Foreclosure in Modesto>Question Details

Starz4me, Renter in Modesto, CA

my boyfriend and I have been staying at his aunts house while on market recieved letter for auction next week how long do we have to move

Asked by Starz4me, Modesto, CA Fri Jul 1, 2011

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6
There is no solice in knowing that you are not alone:
Your house probably will not be sold at auction; historically, the bidders on the "courthouse steps" are low-ballers and will not be accepted.

1.) If you haven't already done so, contact a Realtor and List the house for a short sale.
2.) Your Realtor will notify the Bank of the endeavor
3.) Submit a "letter of Hardship" to the Bank explaining what your situation is
4.) Whether you are in a Shortsale situation, or going thru Foreclosure, you will normally be given at least 30 days notice to leave.
5.) The Bank's Realtor will offer some "moving" money, probably $1,000 to $3,000; this is to ensure you move in a timely manner and without doing any damage to the house. You won't receive the money until 2-4 weeks after you move.
6.) If you get an OFFER while doing the SS, you may have 3 - 12 months until you have to move (one way or the other.)
7.) Rely on your Realtor, that's what he's there for.

good luck and may God bless
1 vote Thank Flag Link Fri Jul 1, 2011
Wow!! I think Christine's covered all the bases. I wish she was on our distressed property team.
0 votes Thank Flag Link Fri Jul 1, 2011
Cindy, as a tenant when the home when and if the bank forecloses on you you will have an implied tenancy. This will give you 60-90 days if you decide to have the new owner (Bank) evict you. If and when the home sells the bank will send a local Realtor to offer you a cash for keys program. If you decide to participate in the program you will have 3-4 weeks and the bank will give you $750-$2,000 to relocate. Don't panic you have time and rights.


Daniel Del Real, CRS
Del Real Group
PMZ Inc.

Modesto CA
0 votes Thank Flag Link Fri Jul 1, 2011
Cindy, as a tenant when the home when and if the bank forecloses on you you will have an implied tenancy. This will give you 60-90 days if you decide to have the new owner (Bank) evict you. If and when the home sells the bank will send a local Realtor to offer you a cash for keys program. If you decide to participate in the program you will have 3-4 weeks and the bank will give you $750-$2,000 to relocate. Don't panic you have time and rights.


Daniel Del Real, CRS
Del Real Group
PMZ Inc.

Modesto CA
0 votes Thank Flag Link Fri Jul 1, 2011
Hello,
Cyndi is right on. Speak to the bank, they may put the auction off. Do you have a lease? If so, that would stay in place and have to be honored by any new owner.


Best of luck,
Nancy
0 votes Thank Flag Link Fri Jul 1, 2011
It depends on state laws. You need to speak with your Realtor. Have you reached out to your lender to let them know you are trying to sell your home?

The bank really doesn't want your home back, if you & your realtor are working to get you home sold let your bank know!

Good luck!
0 votes Thank Flag Link Fri Jul 1, 2011
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