foreclosure lingo

[sweetpetutie]

A friend almost had their home auctioned but it was stopped at the very last minute for some reason unbeknowst to them, and they had done nothing in the meantime.

On Maryland's case search, the two most recent entries read:

Affidavit of compliance with real property.

Bond Approved And Filed.

They are confused about what is happening and I can't help them. Would anyone know the sequence of events according to the above after the auction was cancelled? They haven't done anything recently on their own.

thanks

 

[Tilted]

It's hard to know for sure based only on what you posted, but

Affidavit of compliance with real property.

I suspect this is the seller filing an affidavit telling the court that they complied with all of the legal requirements to give notice of the auction. They have to file that with the court.

Bond Approved And Filed.

The seller also has to post a bond with the state before the sale.


Is this a foreclosure because of default on a mortgage? Perhaps they can contact the lender and ask what is going on.

If the auction was canceled, then the seller will have to go through the same process again of providing notice of any upcoming auction.

 

[sweetpetutie]

Is this a foreclosure because of default on a mortgage? Perhaps they can contact the lender and ask what is going on.

If the auction was canceled, then the seller will have to go through the same process again of providing notice of any upcoming auction.

The circumstances are strange. They say the mortgage company stopped automatically deducting their mortgage payments back in November 2008. I did see where three random payments were made since then. I can't imagine the mortgage company stopping like that. But even more, I can't understand why they have been letting them stay for this long. I know early in the year a lawyer for the mortgage company took a check from them for a payment but then returned it to them saying it wasn't enough. The next thing they heard from him months later was in the form of the first auction. That auction was stopped too for some reason.

It's confusing. Maybe I'm not getting the full story or maybe they don't remember or really understand what has gone on.

 

[aps45819]

Why are people that don't pay their mortgage suprised when they get kicked out?

 

[CalvertNewbie]

Why are people that don't pay their mortgage suprised when they get kicked out?

It sounds more like they're surprised that they are NOT getting kicked out. :shrug:

Sorry sweetpetutie, I don't have an answer for you regarding the lingo. As for why they haven't gotten the boot sooner, it's probably because the banks are so overwhelmed with the number of foreclosures that they just can't keep up. Hubby's in finance and he deals with people's credit reports all day. He's amazed at how long people are able to not pay their mortgage/other bills before legal action is taken.

 

[jetmonkey]

Why are people that don't pay their mortgage suprised when they get kicked out?

Because Obama got elected.

 

[SoMDGirl42]

The circumstances are strange. They say the mortgage company stopped automatically deducting their mortgage payments back in November 2008. I did see where three random payments were made since then. I can't imagine the mortgage company stopping like that. But even more, I can't understand why they have been letting them stay for this long. I know early in the year a lawyer for the mortgage company took a check from them for a payment but then returned it to them saying it wasn't enough. The next thing they heard from him months later was in the form of the first auction. That auction was stopped too for some reason.

It's confusing. Maybe I'm not getting the full story or maybe they don't remember or really understand what has gone on.

Why would they wait months to hear back from them? The sale was stopped because they attempted to make the payment to stop the sale. If their intent is to keep the house, then they need to contact the lawyer to find out exactly how much they must pay to keep the house, and send the proper money fedex'd to the lawyer by ways of a bank check or certified check.

 

[smilin]

I saw an interesting reason why, the other day. Apparently our good hearted banks have an ulterior motive for not following through on foreclosures with their usual speed:
An occupied home doesn't deteriorate as fast as an unoccupied home.
They are leaving people in homes who have not paid a mortgage payment for months, then when they have a chance to make a fast turn around, the process is speeded up. In this way they save money on fixing the home for sale.
Why not? Money is money, and THAT is their businness.

 

[CalvertNewbie]

I saw an interesting reason why, the other day. Apparently our good hearted banks have an ulterior motive for not following through on foreclosures with their usual speed:
An occupied home doesn't deteriorate as fast as an unoccupied home.
They are leaving people in homes who have not paid a mortgage payment for months, then when they have a chance to make a fast turn around, the process is speeded up. In this way they save money on fixing the home for sale.
Why not? Money is money, and THAT is their businness.

Hmmm, interesting. That makes sense.

 

[smilin]

I have a suggestion for anyone going to look at foreclosed homes, especially in humid, wet climates like ours.
Take a face mask with you to try and stop the mold spores floating around in all the closed up homes. Some of these homes have been buttoned up for six to twelve months.
A customer and I had shortness of breath and felt ill after looking at one house, then his wife was sick for three days. Another agent also became ill and it took him three days to recover too.

 

[RareBreed]

I have a suggestion for anyone going to look at foreclosed homes, especially in humid, wet climates like ours.
Take a face mask with you to try and stop the mold spores floating around in all the closed up homes. Some of these homes have been buttoned up for six to twelve months.
A customer and I had shortness of breath and felt ill after looking at one house, then his wife was sick for three days. Another agent also became ill and it took him three days to recover too.

There's a house on the main road in our housing developement that has been left unoccupied for atleast a year or so. It was fore-closed upon and I think the people living there just left "in the middle of the night". Neighbors have looked in the windows and there's stuff still there. Almost like they packed what they wanted and left the rest for whomever to deal with.

I'll assume that nobody's doing anything to try to sell it because houses aren't selling right now but I can only imagine the stink in there that they will have once somebody goes in there.