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Darlene Mitc…, Home Buyer in 925 sweetwater circle

if your house is in foreclosure,how long to you have to relocate?

Asked by Darlene Mitchell, 925 sweetwater circle Tue Aug 5, 2008

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Answers

5
Like sj209 said, it depends. Based on the course of action that you take (if it's your property), you could be forced out within a month or two, or you might be able to reinstate and/or modify your loan and stay.

If you don't qualify, a short sale might be your best option. It circumvents a foreclosure, so you do not have that stain on your credit report, and it releases you from the loan. Please note, however, that if the property has already gone to trustee sale, then it's too late to make a decision, as the property is no longer in your hands.

Please review the reference below if you would like to learn more, and good luck!
1 vote Thank Flag Link Tue Aug 5, 2008
It depends on where the proceedings are now and how quickly the bank reacts. If the foreclosure has gone thorugh all the legal loops, it could be anytime, from a day to several days. If there is time, you should consider a short sale. Unless you have kept all your other bills current, there is not a vey good likelihood of renogatiating or refinancing. There are ways to make the whole process less painful.
0 votes Thank Flag Link Thu Dec 1, 2011
Darlene,

Make plans to leave now before you come home and all your belongings are out on the curb.
0 votes Thank Flag Link Wed Aug 6, 2008
Hi Darlene,
I have a home listed that has gone into foreclosure and the bank allowed the renters to stay and pay them rent and take care of the house until it sells. Once it sells they will have to move out. If you are the owner, then the bank will require you to move out at or after the foreclosure sale. You will not by law be allowed to stay in the home. If your property is being advertised now, the add runs for 4 weeks then will be sold on the first Tues. of the following month. If it sales to the mortgage company or bank for less than what is owed they do have the right to sue you for the difference. Hope this helps and good luck to you.
Peggy Hatley
Realtor, GRI
0 votes Thank Flag Link Tue Aug 5, 2008
It depends whether you rent or own. If you rent, you might want to pack your stuff up and have it somewhat ready but hold out for cash for keys. If you own, you have several options. You have asked a good question and can expect some great ideas. The pro's on this forum are quite good at what they do. Good luck.
0 votes Thank Flag Link Tue Aug 5, 2008
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