Let me stab at this one for you from seeing many many go down. In my old life I worked at a law firm for 6.5 years and know that when you receive the "20 day notice" to respond to a notice of foreclosure - that's the day you should think about running to a lawyer and carefully negotiating how they keep you in your house longer to allow you to strategically plan to move on with life. Who knows...you may need to file a bankruptcy or you may be able to modify still, there are many scenarios and many different people all receiving different results. You don't have to hire an attorney either. You could write your own response to the notice served. You will still get lined up for 'mediation' which is your meeting opportunity to speak to a bank representative (maybe through their attorney but your message can still be delivered) Now, If you do nothing when you receive this notice, you will be basically tipping your hat to the bank and their attorneys saying "beat me, and beat me quickly because no response is the same as saying you are guilty of whatever they are accusing you of and they should be given every penny of what they are claiming without a seconds thought.
Lastly, I would want to mention that if you are getting down to the counting days or months till you move onto the next chapter in your life, attorney or no attorney, you need to LIST your property for sale ASAP with a broker that knows how to work with attorneys and or banks/short sale departments because by doing this you can at least give the bank something rather than nothing...on top of that, these banks seem to be more inclined to give a property to a total stranger for less than they would the person that has been there for 30 years and really wants to work out some sort of an affordable payment plan for life. If all this doesn't help you figure this out and you just want to know how long you will be able to stay should you do nothing but hide and wait?
Answer 90 days or less. Good luck.
Disclaimer: this is not legal advice, seek an attorney for legal advice... more
I get this question all the time. People usually ask this question because they want to purchase a vacant property or buy a property directly from a distressed seller. If you are looking to buy a home directly from a distressed seller, the seller's bank will require the home be listed for sale with a Realtor and it is not yet a "foreclosure". If you see a home that looks abandoned, it may or may not be a foreclosed property. In any case, if it is not listed for sale by a Realtor, you can find out all the information in the world about it, but you won't be able to purchase it. This answer is probably clear as mud, but in essence, "foreclosures" are listed for sale by Realtors or else they are being held off the market by the bank for business or accounting purposes.
Broker, Lightning Realty
Phone/Text: (813) 766-1501
Website: http://www.TampaHouse1.com... more
It depends on what you say in your response. You could have a year or more. Contact an attorney. There is a ton of free legal aid available for foreclosure assistance right now. Basically, if you allow the courts to take their time, you could stay there until the sale date on the courthouse steps, which is most likely over 6 months away.
You could also list it and attempt to sell, short sale, or negotiate with the bank to get caught up. There are several options.
Good luck, if you have further questions, feel free to email me.
Gary De Pury
Bay Vista Realty & Investments, Inc.
Chairman, communications committee
Greater Tampa Association of REALTORSÂ®
Director, Florida Association of REALTORSÂ®... more