foreclosure process, timeline? & good behavior?

[questionquestion]

Hi! I'm new here, just stumbled upon this site earlier this evening and was very interested in some of the information available. I was wondering some quick questions. A friend of mine is renting a house, and that house is going into foreclosure. It's his families' house and their mortgage; he is simply a renter. The family told him that they were making a deal with the loan company (Chase) that if they were cooperative and nice and cordial about the foreclosure than Chase wouldn't damage their credit score. Otherwise if the family was rude & nasty about it than Chase could dock their credit score 300 points on a whim. Is this true; or a tall tale they've just told him? I've never heard of a "good behavior" policy in defaulting on a loan before. I was under the assumption that the credit score was a little more scientific than based on someone's personality and niceness. Am I wrong?
The other main reason I'm asking is about the actual process. He's been living in the house for more than a year. He's a young man, with little money to move, and needed to know how much time he had. The process is somewhere around the 90 day mark, he was told it's been 90 days since they last paid the mortgage, and this past Tuesday (June 30) was the day that the "bank took over" according to his parents, but no more information was given. What exactly does this mean? How long does he have until he needs to move? When should he be looking for an apartment, etc. to go to? Will they have to go through the formalities of an eviction notice?? Or will he just go home one day to find the house doors locked? And will he be able to retrieve his stuff if that happened? He tried asking his parents and they won't give him any answers. I was hoping someone would know at least some sort of a timeline. Should he be panicked today, or next month? Also, will they send a notice to the actual house in foreclosure, or the billing address of the owners of the house? Because his parents haven't really kept him in the loop as to the progress of the process, and he's trying to figure out where the information will be sent to. Thank you so much for all of your help! Any information at all would be greatly appreciated. I just need to help him figure out whether he's going to be ******** tomorrow.

[Evan Bedard]

Originally Posted by questionquestion

The family told him that they were making a deal with the loan company (Chase) that if they were cooperative and nice and cordial about the foreclosure than Chase wouldn't damage their credit score. Otherwise if the family was rude & nasty about it than Chase could dock their credit score 300 points on a whim.

There is definitely no such thing as a good behavior policy. If foreclosure does go through there credit will most likely be docked around 300 like you had said. It also depends he could have a couple weeks or even a couple months depending on the situation and if the loan mod is trying to be accomplished. They will be noticed in advance as to when he will need to move.