If you have a valid lease, the bank must respect that to the end of the lease. If you don't have a lease they have to give you 90 days.
After the foreclosure sale, you will be contacted by the broker assigned to market the property, the bank or both regarding your status. You need to have a copy of your lease available, and if you will begin paying your rent to the bank through their property management company.
Given that you have nearly a year left, the bank will be willing to negotiate with you a payment (Relocation Assistance or Cash for Keys). Even if it were only the 90 days, they would be willing to negotiate. Their desire is to get control of the property in as short a period of time (30 days) and in as good condition as possible, so the spread between your lease term and 30 days gives you a good deal of leverage.
I am reluctant to give more specific insight in such a public forum, but if you would like to contact me at firstname.lastname@example.org I would be happy to have a conversation with you about what to expect.... more
Not sure what you won, if house was uninhabital, the builder should of paid off your Mortgage, or you should of with the money you received. County inspectors missed the problems too, so they too should be on the line for a problem, then of course the lender made a loan on this property with an appraisal that missed the problems, and the home inspector, if one was used, even on a new home there should be a home inspection. It's a matter of checks everything out.
You see the problems, now should you get a new mortgage, will the process allows after two years of a foreclosure with FHA, but you will have to wait it out as your credit was damaged with the foreclosure no matter the reason.
Best to you.
This always surprises me and I find new thing out all the time. There is an old fee in one of my local cities for .50 (50 cents). It came back from the lender as a nonallowable fee. Everybody spent more time on fixing the .50 on the HUD-1 than was worth it.... more
Nice to meet you Elisa,
All types of buyers can offer on short sales. Your lender looks at your credit and down payment to give you a loan. The seller's lender will look at the price and terms on your offer. Short selling owners quite often do not have the means to do repairs. If You are an FHA or conventional buyer, your lender will require the home be in finance-able condition. If you are a cash buyer you have a better chance at homes in dissrepair.
I do have a list of great mortgage brokers on my website.
Where do you look for properties? You can email me through my site, and look at everything listed, including short sales and foreclosures.... more
where are you seeing that? that would be helpful, but I can tell you that is probably exactly the reason, because there's no way homes will be selling for a $1. I can tell you figured that out, and you're correct. People need to be very cautious about claims made online, just as you suspected, because it can be misleading.
Best to you...... more