Foreclosure in 92359>Question Details

Heather, Other/Just Looking in California

my condo is up for auction for 2morrow but I still live there what is going to happen, how long do I have

Asked by Heather, California Thu Jan 1, 2009

Help the community by answering this question:


Hello Heather, you may qualify to buy again if it has been 3 years past your foreclosure trustee sale date? If you have a minimum 580 fico score, you may qualify for half percent down payment program which can also contribute towards your closing costs as well.

I specialize in Under 640 Fico Score Loans and offer credit repair at no cost to raise fico scores to qualify. Here is a link, flyer, maximum income limits and a needs list to gather for processing a loan approval. It only takes a few dozen questions to qualify you to buy and put together a game plan?

CHF Access half percent down flyer, pdf

Sheryl Arndt, standard needs list checked, pdf

CHF Access income limits
Sheryl Arndt, Real Estate Broker – Sr. Loan Officer CA only
REO & Short Sale Specialist
20+ Years Experience
DRE# 01140252
NMLS# 297251
0 votes Thank Flag Link Mon Nov 12, 2012
Well I'm not claiming to be a legal authority on the subject but I have done extensive research on the entire foreclosure proceedings from start to finish and I can offer you my opinion based on what I've experienced with my clients.

If you are a tenant in the home your rights vary slightly from those of a homeowner. As a tenant you will eventually be served with an eviction notice which will give you 60 days to vacate unless you contest it which requires an attorney in civil court. Contesting an eviction is of no true value and a waste of time and money on your part unless there was a strong basis for your dispute. The 60 days does not start until you are formally served which could either be immediate or in some cases it can take the lender awhile before they get around to it.

If you’re the homeowner you may very well be provided the opportunity to vacate under the premise "cash for keys". Meaning that if you agree to go silently into the night and not cause any delays or trouble the lender will exchange money for possession rights as long as you vacate by a determined date leaving the home in satisfactory condition. This can be a win-win for both of you if are already prepared to leave or can pack up and leave fairly quickly.

After the foreclosure sale, when a new deed has been recorded with a new owner's name on it, you go from homeowner to tenant. You are entitled to remain in your home until you are evicted using the same method explained above except that you may not get as much notice that you must leave. (receive a 30 day notice instead of a 60 day).

How soon you are likely to get such a notice depends on who owns your home after the foreclosure sale: a new buyer or the lender. You will most likely have more time in your home if a lender owns the home than if a buyer took title.

Hope that helps a bit. Good luck to you. If you have any further questions, please do not hesitate to ask.

Diane Wheatley, Broker
0 votes Thank Flag Link Fri Jan 2, 2009
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