That is a question for a real estate attorney. My personal professional opinion would that it would not cause a major issue. But again, I'm not an attorney so would need to defer to the experts on real estate law.... more
You DEFINITELY need legal advice. Look online or in the phonebook - most lawyers offer an initial (usually 1 hr) consultation free.
This really isn't a real estate question, but rather a legal question.
There is normally months (4 or more) from the time a 'Notice of Default' (NOD) is filed on the property until the trustee sale, and then someone will most often come to the home and negotiate with the occupants to move out. Sometimes this can involve cash payments to leave the home clean and without damage. Discuss this during your free consultation.
If you cannot afford to keep the home, do all you can to protect your credit to enable you to purchase a home you can afford.
Larry and Rosemary Utesch
Keller Williams Realty
The short answer is 3 months from posting the NOD they can set a Trustee's Sale date, but it seems that you have either been in some form of repayment plan or trying to get a loan mod which delayed the filing.
Let me know if I can help -
Kevin McLaughlin, Broker Owner
Berkshire West Realty
Normally, the day of or day after a home is sold at the trustee sale, someone will post or serve a notice that it has been sold that indicates who purchased it and gives you their contact information. If you would like to have me research a specific property for you please email me direct at email@example.com or call my cell 951-544-3984. Thanks, Bob Wasson - Broker License #00549259... more
When the home forecloses the lease is void, but they may let you rent, but the home will have to be marketed to the public and you can make an offer. An agent who represents Fannie Mae will be getting in touch with you.
If you need more information about purchasing the home, please feel free to contact me at 951-312-8473 Karen Whitman RE/MAX All Stars DRE #00791923... more
It is very common for the lenders "REO" real estate agent to offer some sort of cash for keys. Be sure to check for notices and make immediate contact with the real estate agent (or other representative) that represents the bank. Otherwise, they'll end up doing it the "hard way."... more