how long i have on me to move

[vkswede]

Hi,

A quick question, my townhouse will be auctioned tomorrow, now, what happens if no ones buys the house? and my second question if it gets sold how long I have on me to move out approximatelly? thanks

[SillyWorld]

From what I understand if you run to your local DJ and claim you have no place to move they have to allow you 90days grace to get a place

[faith]

Originally Posted by vkswede

Hi,

A quick question, my townhouse will be auctioned tomorrow, now, what happens if no ones buys the house? and my second question if it gets sold how long I have on me to move out approximatelly? thanks

Here's what Professor Shays said in one of his posts and I quote,
"These stories help to suggest why the concept of "keys for cash" is beneficial both to the foreclosed borrower and the foreclosing lender. Rationale for this approach includes:

1. It avoids the expenses associated with the unlawful detainer eviction process (attorney fees, court costs, extension of time to obtain possession of the home resulting in the lengthening of time it takes for the lender to dispose of the home.

2. It provides the borrower with a monetary incentive not to damage the home, thus avoiding the potential of the repair and refurbishing costs that would have to be expended to return the home to a marketable condition.

3. It provides the borrower with funding that can be utilized to pay the upfront costs for rental housing.

Daniel

So maybe you should try to ask for Cash in return to your keys, I think the maximum you can ask is $2,000 try it at least you might get some cash for your keys.

Here's some tips I found for you about foreclosure.

.Formal Legal Foreclosure Process

Bank sends by sheriff or by certified mail Notice of Intent to Foreclose.
Bank begins action in the court system to foreclose.
Legal notices (see soldiers and sailors notice below) as required by law begin to be published in local papers.
No payment or settlement arrangements are made with the lender.
Notice and waiting periods expire.
Court holds hearing regarding banks claim.
Court issues order allowing bank to foreclose. (Beware, one foreclosure firm will begin 2 and 6 at the same time shortening the process.)
Legal notice of actual foreclosure sale and advertisements published in local papers.
No payment arrangements or settlements reached with the bank.
House sold at auction to highest bidder.

Q. How long does this process usually take?

A. From the time you miss your first payment to the final foreclosure sale its not uncommon for six months or more to pass. In some states this could be more and in others considerably less. Texas residents could find the foreclosure process completed in only around 45 days. It will also depend a great deal on your mortgage holder and how aggressively they pursue your case.

Q. When in the foreclosure process do I have to move out of my house?

A. YOU DON'T!!!!!!!!! The foreclosure process even when followed through to completion only transfers ownership of the house from you to the high bidder. This transfer of ownership becomes complete at a closing following the foreclosure auction. After the auction you automatically become a tenant in the house you formally owned. At this point the new owner must follow the legal procedures in your state for eviction.

Q. What is the eviction process?

A. Again this will vary widely from state to state and you should be consulting with an attorney with expertise in this field if your case has gone this far. The process in Massachusetts is as follows:

When someone has taken your house at foreclosure they can send you a legal notice to leave the premises under a 72 hour notice.
If you fail to leave after the 72 hours has elapsed the new owner must go to court to present his case before a judge that you should be evicted.
At a hearing the judge will decide if you are to be evicted or not as well as how long you may stay in the house before you must go. Your willingness to pay rent will play a large role in granting more time.

If the judge finds against you and you are unhappy with his ruling you have 10 days to appeal his decision.

If you have been ordered evicted and you have not moved out on your own by the day designated by the court the new owner may obtain an execution of the eviction judgment which will give a sheriff the right to physically remove you from the premises.
A sheriff gives you notice of the execution and as little as 48 hours to move.
Anything left in the house is moved by the sheriff into storage, where you will have to pay fees to get it back, locks are changed, resistance at this point may subject you to arrest.

Q. How long does the eviction process take?

A. From the day you are given you notice until a sheriff might pack up and move your possessions out of your house you can expect a 6 week to 6 month time frame, with the average coming closer to 10 weeks or maybe 3 days..

Q. Once the foreclosure process starts is there anything I can do to stop it?

A. Yes. If working from your first late payment there are at least 10 or 20 different ways to resolve the situation. The longer you wait, however, the more some of these options will become unavailable. You may also wish to visit a site explaining much more about foreclosure and how to stop it including a tool to analyze your own situation and an article on the top 10 mistakes people make when facing forclosure.

Q. At what point will I have absolutely no options left?

A. Never. You have not lost until you decide the fight is over. Even after a foreclosure, even after an eviction you still have as much right to buy your house back in the open market as anyone else. Realistically if you have not been able to save the house before a sheriff evicts you, chances are strong you will never be able to structure a deal to buy the house back. This is largely based on the assumption that you hired a capable attorney and had the ability to strike a deal. If so, you would have done so long before a sheriff removed you from the house. I actually handle many cases which have been resolved after the foreclosure auction with the result that the homeowner keeps their house. Although possible, I have not yet seen anyone repurchase a home after a physical eviction.

Thanks

[iulloa]

I am very impressed by this thread and found it very very informative. I do have a question though...Does this apply to Florida Foreclosures?
I am in Florida, I am 60 days late on my property. Thinking of going through NACA but also prepared to walk away if I can't bring down my payment to something I can afford. We have a 210k loan with the horrid CW/BofA an 7.75% interest and a $1900 payment. Our home is not worth about 130k. We have 3 kids and 70% of our income goes strictly to the mortgage. We are drowning and while we are ready to let go, we would like to try and save our home. While foreclosure is not what we want, we are also fully aware and accepting that this can happen. We are saving every penny we can in the meantime.
Our biggest concern is how long before we are told we have to move and how long will we have to move. We don't want our children noticing a single thing and therefore want to plan it as strategically as possible without moving out too soon.
Any advise would be great!

