Home Buying in Los Angeles>Question Details

jackshirk2009, Renter in Simi Valley, CA

My house is up for auction on July 8th, 2013. And It looks like there is no way to stop the proceeding. If it sales, how long till I have to move?

Asked by jackshirk2009, Simi Valley, CA Thu Jul 4, 2013

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They will negotiate with you. Depending on the lender, they may offer you "cash for keys" Discuss this with the point of contact that comes to meet you. They may say something like... if you move out by such and such date and do not damage the property on your way out, we will give you a cashiers check in such and such amount... It wont be immediately.
1 vote Thank Flag Link Thu Jul 4, 2013
Thanks Richard. Do you think they will give me at least 30 days??? and still give a little cash? That's probably all I'd need to make it happen. thanks again
Flag Thu Jul 4, 2013
If it is going to auction, you usually get 30 days to vacate. You need to find a rental now. Contact me, for help on finding a lease or go to Audrey.jhagents.com to search. Good luck.
0 votes Thank Flag Link Sat Jul 6, 2013
Once house is sold, or taken over by the Bank, you become a tenant.
0 votes Thank Flag Link Fri Jul 5, 2013
Depending on who is the lender I may know a senior executive in the bank who would stop the sale if you list it for short sale. However, it has to be a true intention to sell and not just a delay tactic.

You can contact me directly ASAP ron@select-realestate.com

0 votes Thank Flag Link Fri Jul 5, 2013
Hello Jack,

This is not legal advice. The information below is for educational purposes only.

If your sale date is fast approaching, it is important for you to know your options:

1) Declare a bankruptcy for the purpose of delaying the sale:
Please consult with a competent attorney that will be able to advise you on the benefits of a Chapter 7 or a Chapter 13 bankruptcy and its implications (both personal and financial).

2) File a civil action and get a Temporary Restraining Order:
A Temporary Restraining Order (TRO) may postpone your Trustee Sale for a short period of time, typically 10 to 14 days. A judge may grant you a TRO depending on your individual circumstances. Unfortunately, the judge can simply deny your request for a temporary restraining order.

3) Develop a Proactive litigation strategy:
This may be an option if you feel like you have a realistic option at modifying your existing home loan or if you have reasons to believe that you have been taken advantage of by your lender or your mortgage servicer. Currently, banks are spending even more of their money defending lawsuits brought on by homeowners and institutional investors. When you initiate a lawsuit you are sending a message that you are aggressively pursuing a loan modification. In response, the bank may temporarily stop or postpone your sale date until they can reach a resolution with you.

4) Challenge/Subpoena the Trustee:
This may be the least effective method off stopping your sale date but nevertheless it is an option. You will want to analyze the Deed of Trust and all foreclosure documents: Notice of Default, Assignments, Substitution of Trustee, Notice of Sale, and Trust Deed upon Sale. In the analysis, you may find illegalities and weaknesses in relation to existing laws that can give you leverage and may postpone your Sale Date temporarily. In majority of the cases you will find that the notice of default was filed prior to a trustee being assigned to foreclose on your property. In Judicial Foreclosure states, a judge reviews the legality of the foreclosure proceedings to ensure the homeowner is being protected against lenders. In Trustee States, lenders employ a “third party” trustee company to replace the legal function of a judge to orchestrate the foreclosure process. Since the trustee assumes the liability in auctioning the property, they may not foreclose on the property if there are potential violations discovered prior to the Auction Sale Date. Therefore, if the lender files the notice of default prior to a trustee being assigned they are not following foreclosure laws and procedures.

5) Short sale your property:
Check if there are any benefits of listing your property for a short sale. Some banks offer incentives to follow through with a short sale. They know that it is an easier solution for them to undergo rather than foreclose on your property. You may want to consult with a CPA and completely understand it's financial implications before you make this decision. This may prove to be a good option if you are underwater (owe more on your home than it is worth). Short selling your home may be a difficult decision to make since it may affect your credit and potentially prevent you from getting another loan for several years. However, if you decide to short sell your home it may be the best time to do so now. Listing your property may buy you time.

I have been a foreclosure consultant In the past and I do understand what you're going through.

Please feel free to email me or call me if you have further questions.

Vinu Kumar

Work: 800.846.1619
Mobile: 949.887.2567
Fax: 626.628.1956
Email: emailvinukumar@gmail.com

0 votes Thank Flag Link Fri Jul 5, 2013
Filing bankruptcy would postpone the sale immediately. If have not already filed, it should not be too late to stop it.
What was the reason the bank denied your short sale? Was the offer too low?
If you're able to postpone the sale, I'd be happy to go over your short sale.
Good luck!
0 votes Thank Flag Link Fri Jul 5, 2013
Have you filed bankruptcy yet?

What was the reason for your short sale disapproval?

0 votes Thank Flag Link Fri Jul 5, 2013
No way to really tell just how much time you have. You'll have to keep calling the bank and ask if they have assigned a sale date. Call periodically. It can come soon or in several years. There is too many factors involved when they determine a sale date, impossible to predict. What you might want to do is consider bankruptcy.

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Fri Jul 5, 2013
It was in Short Sale and they disapproved it. Just found out yesterday. The answer I am seeking is how much time do I have after it is sold. Thanks
0 votes Thank Flag Link Thu Jul 4, 2013
Did you ever list the house for sale? Have you tried a short sale? This can help postpone the sale, though the timing is very late... there could still be time to postpone it. Otherwise, if the property is sold or taken back by the lender, you will probably be contacted within the week by a Realtor who was assigned by your lender to make contact with the occupant.... in this case, you. They will speak with you regarding vacating. There are a number of scenarios that could take place in that conversation. I would be happy to assist you further and if the sale does not happen on Monday, I can help you get a few more months out of living there... Please contact me directly.

Richard "RJ" Kas (SFR, SRES)
"Representing the finest properties from Los Angeles worldwide"
KAS Properties - Coldwell Banker Previews International - Beverly Hills South
166 N. Canon Dr, Beverly Hills, CA 90210
310.859-5334 office - 310.488.9826 mobile - 310-278-4934 fax ATT: RJ
RichardKas@gmail.com - http://www.RJforLA.com - BRE: 01352771
Sellers Buyers Investors Leasing Consulting
0 votes Thank Flag Link Thu Jul 4, 2013
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