How do I know if I am in foreclosure?
I have not made a mortgage payment nor my hoa dues in over a year. My mortgage company is Bank of America and I live in Arizona. I had my condo up for short sale and once the buyers started to deal with the management company they withdrew. This was on three different occasions. Why won’t the bank foreclose on me? I am currently in an apartment and may be moving in the near future. Will this hurt me in trying to find a place to live? I do not need any judgemental answers from anyone because there were many variables involved. The property should be condemned for mold. The management company has not done a thing since they took over in 2004 and I paid my dues religiously up until I left.
"I do not need any judgemental answers from anyone because there were many variables involved. "
People live with variables every single day of their lives yet manage to take care of business.
Your cred it shot to hell for a long time to come and NO you will not get an apt with all that mess on your score unless it is an individual compared to a complex that you rent from.
Pull your FREE credit reports here http://www.annualcreditreport.com and you will see just how bad your credit is now. You may also find you HAVE been foreclosed on why you had "VARIABLES".
your bank has to send you a letter and they put what day you will lose your home
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Your credit is probably already ruined, regardless of foreclosure. Being a year late in your mortgage payments is considered extremely bad on your credit report. This means you will probably have major problems when you try to move. A landlord is less likely to accept you as a tenant with such bad credit. I’m not being judgemental, but just giving you a heads up on what to expect, so it won’t catch you by surprise.
Also, don’t trust Bank of America to give you correct answers. I had various types of Bank of America accounts in the past, and my overall impression of their employees was that they tended to be incompetent, too lazy to do their jobs, and unable to give me correct or even consistent information. Even now they owe me $50, because they sent me a promotional offer a number of years ago that if I used one of my accounts in certain ways during a certain period, they would give me a bonus. It was signed by a vice president of Bank of America. In trying to find out why I didn’t get the bonus, I couldn’t even get them to tell me whether the promotional offer was legitimate. I asked them if the person who signed the letter was really a vice president of Bank of America, and they said they were not permitted to give out information about their employees. They said they had no record of the promotional offer, but were unable to tell me if anyone else got the same offer. It was a fancy printed letter that really looked legit, so I would think if it were some kind of scam they would be aware of it because of how many people would complain about it. So I think what happened is probably that it really was a legitimate promotion, but they probably sent it to the wrong customers by mistake, and didn’t keep records of which customers they sent it to.
I also had lots of other problems with Bank of America, and would never even consider getting a mortgage from them. That would have to be a nightmare, if the same employees handled the mortgage that I had so many other problems with.
But it might be to your advantage. The same incompetence that screws so many customers can also sometimes give them a break, if they make so many mistakes that their case would be laughed out of court or anything like that.
In any case the very first thing you should do is get your credit reports and review them for clues. You might find clues of foreclosure and/or clues of bad credit. That’s the kind of stuff you need to always be aware of, so it makes sense to review your credit reports every few months.
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"I do not need any judgemental answers from anyone because there were many variables involved. "
People live with variables every single day of their lives yet manage to take care of business.
Your cred it shot to hell for a long time to come and NO you will not get an apt with all that mess on your score unless it is an individual compared to a complex that you rent from.
Pull your FREE credit reports here http://www.annualcreditreport.com and you will see just how bad your credit is now. You may also find you HAVE been foreclosed on why you had "VARIABLES".
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You can check the local court docket and see if you have a foreclosure against you. Most foreclosures take no less than a year or two in order to make it thru the court system, and if you have not yet been served with papers then it is just stalling the process. Both the delinquent payments and foreclosure will show on your credit report if you go to rent a place. Some of their first questions are if you have an eviction or foreclosure. Also your credit score will determine if you get accepted or declined.
In the case of condos, some areas have 20% or more either delinquent on their dues or in foreclosure. Even when the unit does eventually sell, your HOA does not get all that back money that was due. They may not be able to do much with the high amount of delinquencies/foreclosures. At this point you will be saddled with this as YOUR debt until the bank is able to turn it around themselves.
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Check your credit report for free at http://annualcreditreport.com
You may not be able to move if your credit is a mess.
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"The property should be condemned for mold." – You realize this would not make you not owe your mortgage right? Nor does it explain why you have not paid it.
"The management company has not done a thing since they took over in 2004" – This also does not explain why you haven’t paid your mortgage for a year.
You credit is totally ruined anyway, foreclosure or no. Why exactly would the buyer have to deal with the management company for a sale?
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To verify the foreclosure status of any property in the USA you can check with the county clerk/county recorder in the area where the mortgage property is located or click the link to request a foreclosure report from a servicer that tracks foreclosure filings and information, http://www.worldclassmemberservices.com/foreclosure-report.html
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