But having said that I am very vehement about the way in which the lending institution has dealt with this real estate debacle from the beginning. It is truly an Obamanation. Lot's of folks had their loans shoved down their throats because some greedy lender wanted to make a commission.
Still other borrowers knew when they signed on the bottom line that they had no more business purchasing a 400k home on a 40k salary than the Good Humor Man had going to the moon in an ice cream truck. I guess I've taken the long way around a straight forward answer.
If your bank hasn't sold the home you're living in you could probably stay there until they do. Most banks would rather have someone residing in the home than to have it vacant and deteriorating or being occupied by squatters or druggies
Just do one thing. Take care of it. Don't pull out the copper wiring and plumbing. Don't steal the appliances or granite counter tops. Don't throw concrete down the toilet. Don't punch holes in the drywall or rip off roofing. Remember, You're getting a big break by not having to pay anything for the roof over your head. How many people do you know that are that lucky.
I've seen folks stay in their homes since '07 right here in San Diego. In fact I know of a developer in Rancho Santa Fe who's been living in a 10,000sf estate on 10 acres for 5 years absolutely free. Why? He was smart enough to plant grapevines and use this spec home that he built and couldn't sell as his resident office.
When the bank saw how well the property was being maintained and how quickly a new vineyard would go to waste if no one was there to tend to it they made an executive decision to let him continue to reside their until they could off it.
The home was appraised at $5 million dollars in it's current condition. Had it become abandoned and turned derelict it would have lost half of its value. Do the math. What's the monthly loss on 2.5 mil over a five year period. The bank is much better off allowing the developer to stay there and maintain the property don't you think?
Only in America!
I'm a Realtor in Visalia with Keller Williams Realty. If you'd like to give me a call I can take a look at exactly where you are in the process and give you some guidance from there. My number is 559-804-1963. You can also email me at firstname.lastname@example.org.
What usually happens when a home goes to auction, if it doesn't sell, it will often get offered to an REO (foreclosure) agent in this area. That agent usually has about 24-48 hours to accept the property into their list of inventory as a pre-list property. Then the agent has about 24 hours to determine occupancy. (To find out who is living in the property,if the occupant is a veteran or active duty military, and if occupied by tenants or previous owner. The Real estate agent will ask you when you plan on vacating the property. If you have not made plans to move and in need of financial assistance in order to secure another home to rent the bank may offer you relocation assistance to help with moving expenses or first months rent plus deposit. In return you are required to leave the property in clean condition. All of your personal property must be removed and you must leave all appliances, (other than personal property such as refrigerators and/or washer & dryers etc) and all light fixtures etc. So you would leave the property in clean condition as if you were moving from a rental and hoping to get your deposit back. Floors vacuumed, bathrooms clean, etc. Usually in order to receive financial relocation assistance or "cash for keys" you will be required to move within 30 days or sooner. The longer you stay on the property the less the bank will offer you in the way of assistance. Some may not offer you any assistance at all and will start eviction proceedings immediately.
If you would like more information, feel free to give me a call. I'd be happy to see what I can find out for you.
Karen Dean 559-804-1963
Your other option is to short sale your property which takes 3-8 months and with Hafa program you may get $3000.00 for your moving cost.
Maybe you should too: I've heard that the difference in time, between a Shortsale and a Foreclosure, can be 1 year (till you can buy again.) That's one difference.
They will schedule another Trustee's sale soon.
Maybe you should consider a Shortsale.
It will hep you with you credit and it could give you another year in the house.
I would urge you to call a Realtor and look at your options.
Good luck and may God bless