Foreclosure in 92376>Question Details

Clevengerd, Home Owner in 92376

Our house is going up for auction on the 19th of this month, how much longer do we have to stay and save up money so we can rent a house?

Asked by Clevengerd, 92376 Wed Mar 7, 2012

We've been saving up money, but the only information we got about the house is that it's going to be auction on the march 19th 2012, This is a brand new experince for us and we have no clue whats going on, all we know is that we have to move out, but does it mean we have to move out right now or do we have 3 months after it's sold? PLEASE HELP!!!!!!

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11
After the home sales at auction expect an agent to contact you by mail or he might knock on your door the day after. The agent will inform you of CASH FOR KEYS. and both of you can set a date when you can leave the home and receive cash when you return the keys. This should help you receive money for your relocation. Sometimes you have to leave the home and then they pay you the check. This is done with a contract and you will get your relocation money.
2 votes Thank Flag Link Mon Mar 19, 2012
Many of you offering advice are from California. Would this same advice apply if the home in foreclosure was in Florida?

My Summary of Final Judgement of Foreclosure letter stated the house would not be put up for sale prior to March 6th. A second letter says it will go up for auction on May 23rd. Does this now mean I have until May 23rd to move out?

Thank you.
1 vote Thank Flag Link Fri Feb 8, 2013
wow, I think I just realized the money you are "saving up" is money you owe on your mortgage.....
1 vote Thank Flag Link Sun Mar 25, 2012
It all depends. Did your home actually sale at the auction? If it sold at the auction the new owner will start the eviction process to get you to vacate the property.

If it did not sale at the auction it will revert back to the bank,and they will have their assest manager assign it to a realtor to list for sale. At this point you may be offered cash for keys to move. Depending on your banks load of REO properties the process can take any where from 90 days to several months.

Best Of luck to You!

Kawain Payne, Realtor
1 vote Thank Flag Link Sun Mar 25, 2012
Kawain, thank you so much for this answer you gave because it was exactly what I was looking for. Our house will be sold at auction next January 17 by the bank which kept it in the court last October. We received a notice from the bank last December, letting us know that we have to empty the house in 5 days, other wise we will be evicted, so I have been in high stress, trying to find a new place to live, but now reading your answer I get some calm and probably could continue searching for a new place to live, but not in a hurry as I am doing now. Thanks a lot. The house is in the Estate of Florida.
Flag Thu Jan 15, 2015
The amount of time that you have before you will need to move out is going to depend on if he house actually sells at auction or not. If it does, then you will be contacted by the new owner who may or may not be an investor. You can usually negotiate with the new owner to arrange a move out date. Sometimes they may give you a financial incentive to move out faster. In my experience the average time a person has to move out of their home after a foreclosure sale is between 30 to 60 days. I hope this helps.
1 vote Thank Flag Link Wed Mar 7, 2012
Did your home foreclose on the 19th or were you able to obtain an extension? If you are still at the home. You will be contacted by an agent representing the lender - if it went back to the lender after the auction was held. You may be offered a cash for keys to move, depending on the bank's policy - if you agree to move out by a certain day. Best of luck
Web Reference: http://www.saveahome.net
0 votes Thank Flag Link Fri Apr 6, 2012
Clevengerd,

First, I am sorry to hear of your foreclosure. If the foreclosure is due to hardship, it may not be too late to get into a short sale position, I see one of your responses offered to help you there.
In terms of timing if it does go to auction, 48 hours to as much as 6 months or more has been my experience so far with foreclosures, some folks file bankruptcy and that may buy more time. Consult an attorney in California for that option.
Does it scare anyone else an agent does not know the difference between sales and sells or sale and sell?

Jim, the Philosophic Mortgage guy.
0 votes Thank Flag Link Sat Mar 10, 2012
If your home does not sale at the auction it will revert back to the bank. Once the banke gets it they will have their assest manager assign the property to an agent to list on the market as an REO.

You will be notified by the bank or their authorized representative to start the eviction process. At this point you become a tenant and the bank is the landlord. Often times they will offer you cash for keys, meaning they give you money to move out.

If your home sales at the auction the new owner will become your landlord and they will start the eviction process.

The total process can take any where from 30 to 90 days. In some cases it can take longer.

If you have savings, I advise you to start looking for a rental now. Do not wait to be evicted.

Best of luck to you.

Kawain Payne, Realtor
0 votes Thank Flag Link Wed Mar 7, 2012
Clevengerd,
Usually about a month.

I do not know if you would have qualified to do a short sale, ( loss of income ) or you are walking away, or something else,....
It would have been wise to do a short sale when you could no longer afford to pay your mortgage.

Harold Sharpe - Broker
So Cal Homes Realty
(951) 821-8211
harold@southerncaliforniashortsales.org
http://www.southerncaliforniashortsales.org
California Department of Real Estate Broker License # 01312992
0 votes Thank Flag Link Wed Mar 7, 2012
I found your property in Rialto, it appears there is only one outstanding loan on the home and you may qualify for HAFA. There is no cost to you for the short sale and it will afford you more time in the home.

You must act quick for us to stop the sale date...please call me at 951.742.3751

Thank you again,
0 votes Thank Flag Link Wed Mar 7, 2012
Hello , why not attempt to short sale? It may help alleviate the immediate and possible long term problems associated with foreclosure.

To answer your question directly, if in fact the home sales at auction on the 19th , you should receive a knock on the door within 48 hours from a bank rep ( Or new owner) asking you to move out as soon as possible. You will want to ask for time (30-60)days to remain and request a move out allowance ( Often called cash for keys).

Please call me and Ill help you all the way through , including a rental if needed.

Sincerely,

Jory Blake
Real Estate Associates , Riverside
951.742.3751
0 votes Thank Flag Link Wed Mar 7, 2012
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