Foreclosure in Long Beach>Question Details

Banks3854, Other/Just Looking in Long Beach, CA

My house is being foreclosed on. Am I legally allowed to move out before the house is auctioned or sold?

Asked by Banks3854, Long Beach, CA Fri Sep 17, 2010

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21
Dear Banks,

No body can keep you captive in a home, apartment, hotel or anywhere in America as long as you are a law abiding citizen. In simple terms, you are absolutely allowed to move at any time regardless of a scheduled foreclosure sale.

There are pros and cons in doing so if you are seeking a loan modification, short sale or bankruptcy action. But nothing illegal about vacating if that is what you prefer to do.

If you need more specific information, please feel free to contact me anytime. My best to you.

Diane Wheatley, Broker
diane@moveupproperties.com
1 vote Thank Flag Link Fri Sep 17, 2010
Sorry about your situation, People move out of properties while they are in foreclosures all the time. Maybe you should consider a short sale.
0 votes Thank Flag Link Tue Nov 30, 2010
You are the owner until you are not... do as you wish...
0 votes Thank Flag Link Sun Nov 28, 2010
This is not really a legal question but a personal one. It depends on your personal goals! People move out of properties while they are in foreclosures all the time. That does not make the decision right, but the peoples personal choices. It also might not be the best financial decision for you. The thing that you should really do is look at your options and see if, given your financial situation, that moving out makes the most sense.

Check out the programs on http://www.makinghomesaffordable.gov.


Keith Manson
First Weber Group
Certified Distressed Property Expert
Metro Milwaukee

http://www.milwaukeebailout.com
0 votes Thank Flag Link Sun Nov 14, 2010
Realtors,

What would be the upside and the downside of the owner moving out and renting the house out until the bank kicked out the tenants? Would the bank give the tenants cash for keys? Would the bank go after the seller for rent?
Web Reference: http://www.SindyVerdugo.com
0 votes Thank Flag Link Sat Nov 13, 2010
you do not need to move before. Somebody representing the bank will contact you at one point.
If you would like to short sale before I can help you.
Lesley Harris, Realtor
(562) 673-0943
0 votes Thank Flag Link Mon Oct 25, 2010
Hi..I can assisted you cheaper than anyone and i can also resore your credit where it's in the 700. and you can keep your house. Call me 424 704 1778
0 votes Thank Flag Link Fri Oct 22, 2010
As people have posted here, "Cash For Key" is a fairly new option for getting people to move out of their homes. However, I think the amount varies with the circumstances. I just finished working with a bank and they offered the tenants $7500 to move but that was because the house was in a rent control neighborhood. The homes I have offered cash for keys were somewhere around $2000-$2500. You may also want to be sure that you speak with the bank. They usually will send out a notice with a phone number to call for you to get info. My experience is that the cash for keys comes only after the bank has taken over the property. If you have been given a date for sale at auction or something like that. The bank is not the owner yet. You may also consult your local legal aid with what your rights may be.
0 votes Thank Flag Link Tue Sep 28, 2010
You absolutley can move out before. In fact; the bank usually offers anywhere $3,000 - $6,000 for you to move (Cash For Key's) What about a short sale?

Call me ; I can Help~
Lesley Harris, Realtor
(562) 673-0943
0 votes Thank Flag Link Sun Sep 19, 2010
Yes, sometimes its good to move on with life....
Like the other posters said other options may be better for you long term feel free to call us if you have questions
David
0 votes Thank Flag Link Fri Sep 17, 2010
Hi Banks3854, absolutely you're able to move. I would check with the foreclosure department though -- sometimes the bank who's foreclosing will offer you cash-for-keys, which will help you in your relocation costs, and benefits them by not having to go through eviction and/or repairs. Best of luck.

Caroline Choi
Broker Associate/Realtor/EcoBroker Certified
http://www.CarolineSellsTheCity.com
0 votes Thank Flag Link Fri Sep 17, 2010
If we can get you qualified for the HAFA Short Sale, there is a $3000 relocation incentive for you the seller. There are also other aspects to the program to help protect you. I can provide some brochures explaining the process and the benefits.

