Foreclosure in 92376>Question Details

nermel1982, Other/Just Looking in 16602

Article of Agreement gone bad

Asked by nermel1982, 16602 Sun Sep 9, 2012

We had an article of agreement to purchase a home since we couldn't get a loan, they offered to keep the current mortgage and we would just pay them for it. Well they skipped town, house is about to be in foreclosure. We could pay the bank on their behalf but if we don't find them we don't get the deed when it's paid off. So we are opting to save our money and move. My question is how long will we have? We received a notice that if by next month if they don't receive the necessary paperwork from the owners that they will begin foreclosure proceedings. We are working on finding a home but since all this only came to light in the last 2 weeks I am terrified that I won't be given time to get my stuff out. They got 3 months of payments out of us that did not go to the bank. Had I opened mail addressed to them that came here I would have known that but since the mail wasn't addressed to me I decided not to open it. They moved right after we gave them July's payment apparently.

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We get a lot of questions about Lease/Option on Trulia;
and I am quick to caution people about the pitfalls of doing that:
It would sound to me that that is basically what you had, and it really fizzled on you.
I would hope that potential Buyers would see this and maybe be forewarned.

No matter how you got to where you are; you are in the situation that a lot of Tenants find themselves:
The Banks all listen to beat of their own drummer, and we cannot predict when the axe will fall:
What you are looking for is the Notice of Trustee Sale, pinned to your door. That could arrive soon, or maybe, later.
I would be that you have a while; but that is just a W.A.G.
When the Trustee Sale is scheduled; and assumiong that the Bank buys it back, (odds are), then you will have 2-5 weeks before their Listing Agent knocks on your door, negotiates with you and gives you 30 days to exit. This may/should include Cash-for-Keys.

In the meantime, save every penny you can; you will need it.

Good luck and may God bless
0 votes Thank Flag Link Sun Sep 9, 2012
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