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House Went back to bank in foreclosure...HELP

Discussion in 'Deed in Lieu of Foreclosure - Do You Need Help to ' started by pepenow, Mar 16, 2008.

  1. pepenow

    pepenow LoanSafe Member

    Last week our house went back to the bank in foreclosure and now I have a real estate agent calling me for the last three days saying that I must leave within two weeks and offered us $1000.00. Obviously, is too short of a notice and we have not been able to save to move out. The question is, well...I have a feeling this agent is taking avantage. Is there a process that they must take in order for us to move out? Help!!!
  2. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    pepenow,

    I am very sorry that you are going through this, I know first hand how difficult it is, however with the lender now owning the property the two weeks they are offering is, in their minds, being very generous.....
    Where I live with the new foreclosure laws in place......one doesn't get that luxury...if you haven't in the 120 days before your sale date, made arrangements to move, you get the Sheriff with a crew that comes the day after your sale date to move your belongings out to the curb and then the locks are popped and changed and that is that.

    The $1,000 that you are being offered is the Cash for Keys program from the lenders where they give you two weeks to move out without incident and harm to the property and they in exchange upon a satisfactory final inspection of the property will give you the $1000 for the keys to the property. It is perfectly legal as the lender now owns the property.....

    I am not an attorney therefore I can't give you legal advice.........


    http://www.loansafe.org/forum/foreclosure-laws/398-california-foreclosure-law.html

    Unfortunately in the state of California you are given a minimum of 120 days from start to finish with multiple notifications prior to a sale date for you to cure the default (see link above for full explanation of timeline).........the lenders feel that 4 months would be sufficient an amount of time to make a decision to work with them on a modification or repayment of the delinquent amount owed.......or sell the property for a Short Sale pricing....

    The best that you could do at this time for you and your family is to try to rally to get friends and family together to help you in this urgent time frame........you will really need to try to meet this deadline.......

    again I am so sorry for what you are going through........
    I hope everything works out for you.......

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