Michael Magaw
310.259.6850
M@NHLBrokers.com
Web Reference: http://www.NHLBrokers.com
0 votes Thank Flag Link Fri Sep 17, 2010
Hello Banks 3854,
I agree with the previous answers. You have the liberty to move and I also always recommend the Short Sale vs. Foreclosure. As long as there is a true hardship that can be demonstrated to your lender, you're much better off trying to sell it and not just walk away. Please feel free to call and ask more questions, I'd be happy to guide you. Feel free to visit my website, there is plenty of information for the questions you might have.

Yvette Ortiz
Certified Distressed Property Expert
562-961-1287
http://www.DistressedPropertyOptions.com
Web Reference: http://www.YvetteOrtiz.com
0 votes Thank Flag Link Fri Sep 17, 2010
Hello Banks 3854,

Yes. Why wouldn't you do a short sale? It is far less damaging on your credit.

Just my two cents.

Monique Carrabba
The Carrabba Group
Keller Williams Hollywood Hills
mcarrabba@kw.com
(323) 899-2900
0 votes Thank Flag Link Fri Sep 17, 2010
As others have said, you can move out of your home whenever you choose. But, if you can save your property from going to foreclosure, you should. Talk to a realtor in your area who can assist you. There are lots of good realtors on trulia.

For more information, please read my blog
http://www.trulia.com/blog/DesariJabbar/2010/09/should_i_sho…

Best of luck to you!
Web Reference: http://www.DesariJabbar.com
0 votes Thank Flag Link Fri Sep 17, 2010
You absolutely have the right to move out, however, I agree with Jeremy, you should talk one of us about your options (short sell, loan mod, etc) before you make any decisions. The banks have gotten used to this type of scenario so you may be surprised what programs are available to you.
0 votes Thank Flag Link Fri Sep 17, 2010
Sorry, yes, you can move out too, but then again if you do the short sale, you could stay there for FREE while we buy time, postpone the auction & work on the short sale.

EmilyKnell1@yahoo.com
562-430-3053 cell
0 votes Thank Flag Link Fri Sep 17, 2010
Also, a on a short sale the bank will pay Real Estate commissions.

EmilyKnell1@yahoo.com
562-430-3053 cell
0 votes Thank Flag Link Fri Sep 17, 2010
***********If your house is even as little as 5 days before it goes to auction, I can help you save the day and we can do a Short Sale********

Please don't let it just go to auction.

After a short sale, you CAN purchase a home again in only 12mos provided you stay current on other bills, you can purchase another home with only 3.5% down which can be a gift, at market interest rate, get the next seller to pay your closing costs too with an FHA loan.

Even if you don't think you'll be ready to by again in just 12mos, it's great to know that you could, after things turn around for you financially.

If you let it foreclose your credit is totally wrecked.

I can get banks to waive rights to future Deficiency Judgment too****if you just let it foreclose & your loans are not purchase money the bank CAN**pursue you in the future for the negative balance owed.

Email me directly or give me a call today & I can let you know if we can stop this & start the short sale process so you don't get a Deficiency Judgment EVER!

EmilyKnell1@yahoo.com
562-430-3053 cell
0 votes Thank Flag Link Fri Sep 17, 2010
There are pros and cons to every decision. As this is a very big asset, the results of your future decisions can affect you for a long time. Are you interested in a free consultation to review all of your options - loan mod, short sale, deed-in-lieu, or just walking away? I assure you that you will walk out of the appointment with a better understanding of each option.

How you decide to approach this problem may have financial impact (recourse loans), tax implications (mortgage debt forgiveness), ability to obtain loans in the future, etc. I strongly encourage you to make an informed decision. Not only should you sit down with a realtor that understand your options, but also with a CPA and/or attorney to discuss the tax and recourse implications.

Call or email me for more information or to set up an appointment.

Michael Magaw
310.259.6850
M@NHLBrokers.com
Web Reference: http://www.NHLBrokers.com
0 votes Thank Flag Link Fri Sep 17, 2010
Yes, but have you considered a shortsale or loan modification? Depending on your loans and current laws, you may be sued by the bank for the difference. You should seek the counsel of an agent or lawyer.
0 votes Thank Flag Link Fri Sep 17, 2010
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