Mynyel Posted February 6, 2012 Share Posted February 6, 2012 No it isn't me :) I live in NC not Cali. I do, however, have someone close to me that will be going through foreclosure soon, well whenever the bank gets around to it. They stopped making payments in Dec or Jan (I don't know if they made the payment in Dec for sure or not.) Here is what I need to know though, when can the bank kick you out?I have heard (even when I lived in Cali) that the bank can't take away your only home. Florida supposedly has a similar law. I don't get it though. What does that mean? You can just live there free without making payments? What incentive do people have (besides credit and whatnot) to pay mortgages if the bank can't kick you out. What am I missing here? Quote Link to comment Share on other sites More sharing options...
Renee in NC Posted February 6, 2012 Share Posted February 6, 2012 No, they can. It just takes a MUCH longer time in some states (FL being one of them.) Quote Link to comment Share on other sites More sharing options...
Crimson Wife Posted February 6, 2012 Share Posted February 6, 2012 The bank can evict someone who has stopped paying on a mortgage, but it can take 18 months or longer. The house has to go through the foreclosure process and then after it is sold at auction, the former owner has 90 days to vacate the property. Our deadbeat former neighbors lived in their house for YEARS without paying a dime- all the while driving 2 late-model Mercedes :glare: Quote Link to comment Share on other sites More sharing options...
Mynyel Posted February 6, 2012 Author Share Posted February 6, 2012 The bank can evict someone who has stopped paying on a mortgage, but it can take 18 months or longer. The house has to go through the foreclosure process and then after it is sold at auction, the former owner has 90 days to vacate the property. Our deadbeat former neighbors lived in their house for YEARS without paying a dime- all the while driving 2 late-model Mercedes :glare: :) In the interest of full disclosure, the people I am referring too lost the only income in the home, so that is why they quit paying. It was either the meds for blood pressure and diabetes or pay the house :) Quote Link to comment Share on other sites More sharing options...
mommybee Posted February 6, 2012 Share Posted February 6, 2012 :) In the interest of full disclosure, the people I am referring too lost the only income in the home, so that is why they quit paying. It was either the meds for blood pressure and diabetes or pay the house :) I wish that was the case with my cousin....instead she seemed proud that it took the bank three years to get her out of her condo all the while paying nothing. Well I don't wish that on anyone of course....losing your income......I just wish my cousin had had some sense of responsibility at all. Quote Link to comment Share on other sites More sharing options...
Crimson Wife Posted February 6, 2012 Share Posted February 6, 2012 Oh, I didn't mean to pass judgment on anybody except for my former neighbors. They purchased the house in 1988 for 1/3 of the price we paid in 2009, but did a cash-out refi during the height of the real estate boom and appear to have spent it on a lavish lifestyle. They'd have the place almost paid off by now if they hadn't treated it like a piggy bank... Quote Link to comment Share on other sites More sharing options...
Shellers Posted February 6, 2012 Share Posted February 6, 2012 My best friend lost her house recently. She stopped making payments in January 2011. The bank auctioned off her house Dec 19, 2011. She was embarrassed about the situation she was in and moved out right before the auction. She was never offered "cash for keys". I have heard of people living for years in their house before getting evicted. Quote Link to comment Share on other sites More sharing options...
Young Curmudgeon Posted February 6, 2012 Share Posted February 6, 2012 "the bank can't take away your only home. Florida supposedly has a similar law" (Note, not a lawyer.) I think it may be confusion between bankruptcy and foreclosure. Roughly during a bankruptcy, the liquidation type, assets are taken and sold, and the proceeds split up among creditors in exchange for wiping out dischargable debts. Say you have a vacation home, free and clear, before the bancruptcy. That can/will be sold to help pay off debts. However, for your primary residence, there is a "homestead exemption." That says a certain amount of equity in the primary residence is protected from creditors. The amount and specifics varies by states. Some states are pretty low. It's $125,000 in Washington State. http://apps.leg.wa.gov/rcw/default.aspx?cite=6.13.030. Virtually unlimited in Florida: http://en.wikipedia.org/wiki/Homestead_exemption_in_Florida Homestead exemptions DO NOT protect when the property has been pledged, as in a mortgage. Quote Link to comment Share on other sites More sharing options...
mamakim Posted February 6, 2012 Share Posted February 6, 2012 California is so swamped with the glut of these homes (especially in some markets) that it can take quite a time! We have relatives that haven't paid for ~2 years now and not only has the bank not even begun the process of foreclosure, a mutual relative phoned the bank for them (one is elderly) and was told, "Oh don't worry - they're not going to do anything about it anytime soon" and as this was >6 months ago, seems that's true :confused:. Quote Link to comment Share on other sites More sharing options...
Mommyof4ks Posted February 6, 2012 Share Posted February 6, 2012 "the bank can't take away your only home. Florida supposedly has a similar law" (Note, not a lawyer.) I think it may be confusion between bankruptcy and foreclosure. Roughly during a bankruptcy, the liquidation type, assets are taken and sold, and the proceeds split up among creditors in exchange for wiping out dischargable debts. Say you have a vacation home, free and clear, before the bancruptcy. That can/will be sold to help pay off debts. However, for your primary residence, there is a "homestead exemption." That says a certain amount of equity in the primary residence is protected from creditors. The amount and specifics varies by states. Some states are pretty low. It's $125,000 in Washington State. http://apps.leg.wa.gov/rcw/default.aspx?cite=6.13.030. Virtually unlimited in Florida: http://en.wikipedia.org/wiki/Homestead_exemption_in_Florida Homestead exemptions DO NOT protect when the property has been pledged, as in a mortgage. This exactly. Texas has a similar law. As long as they are paying the mortgage no one can take the house during a bankruptcy, but if the mortgage is not paid, then the home can be foreclosed on. Quote Link to comment Share on other sites More sharing options...
elfgivas Posted February 6, 2012 Share Posted February 6, 2012 we live in SoCal. so many have lost their homes. for our next door neighbors it was 4 months of pre-foreclosure, 4 months of declared foreclosure, auction, and 48 hours to leave after that.... so 8 months and a bit. for the house three doors down, it was a total of 6 months. for the one five doors down, it was a total of 4 months. we have the dates from realtytrac.com. i don't know what they use to determine pre-foreclosure. for the house across the street, they were in pre-foreclosure for 6 months, and then somehow managed to do something and still have their home 2 years later. ie. it seems to depend on the bank and the situation. its a lousy thing. ann Quote Link to comment Share on other sites More sharing options...
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