Foreclosure in 76137>Question Details

Punkybrewster, Home Seller in 76137

Foreclosure sale date is set. When am I supposed to leave and what all am I responsible for beforehand?

Asked by Punkybrewster, 76137 Tue Jul 21, 2009

I tried short-sale and tried deed-in-lieu and nothing worked - mainly because the bank gave me several different answers on what I'm supposed to do and because the call centers were located in India and the language barrier killed me. The foreclosure sale date is now set. I'm fine with it and ready to be rid of this property, no matter what it does to my credit. But now what do I do? The sale date is September 1st. Do I just make sure I'm out by that date? I read in the letters from the bank that once you've defaulted, they have the right to enter the property. Certainly don't want that while I'm there! Should I just get out as soon as possible then? Also, I technically still own the property until September 1. When do I cancel my homeowners insurance? Do I have to still live there or have personal property there for the house to be covered until it is no longer mine? There's so much info about stopping foreclosures out there but not a lot of what to do when it's inevitable.

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7
The most important thing you should do when a foreclosure sale date has been set is to seek legal help. A competent attorney can help you postpone or reverse a foreclosure through various ways including:

1. Loan Modification
2. Deed-in-Lieu of Foreclosure
3. Filing for Bankruptcy
4. Short Sale

The most important thing to do when you receive a foreclosure sale date notice is to contact and cooperate with an experienced foreclosure attorney in your area to help you determine your next step. - http://foreclosureprocess.net/for-sale-by-owner
3 votes Thank Flag Link Mon Feb 8, 2016
This is real advice.

1. Ask the bank if they give cash for keys and if so, the bank will decide on a date with you to move, if you want to move out.
2. Otherwise, file bankruptcy NOW. Some attorneys don't ask for money upfront and will provide you paperwork in less than a week to give to the foreclosing trustee to stop the trustee sale dead in its tracks for many months, even up to a year. The bank will eventually request to be removed from the BK stay to allow them to move forward with the foreclose months down the line, or your BK attorney can ask the bank if they are willing give you a modification if you are working and can pay, or voluntary deed in lieu or short sale if you can't pay. Essentially, the BK buys you time, and gives the banks a little more incentive to work it out with you.

I went thru this with the worst of the worst, Wells Fargo, and I am still in my home with GREAT terms now. Persistence is the key if you do not want to leave.
0 votes Thank Flag Link Thu Feb 18, 2016
If your foreclosure sale date is approaching, do not rely on your pending loan modification to stop it. It is best to communicate with your lender about the status of both your loan modification and the foreclosure sale while your application is pending. If your lender intends to go forward with the sale, you can also file for bankruptcy to take advantage of the automatic stay while your application is in review - http://ForeclosureIQ.com
0 votes Thank Flag Link Tue Aug 18, 2015
I know your frustration. However, don't let the lenders foreclose if at all possible! A foreclosure can really damage your credit rating.

Find a qualified agent experienced in short sales. Most every home can be successfully short sold by someone who has experience. Once the short sale is submitted, the agent should be able to postpone the foreclosure date to buy you time to sell and some extra time to find another place to live. Most short sales take 60 -90 days. In most casaes, the lender pays all the closing costs so you can sell the property at no cost a closing.

Make sure you ask the person doing your short sale their experience, number of short sales completed, how they find the buyers, etc. Time is critical, so you need to act now.

Call us at 832-330-4588 and we can help you find a qualified agent in your area.

Jim McNinch
Foreclosure Prevention Network
Providing Short Sale Negotiation, Training and Loan Modification
Address: PO Box 1998 Spring TX 77383.
Phone: 832-330-4588
E-Mail: info@TrademarkForeclosurePrevention.com
Web Site: http://www.TrademarkForeclosurePrevention.com
Blog: http://www.shortsalereporter.com
0 votes Thank Flag Link Tue Jul 21, 2009
Jim, What is a sales date ? Banks buy back from investor ? Can one bid on the sales date ?
Flag Sat Nov 14, 2015
Contact my office where I can review additional information on your behalf.

You need move prior foreclosure on your credit report then it makes it difficult for you lease a property, We work with families lease.

Many banks don't want your home is there a branch location you can stop in speak direct with lender, OR contact attorney's office.

Once home goes to foreclosure you are no longer responsible for tax, or insurance.

CONTACT OUR OFFICE TODAY
972-699-9111
Lynn A. Crosby ~ National Featured Realtor
Follow me on Twitter: http://twitter.com/Lynn911
"...Specializing in Residential, Commercial Properties and Loans..."
Dallas Realtor, and Credit Repair Consultant -
The Michael Group - "Dallas Business Journal 07’ & 08' list top realtors"
Dallas Loan Officer -
Dallas Real Estate Website: http://www.lynn911.com 60,000 listings Dallas homes for sale
0 votes Thank Flag Link Tue Jul 21, 2009
sorry to hear your situation! After September 1(sale date), the new owner will be your lender or the highest bidder at the court step. You can cancel your insurance on September 1.

If its goes back to the lender, then they will assign a realtor to sell as bank owned house, that may take couple of weeks or months, depends on the bank, someone will inform at that time to move out of the house but they give very short notice at that time. Now, it depends on you whether you want to move before September 1st or wait for the notice from the reo realtor to move out. As Lucy, it's always to good to look for some rental and move before that. Consult with a real estate attorney for your state law or next step.
0 votes Thank Flag Link Tue Jul 21, 2009
What stress you must be under! My understanding is that you have until the date the home is presented on the court house steps. I am a Realtor and also work for a company that hires me to speak with homeowners that are facing foreclosure. Some home owners are living in the home after the date of the property sale but I would not recomend that. If you know the date, I recomend you move out, get in to a rental and have some peace of mind.
Another resource for you is to call the Title company that you closed on your home. They typically have lawyers as a resource and they will answer your questions. If you need help finding a rental home, let me know as I can help you find a home.
Take care and best wishes,
Lucy A. Puniwai
puniwai@gmail.com
0 votes Thank Flag Link Tue Jul 21, 2009
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