my home is in foreclosure, the auction date is 06/23/08. what happens if the property is not sold? how long?

Terry Davis
Home Buyer
Greenacres, WA

do we have to vacate the premises?

Answers (5)
First to answer: Nervous
Lisa
Home Buyer
Delray Beach, FL

WE LOOKING FOR A HOUSE TO BUY IN YOUR AREA IS YOUR HOME STILL UP FOR SALE?

Sun Jul 6 2008, 10:10
Peter W. Just
Agent
33460

Cheryl is absolutely right. The only thing I can add is that bankruptcy could be an option in many cases,
not knowing about your special situation.
Good luck whatever happens!
Peter

Sat Jun 28 2008, 18:09
NonRealtor
Other/Just Looking
23456

Terry,
Sorry about your situation. Soon you will find that renting is easy, stress free, maintenance free, and much cheaper than owning.

Mon Jun 23 2008, 17:14
Cheryl Hale
Other/Just Looking
Mortgage Broker in B...

Nervous is correct. If it becomes REO, they will work to evict you, however,most prefer to work with you in cooperation. Sometimes there is a cash for keys program whereby they pay you $1000 or so to leave the property promptly. I am not sure how long you would have if the property was sold at auction...you can call the sheriff's office to find out. That number should be on the foreclosure papers you received. In any event, it would most likely be less than 30 days.

Mon Jun 23 2008, 16:26
Nervous
Home Buyer
02215
FIRST ANSWER

If no one bids, the house goes to the Bank and it will be come a REO. You probably have less than 30 days and thats if you force the bank to formally evict you.

Mon Jun 23 2008, 05:41

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