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?
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
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.
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
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
California Department of Real Estate Broker License # 01312992
You must act quick for us to stop the sale date...please call me at 951.742.3751
Thank you again,
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.
Real Estate Associates , Riverside