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Asked by C.marie Carle, San Jose, CA Fri Aug 22, 2008

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Answers

5
Bill Mccord, Agent, San Jose, CA
Fri Aug 22, 2008
BEST ANSWER
Unfortunately they can be forced to move out any time the Bank wishes, and that will be a matter of days not months. I would not hold out much hope for a rent back as the Banks are not in the business of owning houses and will be getting it back on the market and sold asap.
Just a bit of advice for them though. They are basically out of the home buying market now for at least 3 years but in order to get a loan then they need to keep perfect credit from now on. They should also have a written summary of this whole episode in order to show they did the best they could to keep it together rather than just walk away. This will reflect well on them and show that this was primarilly bad advice and bad luck, not bad people
0 votes
Charles Cave, , Walnut Creek, CA
Fri Aug 22, 2008
Marie-
If it recently went to auction, the bank is likely in the process of assigning an Asset Manager to the file and they will in turn find a Realtor to evaluate the property. In all likelihood it will be the Realtor calling them and coming to their door to make arrangements for them to move out. They should be receptive to this process and don't try to fight it as it will make things worse. Sometimes banks do what is called cash-for-keys, in which the bank will give money to the occupant to leave by a certain date with the house free of all debris and basicaly ready to sell. Typically they don't come beating down your door in the middle of the night. It is in the bank's best interest that the occupants leave peacefully without leaving junk to be cleared out or property destroyed, which adds expense or further deteriorates value. Hopefully the move out will go well and the bank will be sensitive to your family. I recently negotiated a cash-for-keys with a tenant of a home that was foreclosed on (unbeknownst to her) and they gave her about 4 weeks to move out and the cash payout was pretty genorous all things considered.
1 vote
Bart Marchio…, Agent, Mountain View, CA
Fri Aug 22, 2008
Hi Marie,

Since the bank already took the property back at the foreclosure auction, your son will be asked to leave immediately. Technically, he has 30 days to vacate the premises due to the California eviction process, but a representative of the bank (most likely a real estate agent hired to sell the home for the bank) will be showing up very shortly to offer him money to leave (called Cash For Keys). They bank will in no way shape or form be interested in renting it to him. They want to sell the house.

I hope that helps. Let me know if you need any additional advice.

Bart Marchioni
Certified Foreclosure Specialist
Certified Short Sale Specialist
408-266-3100
Bart@BartForHomes.com
Web Reference:  http://BartForHomes.com
1 vote
Bob McClure, Other Pro, Walled Lake, MI
Fri Aug 22, 2008
good afternoon...perhaps i can help you.....would you be willing to come forward to help them?.if so, why not call me and perhaps i can help you both solve the problem at hand.....bob mcclure- mortgage now- farmington, michigan....i am licensed in your state and 18 other ones.......best regards (248) 974-4444 direct cell.....
1 vote
NonRealtor, , 23456
Fri Aug 22, 2008
It is unfortunate. Your son has cost the bank thousands of dollars. The banks will not be interested in doing business with your son for several years. At least your son has a good mother. Good luck and don't co-sign anything.
0 votes
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