There are two articles I read today on strategic defaults (links below), the stories go on and on; this mess isn’t going away any time soon. It seems to be a domino effect in neighborhoods, both from seeing that your neighbors can do it and also from neighborhood home prices falling like a rock once the houses in the neighborhood all go in to foreclosure. One of the articles I read distinguishes between strategic foreclosures in California and Texas and Florida and New York among other states that require judicial hearings for foreclosure. The people of Florida and New York average well over one year in the ability to stay in their home rent free due to the judicial process. California and Texas not so lucky. I’m not sure exactly where we stand personally, but we were told by IndyMac the first of May that we were in final foreclosure and the Notice of Default was being filed. This was at the 90th day of non payment of our mortgage. From the first of May we have a 90 day “redemption” period, so that puts us at August when we would expect an eviction notice nailed to our front door. But, interestingly, we have not received the written Notice of Default letter. At any rate, we weren’t going to wait around anyway. We wanted out of this house as soon as possible and were lucky enough to find a rental that we fell in love with.
We have one more day in this house. We are talking about notifying IndyMac once we are sure we have everything out of this house that we want. We were told when talking to them the first of May that if we notify them when we leave the house, they will send “someone” out to secure it. We don’t want any problems with break ins or some such.
I’ll be signing off for a couple of days while we transition to our new home. Cable/internet is going down here tomorrow and we move the day after that.
I’ll be back writing from our new home with updates on our move and the ongoing trials and tribulations of our foreclosure.
To be continued…..