QUESTION

It has been 4 years since bank of America started foreclosure on our home what action can we take to get this resolved?

Asked on May 24th, 2013 on Foreclosures - Arizona
More details to this question:
We have several sheriff sale notices but nothing happens. We moved out 3 times after being told of the sheriffs sales. We could have stayed in the home all the time. This has cost us a lot of money. The stress that this dragged out process has caused is overwhelming.
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5 ANSWERS

Richard hirsh
You may wish to hire an attorney who can go to court on the foreclosure case. Bank of America is notorious for doing that.
Answered on May 31st, 2013 at 2:33 AM

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Mark Weinstein
Your situation is not unique. You home is what is sometimes called a "zombie foreclosure." It still lives but under the threat of seemingly imminent foreclosure. As long as someone is in the house, often the bank will prefer to let the property sit hoping that home values will rise and then they can foreclose later and get more money then while focusing now on properties that have been abandoned or are otherwise in poor condition. Instead of waiting on the bank to foreclose, depending on your situation, you may be a candidate for a short sale where the deficiency you owe can be waived, and you might even qualify for federal funds for moving expenses.
Answered on May 27th, 2013 at 8:33 PM

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Why don't you just short sell the property?
Answered on May 27th, 2013 at 7:50 PM

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There is nothing you can do to force the bank to proceed with the foreclosure sale. If you are able to make payments, you can talk to the bank about reinstating the loan or about a modification. You could also talk to a real estate agent about a short sale. Otherwise, if you are resigned to not being able to afford the house, you are going to have to move out for good at some point. Why not just move now and leave the stress behind?
Answered on May 24th, 2013 at 9:15 PM

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Bankruptcy Attorney serving Phoenix, AZ at Law Office of D. L. Drain, P.A.
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There is nothing you can do but wait until the house transfers title. Either by you selling it or it is sold via the foreclosure. Meanwhile keep the HOA current or consider filing for bankruptcy.
Answered on May 24th, 2013 at 9:11 PM

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