Foreclosure in Santa Rosa>Question Details

Lovecat09, Other/Just Looking in Santa Rosa, CA

When a property becomes REO, how long do the original owners have until they are asked to leave?

Asked by Lovecat09, Santa Rosa, CA Mon Aug 3, 2009

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I just completed a "cash for keys" with homeowners who lost their home to foreclosure. We don't know how LONG the sellers were in posession without making payments but the time from the actual "sale" or foreclosure was just a couple of weeks. The "cash for keys" agreement called for them to be out within 30 days. The banks used ot offer a "sliding" scale of cash for keys with a quick vacating of the property (sometimes just 2 weeks) being more money and getting reduced for each week after that.
However, I would NOT linger and make plans to get out immediately. Some would advise you to "game" the system and hang out until the REO agent approached you and offered you "cash for keys" but chances are you have NOT been making payments and hopefully have some funds put aside for this move. Good luck and remember, "You are NOT alone!" Don't beat yourself up over the loss of the home. I know it is very difficult and the couple I mentioned above where the kind of homeowners you hate to see leave their neighborhood. The house was presented to me in great shape, cleaned, with ALL fixtures in place.
Conversely, don't be one of those who feel they are a "victim" and take everything that is not and that IS NAILED DOWN!! Leave the home with the dignity and grace in which you treated it while an owner. Why? Because you know deep down inside it is the RIGHT THING TO DO!
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0 votes Thank Flag Link Mon Aug 3, 2009
Difficult to state however contact lender or attorney representing the lender

If you are property owner who want to vacate prior reported on credit report, difficult locate any property owner OR apartment complex who will lease to you unless you pay higher deposits and etc.

Sorry hear all

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0 votes Thank Flag Link Mon Aug 3, 2009
It all depends on the bank, how fast they move to sell that house, sometimes it take 2-3 months or may be earlier also. But once the bank assign to sell then the homeowner gets only couple of weeks to move out.

So, if you are seller and already foreclosed then it's better to look for rental place and don't want to be rush out. And if you are the homeowner and it's not foreclosed yet then I would suggest to do short sale, if it's not affordable so that you can avoid foreclosure from your credit.

Let me know if I can assist you further.
0 votes Thank Flag Link Mon Aug 3, 2009
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