You have no rights as a tennant so, technically, they can start eviction proceedings immediately if you do not leave on your own. MOST (stress) will give you up to 30 days without too much hassle. I wouldn't try to bargain for cash for keys as those days are gone for the most part.
Contrary to some on this forum, it's not really necessary to know what your interests are. You are going to be 30 days away from a foreclosure after tomorrow and as a result, no one is required to consider you for any loss mitigation alternatives to foreclosure. Sad but true. Can you short sale? Sure, but are they required to stop the process in the interim? No. They aren't. Might they? Sure. Ask them but, I wouldn't until/unless you actually have a buyer. Deed in lieu of foreclosure? Not gonna work if they are this far along. They've already published and are so close to finishing, it's better to just finish. They already spent the money. Loan modification? Possible yes, probable? No. and per your closing sentence, you only asked how long, not whther or not you have any options so, it would appear you aren't interested in any options anyway so back to your question, you have only until the time of sale legally to stay in your home. Practicaly, you could stay for a few weeks without too much hassle. Any longer and you risk an unlawful detainer on your credit next to your foreclosure.... more
I'm not sure exactly how long you have in Indiana, but you will have fair warning before you have to go. There is a good chance that whoever ends up foreclosing on your landlord will offer you some funds for relocation. I would consult an attorney, or legal aid, but if it was me I wouldn't pay anymore rent. Your landlord hasn't been giving anything to the mortgage holder and you will need every penny to find yourself a new place.... more
If weâ€™re reading your statement correctly, you're stating you have a 5 year loan, that's about mature and you have 200k in equity. Not sure how a loan modification would help, unless you're going to ask the lender to modify your 5 yr. to a 15 or 30 yr. loan. With that said we, you need a lender and unless you don't qualify for a refi. due too income to debit ratio or youâ€™re requesting cash in you pocket, you should qualify or sell. As far as your message...there's not enough information here to give sound advice.
Call us; if we're unable to give you the sound advice you need, we will refer you to someone who can.
Susan Drew & Marie Goodloe
Realtors GRI CRS CDPE
Keller Williams Realty Pacific Estates
2883 E. Spring St. Suite 100
Long Beach, CA 90806
WSite: TeamWeSellHomes.com... more
Based on the date of this post, there is no doubt you are already gone from this property, BUT - in the interest of helping others, here is some information you may find useful-
President Obama signed a bill that states you have 90 days after a foreclosure sale to vacate the property. This may only apply to renters whose landlords have lost the property to foreclosure, but I believe it also has verbage to protect you, the former owner of the property. If the sheriff shows up prior to the end of that 90 days, inform him that you know your rights. You may, in that time, need the services of an attorney to help enforce this right. As for deficiency judgments, certain states allow for them. But let me tell you how that typically goes - a deficiency judgment is an expensive process and has many legalities attached to it for a bank that would pursue it. However, since there is a huge cost to the lender and all of the legal red tape that goes with it - many lenders will not pursue that avenue since they are already out of a lot of money to secure the property, and then maintain it. If it sells for more than the outstanding balance plus attorney's fees and costs, and accruing interest, it may be forfeited to the bank any way. In a foreclosure, the bank is usually the first, and often times, the ONLY person or persons who show up at the auction. After the sale, the new owners, usually the bank itself, informs you that they are the owners and will require you to vacate. But remember this as well - even after a sale such as this -some states, such as Indiana, where I am from, allows you, by law, 1 year after a fc sale to redeem the property. So you SHOULD have time if your state has similar laws. You see, banks do not typically WANT to foreclose because that spells an automatic loss to them, but will pursue it if you do not respond with either money or some kind of legal stay such as a bankruptcy notice. ( and even in bankruptcy, you may end up losing your house anyways due to liquidation. BUT, in a chapter 13, you can continue to stay in your home as long as you are making your regular payments AND the trustee payments of the arrearages as stipulated in your Ch. 13 agreement. If you take the air out of all of this I just wrote, you can say you have 90 days up to 1 year or even more (check fc laws of your state) to vacate or redeem your property.... more