Stay put for now. The beneficiary...which was your servicer who u paid your mortgage payments to
will be contacting you soon. Or, if they gave this as an REO/Bank Owned listing a realtor, then the realtor who now has the new listing...will be knocking on your door to contact you to :
1)see if the home is occupied and 2)IF the home IS occupied, then they may try to offer you a CASH FOR KEYS settlement to amicably vacate the home...usually, they will want u out asap: but you can point out that CA law states you have 60 days now to vacate, not 30 days anymore.
If you can work out something amicably with them for CASH FOR KEYS...and hopefully this will coincide with your date to move into your new home.
Call me if you need more info 310-429-4170 Shy:)
They cannot just come and LOCK you out, or kick u to the curb...they would have to go thru the eviction process if you do not cooperate peacefully and do the CASH for KEYS settlement.... more
Revert to beneficiary just means that the property went back to the bank. This occurs when nobody bids at the sale or the property did not sell for full value/value set by bank. It is just a matter of time before you receive a notice to leave. There are ways for you to receive money from the bank to help you with your moving expenses and finding a new home. Please feel free to email me and we can setup a meeting to talk about your options’.
Keller Williams Realty South Bay
The asset manager for the bank will be contacting you, they will go over to the house as a preservation measure or send you a letter. They may allow you to rent back from them depending on when they think they want to bring the home back on the market as an REO. You should try to negotiate a good rent price with them as YOU are doing THEM a favor as basically acting as a property manager!
OR They will offer you 'cash for keys', which should be at least 1mo worth of rent, you should try to ask for 1-2mos worth of rent so you can have time to look for another place & then move.
Shoot me an email directly if you want to talk about this some more, I don't look back on this same Trulia thread for answers posted after mine.
Realtor Since 1996
Main Street Realtors... more
Hi...That depends. I have a CPA that specializes in short sale, foreclosure and deficit amounts being pursued by banks. She is an expert on this. You may have to show insolvency. Meaning your debts add up to more than your assets. If you are insolvent, they can't come after you. You can't get blood from a turnip.
Call me 310-429-4170 or email me firstname.lastname@example.org thanks! Shy... more
My understanding is it depends on whether or not the loan was a purchase loan. If the loan was a purchase loan, there should be no deficiency judgement, but if the loan is a cash out refinance or a HELOC loan you may have deficiency judgement.
The Aubin Team
You signed loan papers stating that you agreed to make your payments. No bank is going to tell you that you can stop making payments. If you do stop making payments, the bank will report it to the credit bureaus. If you only have a few months to pay before you clear this up, you may not want to ruin your credit over a few payments.
So, to answer your question directly, the bank can't force the payment out of you. So you can stop. But you will pay a price for it.
Have you already listed your home? If so, what did your agent advise you to do? If not, I would be happy to help you get your home sold so you can get this behind you.
I am a short sale specialist here in Torrance. Honestly, it is difficult to offer advice this way. There are several questions that I would need to ask first. I would be happy to sit down with you and give you a free consultation to review all of your remaining options. Short Sale, Deed-in-Lieu, or Foreclosure. There are pros and cons to each.
The new HAFA Short Sale program does offer $3000 to the Seller to help with the relocation. I would be happy to review this with you.
There may or may not be advantages to continuing to pay your mortgage. But if you do stop, it will definitely effect your credit score.
The foreclosing lender is the beneficiary.
In Nevada, the eviction process is initiated with a 3 day notice to quit after the Trustee Sale is finalized. If there is no response, the new owner will file a five day eviction notice with the court.
If there is no response by 5 pm on the 5th day, the Constable will evict the tenant.... more