no answer. If you asked me how long do you have to date a woman before she sleeps with you, I’d give you same answer as to how long it takes to foreclose…..it varies. I’ve seen people go 6 months from missed payment to curbside and others sitting there twelve months without a notice of trustee sale or extensions, while some don’t get an extension. The ones I know of that have lasted longer just got lucky, their lender went under and after being seized by the fdic, another bank bought them, so the paper trail was probably a nightmare. We’ve had posters show up on the boards who are angry they are being tossed out in 4 or 5 months, that they aren’t getting the free year they thought they would, some even wondered if the had some recourse for getting jipped.

I even know a guy who lost his job and owned two houses, stopped paying for both on the same day, but they were with two different lenders. One was taken back inside of six months (credit union), he still doesn’t have a notice of default on the other and it is nearing 10 months without a payment (subprime lender now defunct). Same guy, same scenario, same start day for missing payments, different banks, wildly different results.

My guess is that the lenders that took over some of the failed lenders are the ones with the more difficult task and are likely the slower ones to foreclose.

[temeculaguy]

The problem with the question is that there is no answer. If you asked me how long do you have to date a woman before she sleeps with you, I’d give you same answer as to how long it takes to foreclose…..it varies. I’ve seen people go 6 months from missed payment to curbside and others sitting there twelve months without a notice of trustee sale or extensions, while some don’t get an extension. The ones I know of that have lasted longer just got lucky, their lender went under and after being seized by the fdic, another bank bought them, so the paper trail was probably a nightmare. We’ve had posters show up on the boards who are angry they are being tossed out in 4 or 5 months, that they aren’t getting the free year they thought they would, some even wondered if the had some recourse for getting jipped.

I even know a guy who lost his job and owned two houses, stopped paying for both on the same day, but they were with two different lenders. One was taken back inside of six months (credit union), he still doesn’t have a notice of default on the other and it is nearing 10 months without a payment (subprime lender now defunct). Same guy, same scenario, same start day for missing payments, different banks, wildly different results.

My guess is that the lenders that took over some of the failed lenders are the ones with the more difficult task and are likely the slower ones to foreclose.

[temeculaguy]

The problem with the question is that there is no answer. If you asked me how long do you have to date a woman before she sleeps with you, I’d give you same answer as to how long it takes to foreclose…..it varies. I’ve seen people go 6 months from missed payment to curbside and others sitting there twelve months without a notice of trustee sale or extensions, while some don’t get an extension. The ones I know of that have lasted longer just got lucky, their lender went under and after being seized by the fdic, another bank bought them, so the paper trail was probably a nightmare. We’ve had posters show up on the boards who are angry they are being tossed out in 4 or 5 months, that they aren’t getting the free year they thought they would, some even wondered if the had some recourse for getting jipped.

I even know a guy who lost his job and owned two houses, stopped paying for both on the same day, but they were with two different lenders. One was taken back inside of six months (credit union), he still doesn’t have a notice of default on the other and it is nearing 10 months without a payment (subprime lender now defunct). Same guy, same scenario, same start day for missing payments, different banks, wildly different results.

My guess is that the lenders that took over some of the failed lenders are the ones with the more difficult task and are likely the slower ones to foreclose.

[temeculaguy]

The problem with the question is that there is no answer. If you asked me how long do you have to date a woman before she sleeps with you, I’d give you same answer as to how long it takes to foreclose…..it varies. I’ve seen people go 6 months from missed payment to curbside and others sitting there twelve months without a notice of trustee sale or extensions, while some don’t get an extension. The ones I know of that have lasted longer just got lucky, their lender went under and after being seized by the fdic, another bank bought them, so the paper trail was probably a nightmare. We’ve had posters show up on the boards who are angry they are being tossed out in 4 or 5 months, that they aren’t getting the free year they thought they would, some even wondered if the had some recourse for getting jipped.

I even know a guy who lost his job and owned two houses, stopped paying for both on the same day, but they were with two different lenders. One was taken back inside of six months (credit union), he still doesn’t have a notice of default on the other and it is nearing 10 months without a payment (subprime lender now defunct). Same guy, same scenario, same start day for missing payments, different banks, wildly different results.

My guess is that the lenders that took over some of the failed lenders are the ones with the more difficult task and are likely the slower ones to foreclose.

[temeculaguy]

The problem with the question is that there is no answer. If you asked me how long do you have to date a woman before she sleeps with you, I’d give you same answer as to how long it takes to foreclose…..it varies. I’ve seen people go 6 months from missed payment to curbside and others sitting there twelve months without a notice of trustee sale or extensions, while some don’t get an extension. The ones I know of that have lasted longer just got lucky, their lender went under and after being seized by the fdic, another bank bought them, so the paper trail was probably a nightmare. We’ve had posters show up on the boards who are angry they are being tossed out in 4 or 5 months, that they aren’t getting the free year they thought they would, some even wondered if the had some recourse for getting jipped.

