Foreclosure in Sacramento>Question Details

Jsweat, Home Buyer in Elk Grove, CA

I am in foreclosure, a transfer of Deed of has been done, how much time do I have?

Asked by Jsweat, Elk Grove, CA Mon Apr 27, 2009

I just found out by checking the County Recorder's website.

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16
There's no set answer for how much time you have, but I will tell you this: there is absolutely NO REASON to get foreclosed on! Get in touch with your lender IMMEDIATELY and try to work things out. There are MANY options instead of foreclosure and all of them are better than foreclosure, for both you AND the bank! If you get in touch with the bank they will most likely be more than happy to discuss your options. Foreclosure is the worst option for them, too, and they will do most anything to avoid it. There is absolutely no excuse to let things go to foreclosure, no matter what your situation is! Even if you cannot pay the loan or have no money, there are options to more gracefully work things out and you are better off avoiding foreclosure, 100% of the time! I would recommend finding a knowledgeable lender in your area and asking them what your options are. To a lesser extent, a REALTOR might be able to educate you if you find your lender uncooperative and other lenders won't fill you in. There is also a lot of helpful info on msn.com. There are many options; DO NOT GO INTO FORECLOSURE!
1 vote Thank Flag Link Tue Apr 28, 2009
If the bank already has ownership of your property, you could be contacted any day. I'd have my bags packed and ready to go, if I were you.

Have you found a new home yet to move to? If you cooperate in vacating the premises they may offer you some incentive, but ethically, you do not own the appliances, cabinets or anything attached to the house, including fixtures. The washer, dryer and refrigerator are your personal items but microwave, dishwasher, oven, etc. are not.

Leave the home in good condition for the sake of your neighbors property values and your own pride. Removing any of these items is theft, and a bad way to end a very unpleasant circumstance.

I'm sorry for your situation but you will recover. It's a shame that you weren't able to short sale your home and control the situation a little better but as it is, look forward to a new beginning. Good luck to you!
Web Reference: http://www.suearcher.com
1 vote Thank Flag Link Mon Apr 27, 2009
Thanks again! I will check out your website for rentals and I have already contacted an attorney regarding not be noticed of trustee sale. It helps my heart to know that there are rental properties out there who understand and are willing to rent to homeowners who have lost their homes.

Thank you so much for your input and sharing of information.
0 votes Thank Flag Link Wed Apr 29, 2009
dang...

that is sad.... maybe you can get some "cash for keys" to help you move out...

If they didn't post the property or give you a notice that would have come certified... you might have some issues... you might want to speak with an attorney if you feel you weren't properly noticed....

in the mean time... I don't know your financial situation, but we do have a rental in Elk Grove... check out our list of homes for rent at http://www.haven-properties.com.

As long as you can show a steady income stream, you'll have no problem finding a home to rent... about half the people we've rented to are in your exact situation.

I hope this helps...

MAKE IT A GREAT DAY...
0 votes Thank Flag Link Wed Apr 29, 2009
Thank you Ed! I have written, emailed and called my mortgage lender until I was blue in the face. I have asked for a work out plan, a rewrite, short sale and have been denied of all. I have the documentation to prove it. Now, they have sold my house and did not notice me of the trustee sale and then gave me a three day notice yesterday and I did not know that my house was up for trustee sale. I went down to county recorders to find out that my house had been sold on April 17th, without my knowledge. This is a small mortgage company out of San Diego and they seem to care less about helping me and my family. I don't think there is anything that you can do at this point.
0 votes Thank Flag Link Wed Apr 29, 2009
Mathew....

I know the banks are willing to modify loans... I'd keep trying...
I"ve seen them do some awesome things... forgive a 2nd loan.. rewrite a first.. lower interest rates.. string out the term to lower the payment... forgive back payments.. or add them on to the loan.. pay back taxes...

Drop me a note when you get a minute and maybe I can help more...

I hope this helps...

Make it a great day...
0 votes Thank Flag Link Tue Apr 28, 2009
MatthewK,

I have some resources that can at least let you feel that you've done everything possible to save your home.
Contact me if you'd like to discuss those at (916) 847-9686.

