Foreclosure in 34759>Question Details

Toytoy, Home Buyer in 34759

I moved out my home in Illinois prior to foreclosure. I have been talking to the bank about a loan modification so we are currently working on this.

Asked by Toytoy, 34759 Fri Sep 3, 2010

I moved out my home in Illinois prior to foreclosure thinking I had to be out the home. I have been recently talking to the bank and I was told I didn't have to leave the property. I recently went to the home and I am still able to get into the property. But I also receive a letter from the lawyer that is representing the bank for the property stating to summons a foreclosure on the property. Today I talk to the bank representative and he said since the house is not yet in foreclosure I can move right back in. I don't want to take the risk of moving in and a sheriff shows up at my door stating I have to leave. Is anyone familiar with a situation like this. Should I contact the lawyer first before I make this decision.

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Answers

5
Ron Rovtar’s answer
I would do what the bank representative says. Many banks are dragging their feet on foreclosures because they don't want to put too many houses on the market at one time, driving prices down further. While there are a number of legal steps the bank must take to foreclose, it doesn't mean they will be kicking you out tomorrow. There's always a risk, so you should talk to an attorney. But I would consider staying at the property as long as possible.

Best,
Ron
0 votes Thank Flag Link Fri Sep 3, 2010
You should absolutely live in your property until the foreclosure goes through ( and even after the actual sale date, most banks give you 30-60 days to move out). Foreclosures can take months and years, and instead of living rent free in your home, you're living somewhere else. From the motion that is filed to the actualy foreclosure it can take 1 year. Even from the date that the judge grants the foreclosure to the bank, it can be 4 months ( depending on county) until the sale date. If you show up at each hearing and ask the judge to extend the foreclosure since you're working on a modification, they should extend it even more.

I'm sorry there was noone to tell you this, but you should live in your hom until you know the house is sold at the foreclosure auction.

Elena Ollick
Amerivest Realty
Faith Home Loans
239-206-4500
eo@oceanhomesrealty.com
skype: napleshomes
http://www.andrewollick.com/realestateblog
0 votes Thank Flag Link Fri Sep 3, 2010
The property is yours until the property has been foreclosed on. First Tuesday of every month in most states. A couple days after the foreclosure sale, the bank's representative will contact you to negotiate a Financial Relocation Assistance agreement. At that time, you can negotiate the time frame you will vacate the property and a monetary settlement. In the meantime, start looking for options for when you have to vacate the property And, definitely communicate with the bank's representative as soon as they make contact.

Best of luck to you!
Web Reference: http://www.DesariJabbar.com
0 votes Thank Flag Link Fri Sep 3, 2010
If your intent NOT move forward with modification would not recommend to move back into the home. NOT UNTIL you have everything in writing.

YES property is still yours till foreclosure takes place all foreclosures across country take place 1st Tuesday of each month .

Lynn911.com
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Fri Sep 3, 2010
Toytoy. It's your house and you can do what you want with it until it is foreclosed on. I am not in your state so do not know your foreclosure laws but I'm sure you will have at least 30 days notice before the foreclosure sale takes place. You should seek legal advice. A short sale may be a better way to go for you.
0 votes Thank Flag Link Fri Sep 3, 2010
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