I even know a guy who lost his job and owned two houses, stopped paying for both on the same day, but they were with two different lenders. One was taken back inside of six months (credit union), he still doesn’t have a notice of default on the other and it is nearing 10 months without a payment (subprime lender now defunct). Same guy, same scenario, same start day for missing payments, different banks, wildly different results.

My guess is that the lenders that took over some of the failed lenders are the ones with the more difficult task and are likely the slower ones to foreclose.

[UCGal]

tg – considering how many loans were written by Wamu, Countrywide, and Indymac… I’d say that there are a lot of folks that stand to win the “free rent” roulette.

[UCGal]

tg – considering how many loans were written by Wamu, Countrywide, and Indymac… I’d say that there are a lot of folks that stand to win the “free rent” roulette.

[UCGal]

tg – considering how many loans were written by Wamu, Countrywide, and Indymac… I’d say that there are a lot of folks that stand to win the “free rent” roulette.

[UCGal]

tg – considering how many loans were written by Wamu, Countrywide, and Indymac… I’d say that there are a lot of folks that stand to win the “free rent” roulette.

[UCGal]

tg – considering how many loans were written by Wamu, Countrywide, and Indymac… I’d say that there are a lot of folks that stand to win the “free rent” roulette.

[urbanrealtor]

[quote=sdrealtor]My pleasure Eugene and I can offer one possible explanation. The house on Atherton shows being listed and sold by the builder. It hasnt recorded yet in the tax records and frequently builder sales do not.

Here is one possible scenario. In LC Oaks I heard that Davidson did not pay their sales people the bonuses they were due but rather gave them below market deals on the models. Perhaps those sales were along similar lines I.e. a low price was given to an employee or vendor in lieu of some payment due). Things like that happen.[/quote]
Dude, if you pull the existing grant deed, you can reverse-engineer the price based on the DTT.
Most builder sales don’t explicitly mention the price (thus necessitating this maneuver). SDR, do you know the reason for that?
I always assumed it was ‘cuz they wanted to control the openness of the market info.

Your thoughts?

[urbanrealtor]

[quote=sdrealtor]My pleasure Eugene and I can offer one possible explanation. The house on Atherton shows being listed and sold by the builder. It hasnt recorded yet in the tax records and frequently builder sales do not.

Here is one possible scenario. In LC Oaks I heard that Davidson did not pay their sales people the bonuses they were due but rather gave them below market deals on the models. Perhaps those sales were along similar lines I.e. a low price was given to an employee or vendor in lieu of some payment due). Things like that happen.[/quote]
Dude, if you pull the existing grant deed, you can reverse-engineer the price based on the DTT.
Most builder sales don’t explicitly mention the price (thus necessitating this maneuver). SDR, do you know the reason for that?
I always assumed it was ‘cuz they wanted to control the openness of the market info.

Your thoughts?

[urbanrealtor]

[quote=sdrealtor]My pleasure Eugene and I can offer one possible explanation. The house on Atherton shows being listed and sold by the builder. It hasnt recorded yet in the tax records and frequently builder sales do not.

Here is one possible scenario. In LC Oaks I heard that Davidson did not pay their sales people the bonuses they were due but rather gave them below market deals on the models. Perhaps those sales were along similar lines I.e. a low price was given to an employee or vendor in lieu of some payment due). Things like that happen.[/quote]
Dude, if you pull the existing grant deed, you can reverse-engineer the price based on the DTT.
Most builder sales don’t explicitly mention the price (thus necessitating this maneuver). SDR, do you know the reason for that?
I always assumed it was ‘cuz they wanted to control the openness of the market info.

Your thoughts?

[urbanrealtor]

[quote=sdrealtor]My pleasure Eugene and I can offer one possible explanation. The house on Atherton shows being listed and sold by the builder. It hasnt recorded yet in the tax records and frequently builder sales do not.

Here is one possible scenario. In LC Oaks I heard that Davidson did not pay their sales people the bonuses they were due but rather gave them below market deals on the models. Perhaps those sales were along similar lines I.e. a low price was given to an employee or vendor in lieu of some payment due). Things like that happen.[/quote]
Dude, if you pull the existing grant deed, you can reverse-engineer the price based on the DTT.
Most builder sales don’t explicitly mention the price (thus necessitating this maneuver). SDR, do you know the reason for that?
I always assumed it was ‘cuz they wanted to control the openness of the market info.

Your thoughts?

[Author]

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