Foreclosure in Galloway>Question Details

ethans, Other/Just Looking in Galloway, NJ

Hi, I filed a chapter 7 in May of 2011. Included was a large mortgage ($1.8m). I'm wondering how much longer I have.

Asked by ethans, Galloway, NJ Tue Feb 5, 2013

The details are that I haven't paid property tax since December '10 although the tax collector has not done anything except send the current years bill. Early on the bank (Chase) kept calling monthly asking what my intentions were. As I was unemployed and on social security disability (cancer), I informed them of my situation and told them I intended to stay here ('rent free') as long as possible. Well, it's been a long time since I heard from Chase, but about 2 weeks ago I got a call in which i was effectively begged to negotiate so I could stay here. The chase rep indicated that 'papers' were 'submitted' by Chase attorneys in September '12, although she wouldn't indicate exactly what papers were filed, nor would she tell me 'how much longer' I had. Does anyone out there whose familiar with such things have a guess ?

Thanks !

Ethan

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Marsha Bowen Washington’s answer
Because of the robo signing, NJ courts are backlogged with foreclosures, however some of the newer filings in 2012 are moving quite swiftly through the courts. One of my clients was served a sheriff sale only 12 months after she received her foreclosure complaint. In the case with Chase, they would prefer a loan modification or short sale over a foreclosure. If you have recovered from your hardship, now would be a good time to see if you qualify for a loan modification since the large lenders have made settlements with the states.
0 votes Thank Flag Link Tue Feb 5, 2013
Hi Ethan,

As far as the tax collector, are your taxes paid through your mortgage company, Chase? If yes, then Chase has continued to make your property tax payments. Recently I've also heard of many townships who are sending the delinquent tax bills to the mortgage companies to pay even if the owner of the property pays their's directly and not through their mortgage. In turn, the mortgage company will pay the taxes even if it means an escrow shortage or negative escrow.

I have heard the courts are backlogged with foreclosures and there are many homeowners that I know that stayed in their home for 2-3 years without paying their mortgage. I am all too familiar with Chase as they are my mortgage company too. They were a while back running incentives if delinquent sellers agreed to list their home as a short sale by a certain date and I also know they are offering some homeowners a principal reduction which in turn lowers their payment, modifies their loan and keeps them in their house. I'm not sure if you are able to modify your loan or not but that would be based on your financial situation. I also have a friend of mine who also has Chase who said Chase told them their house was set for a foreclosure sale but meanwhile they were never served with foreclosure papers.

I would assume that you have not yet been served with the foreclosure complaint? If you haven't, then your house shouldn't be scheduled for a foreclosure sale. You can ask Chase again but I'm not surprised that they don't have any dates because in my own personal experience with dealing with Chase is that very often they have no idea what they are talking about and you never get to talk to the same person twice.
0 votes Thank Flag Link Tue Feb 5, 2013
Hello Ethan,

Call Chase and ask if there is a foreclosure date scheduled. If there isn't one then you may still have several months. New Jersey still has a huge back-log on foreclosure filings and proceedings. Your bank should inform you what that date is, if it's already scheduled. If they don't then you can call county clerk's office and find out, or go on their website. If it's true that the attorney only filed in Sept. '12 then you may still have quite a bit of time; you can also request the attorney's information and ask them. Now, just so that you are aware - Chase may be begging of you to remain because, in fact, they really would prefer you modify the loan, or short sale if you cannot. Chase also has "Seller Incentive" programs that allow you a relocation incentive (monetary) if you successfully close a short sale transaction. Call me. I can help you with this if you need more information. (609) 992-6872. Good Luck!
0 votes Thank Flag Link Tue Feb 5, 2013
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