[faith]

[QUOTE=iulloa;98703]I am very impressed by this thread and found it very very informative. I do have a question though...Does this apply to Florida Foreclosures?


Under Florida foreclosure law, once a court action and a notice of pending lawsuit is filed against the borrower, the foreclosure proceedings have begun. The borrower has the option of stopping the foreclosure at any point until the date of the foreclosure sale by paying off the entire balance owed to the lender, not just the amount that the borrower is in default. If the borrower cannot find the funds to pay off the balance of the loan, then the property will be sold at a foreclosure sale by the lender once they receive a foreclosure judgment in their favor by the Florida courts. Florida foreclosure law requires that the details of the foreclosure sale be listed in the foreclosure judgment and be adhered to throughout the foreclosure sale process.

It’s taking longer and longer for banks to go get a writ of possession to evict the homeowners. Additionally, from the time that they go to get the writ, it’s taking at least 5 days for the Sherriff to post the writ on the door, and at least another 5 days to come back and execute on writ. Although, the notice posted on the door says that the occupants have 24 to vacate. I’ve seen one on tv news where the Sheriff came to the house where the homeowner has been living free for 1 year. That house was foreclosed a long time ago but when the Sheriff came they were only given 24 hours to move out of the house.


The foreclosure is final when the property is sold "on the courthouse steps" to the highest bidder. The sale usually takes place between 28-35 days after the entry of the final judgment of foreclosure. Many judges will give you 60 to 90 days if you attend the hearing. Once the sale takes place the Certificate of Title is issued 10 days later after which the new owner (usually the bank) can seek a Writ of Possession to have you removed. So it can be as swift as too weeks or perhaps as long as six months and counting. It will primarily depend on the motivation of the new property owner.

It's also a good idea to ask for cash for your house keys from your lender, I just read a thread in this forum that someone got $5,000 cash from the lender to give back their keys to the lender. Maybe you should try to have a Loan Modification if you really want to save your house. But if you will be back to the same situation as you are now, why bother.

Maybe this will help you. I have a neighbor who regularly pay their monthly mortgages and give an extra monthly payments to pay off the house. The house is now paid off but having that house paid off, he still has to pay the homeowners association which is now $200 a month, fire insurance about $100 a month, mello roose about $200 a month and property tax about $600 a month, total payments $1,100 a month and the house is worth nothing and is 23 years old and has a lot of termites, ants etc. I am now renting an apartment for $1,245 a month, that's all I paid and my cable, electric and phone. If something goes wrong with my unit, my landlord will fix it, I have a brand new apartment with brand new washer, dryer and ref, with complete gymn equipments, sauna and pool and close to shopping malls and hospital and banks.

Now I can sleep no worry. That's something to think about. Hope this helps.

[iulloa]

Thank you so very much for your reply! You really put things into prosective and gave me alot of information that allows me to understand the timeline a little better. We had our home built and sentimentally it means alot to us, however, we are trying to look at this as a business stand point. This house was supposed to be a stepping stone for us. A home where once the equity grew enough we would use that to go into something bigger, with more land. Needless to say, we are 70k in the negative given the price decline so it would be years and years before we even broke even! I am still debating on whether I want to go with NACA or not. My husband just wants to let go..I have mixed feelings because of our credit and our kids, but I know that the bottom line is the kids only need to know we are moving and not the logistics behind the move. As long as we make it fun for them and point out some good stuff, that's what will make them happy, for example, each gets their own room, or a pool. Things they don't have now. Who knows, maybe it's an internal struggle and i'm still trying to come to grips with walking away.
The keys for cash is a great great idea and will definetly keep it in mind.
For now, we will save every penny so that if and when we do have to go, we'll be landing on our feet with money in our pockets.
Once again, thank you! Sleeping at night and having peace of mind has no price...I just need to keep reminding myself about that!

[faith]

Maybe you should try NACA and see if they can help you. There's a lot of success stories in this forum for all the help NACA has done. But also, if you will look on the Loan Modification section, there's also a lot of success stories but also heartaches, some lenders will only give you a "band aid" meaning they were only given 6 months to 2 years of low mortgage payments but the principal is the same. They add the amount you missed to your balance and as far as I know Lenders do not reduce the balance. And when the 6 months or 2 years is up, you're back to the same situations you were before asking for another Loan Modifications..

As far as your children, they don't care where you are as long as there Dad and MOM are beside them. Just to let you know children sees our pain too even though we don't tell them. They worry too if they see you worry. You can't hide anything from them. They love their MOM and DAD no matter what and they are the parents like you and your husband and mine OUR PRECIOUS POSSESSIONS. Take care and God bless.

[iulloa]

Faith, Thank you! I appreciate your kind words, I truly do! Tonight, my husband and I will be reviewing NACA as well as the stories about NACA on the website. WE are torn between trying to save it and just letting go and starting fresh. I am having a hard time seperating the emotions AND simply seeing it as a "Business Transaction" as my husband does.
I will tell you though, that regardless of what we decide, the information you've provided us will guide us through this journey!
Good luck to you and I'm glad to know that you are past this horrible stage of decision making and have found peace in your new home.