By the way, today there is new news that the second mortgages are also having incentives to renegotiate their loans for you as well. While the previous policies only applied to the first lienholder, now there's even another line of help....if it applies.
Web Reference: http://www.suearcher.com
0 votes Thank Flag Link Tue Apr 28, 2009
FYI: some say bankruptcy will delay things, but this is NOT a good option and should be approached very cautiously, if at all. Bankruptcy won't likely help much, won't buy you much time and can be catastrophic to your future plans. Educate yourself THOROUGHLY before you make any decisions and consider all your options. I would place bankruptcy near the bottom of the list and only as an extreme last resort, even then only in rare cases. GET ADVICE FROM A REAL ESTATE ATTORNEY!!!
0 votes Thank Flag Link Tue Apr 28, 2009
Dear J:

I am about to enter the foreclosure area myself and have been working with and calling frequently the BofAmerica were my loan is. My question was exactly as yours - "how much time...".

As this seems to be a bit unknown (I was out of work for 5 months and therefore did not make any payments) I am expecting 30 days from NOTICE DATE (some official notification through certified mail) to 90 days.

I was also told that a bankruptcy, if an option, protects for an additional 90 days or so.

BofA has been nice but I cannot make the past due up...and my new income isn't enough. My wife is also out of work.

Hard to find a place with a single answer - I have been speaking with (and was recommended by my banker) attorneys in bankruptcy and foreclosure practices.

Take care
0 votes Thank Flag Link Tue Apr 28, 2009
Bada bing, Badda . . .whazz the (?).

The beneficiary or benefical interest is conveyed to assignee by the assignor , but rarley in a recovery and usually before the Sale by Trustee (notice). Conveyance has nothing to do with the Timing pursuant to state code of procedures. The answer here is corrrect at least where the trustor is concerned. Now as for the holder in due course delaying the transfer of the asset in a pass through . . . Class action!
0 votes Thank Flag Link Tue Apr 28, 2009
Jsweat, I'm so sorry for your misfortune. Many decent homeowners have been sucked into this vortex through various means. Thank you for having enough pride to leave the home intact. Your neighbors will appreciate it, as will the taxpayers who are footing the bill for the economic downturn in so many areas.

Whether or not you take your garage door opener is a small matter. If you can still use it, I don't think anyone will fault you on that.

Just like Ed, I work with Titanium Solutions as well. as a home retention consultant. I'm also curious as to the which bank was not working with you. It could have been your package was not presented to the right department, or not complete. In addition I encourage my clients to talk to the lender often and sometimes the answer changes. I'm not sure when you started your request but policies changed dramatically at many banks as of March 4th, when the guidelines from the federal govt. were released with some incentives for banks to work with their homeowners.

In either case, what's done is done. Now it will be time to look forward to being able to get back on your feet. Expect it can happen in two years or so. If you want to discuss plans to get ready, just let me know.
Web Reference: http://www.suearcher.com
0 votes Thank Flag Link Mon Apr 27, 2009
In a normal sale, the garage opener would be expected to stay with home. Unfortunately, in some of the
bank owned homes, prior owners have taken everything including the kitchen sink...
Web Reference: http://www.annaboyd.com
0 votes Thank Flag Link Mon Apr 27, 2009
I hate to hear that the bank wouldn't work with you... I'm curious to know which lender were you working with. I do some contract work for a company called Titanium Inc that has a contract with several of the major lenders that actively are working with homeowners to stay in their homes...

I've also heard of some folks that have gotten incredible offers to modify their loans...

In your case, they will be in contact with you soon... They should offer you a "cash for keys" deal.. something like $1,000 to $1,500 if you leave it in good shape...

Good luck and I hope this helps...
0 votes Thank Flag Link Mon Apr 27, 2009
Thank you very much for the help. I had found buyers, but was denied short sale. The mortgage company felt that I did not have a financial hardship even though my husband and I are both state employees who are receiving two days of docked pay each month. I purchased my garage opener, the machine that pulls the garage door up and down and have my receipts, is that mine to take? Of course, I will leave everything else clean as I received it. I am big on cleaning. It's not the banks fault of my hardships, but I was hoping that they would allow me to shortsale my home.
0 votes Thank Flag Link Mon Apr 27, 2009
Yes, I checked Sacramento County recorder to find this information, what does it mean?
0 votes Thank Flag Link Mon Apr 27, 2009
Do you mean you see it's already been foreclosed as there's been a deed transfer and how much time do you have to leave the premises?
Web Reference: http://www.annaboyd.com
0 votes Thank Flag Link Mon Apr 27, 2009
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