Each bank is different. Make sure your agent is in constant contact with the listing agent. The listing agent is working with an assigned negotiator for that listing(Seller). If you and your family are in a hurry to move/relocate then a short sale is not the way to go. One needs patience with a short sale. On average, I would say expect 3-6 months to close on a short sale.... more
My best advice to you would be to contact a lender. They can look at your credit score as a whole and tell you what measures to take to bring up your score so that you can qualify for the big purchases you are interested in making. If you have any other questions please feel free to message me.
First, calm down you will not be on the street December 8th. This is a long process. Once the lender owns the property, then cannot just put you out. They must go through an eviction process. This requires the file a law suit against you seeking possession of the home. In Georgia this is typically a relatively quick procedure, in more normal times could be completed in a month. Now with so many foreclosures and evictions, the system is clogged and the period from filing for eviction to execution of the writ of possession, being moved out by the sheriff is 2,3,4, maybe 5 months in some area.
Yours is not an uncommon situation, so common in fact the Federal Government passed a law in May 2009 to protect tenants. "Protecting Tenants at Foreclosure Act of 2009" You can research the full benefits to you on line. This legislation provided that leases would survive a foreclosure -- meaning the tenant could stay at least until the end of the lease, and that month-to-month tenants would be entitled to 90 days' notice before having to move out.
As a broker, I have represented over 200 banks. All they want is the tenant to move out, leave the property in decent condition and sell the property as quickly as they can. In these representations, the longest period it took to evict an uncooperative occupant was two and a half years. They moved back in two times. Cash for keys is a popular way for lenders to speed the process, save legal fees and get the property quickly and in decent condition. Cash for key is typically a minimum of 500. As a general guideline, expect 1-2 times your rental payment. The most I have ever offered was $5000, which the resident turned down. At a broker meeting the question was asked what the most offered was, and in a state with long delays and high prices, the highest amount was $50,000.
Most attorneys will not take your case, because you cannot afford the fees, and the cost relative to the benefit they could get for you does not justify the time and effort. Your best bet is to work with the lender, research your rights. Judges that hear eviction cases have tended to favor the tenant and even when the Landlord has an immediate valid right to possession of the property, a sorry story from the tenant will sometimes get them 10, 15, 30 days to move.
When you find a new place, and there are plenty to choose from, check the public record and make sure the landlord does not owe more than the house is worth. Keep your spirits high, this may be good news for you and your family.
RE/MAX Greater Atlanta
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Marietta GA 30062