Aprx how long do I have to stay in home during foreclosure in Florida at this time?Our lender, (Wells

Asked by Vicky, North Port, FL Fri May 2, 2008

Fargo) will not accept what we can pay at this bad economic time, so our home is up for a short sale and they have just begun the foreclosure process. I have been told by many that it probably won't sell right now in our area of North Port, FL. I am wondering how long the whole process will take to forclose. (we just got our first notice, 20 days to respond). I've even been told by the process server that most are taking almost a year, He said to stay as long as we can as foreclosures are taking 6 months to a year. Does anyone know about how long we have until we must move out and How much notice will we have to vacate if the full forclosure goes through without a sale of the home?

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15
Brooke O'Mal…, Agent, Sarasota, FL
Tue Jul 8, 2008
Unfortuanately, no one can definitively say you have x amount of time before the sale at the court house
This may be 3,6,12 or more months( i've seen govt. foreclosures take over 2 years).. Once the foreclosure has been sucessfully completed there is a ten day redemption (grace) period . Some lenders will offer cash to the seller to vacate the property so as to avoid the eviction process. "Cash for Keys". Communication with the lender will allow you to keep from being broad sided. Begin immediately, setting aside monies for your move, because you'll most likely be asked by your new landlord for higher security and move in deposits because of the foreclosure. Someone here has said for you to be out by the date of the auction. Weve seen on several occasions that the sale was cancelled the day or a few days before aucton and was rescheduled in 30,60,90 or more days.If this were to happen to you and you've already moved you would not be able to take advantage of the situation.
Web Reference:  http://www.myclubrealty.com
1 vote
Eric Fairchi…, , Illinois
Thu Jun 26, 2008
Vicky-
Sorry to hear of your troubles. If you are interested in staying in your home permanently, I may have an option for you it is referred to as a short-refi. If you are interested in hearing more abour it and how it works please give me a call 800-961-1670 x 103 or my direct line 847-722-4659
Eric
1 vote
Tanya Fugitt, , 32504
Wed May 7, 2008
Since you state the foreclosure process has already begun, it may be too late for this but something homeowners don't seem to be aware of is which department within their lender's company to speak to when these financial problems come up...you must speak to the loss mitigation department rather than the collections department. It is the job of collections to collect the money owed. The loss mitigation department is more likely to work out a new deal for you...they are also the department that handles any short sale offers.

As far as your original question goes, I am sure it would depend on the number of foreclosures in your area, the number of foreclsoures your lender is dealing with, etc.

If you want to stay in your home though, I wouldn't give up on trying to work something out through loss mitigation (while your home is listed with an agent as a short sale, just in case).
1 vote
T.E. & Naima…, Agent, Dallas, TX
Sun May 4, 2008
Vicky, Sorry for all the trouble you are experiencing. Look at all options even at the one that Will offers you and check with local investment companies too that buy homes in default.

When you say your house is "up for a short" do you mean that it's already listed with a Realtor and being advertized as a short sale? If not, get it listed ASAP.

Good luck,
1 vote
Jim Soda, , Sarasota County, FL
Fri May 2, 2008
Each is different, however, all are very stressful. Some have taken 6 to 12 months. An Atty. can delay them more. It costs lenders money to foreclose and much rathr sell a home than foreclose. The Short Sale methods do work. and work well when you get a cooperative Seller, patient Buyer and good Realtors.
The Seller has to play a major role in the to beginning the process and funding the
Web Reference:  http://www.jimsoda.com
1 vote
Lynn Pineda, Agent, Coral Springs, FL
Fri May 2, 2008
Vicky, it's hard to pinpoint an exact time frame as to how much time you'll be able to stay in your home as it varies according to your Lender, Attorney and their case files, I'm seeing; 6 months is an average time.

Why is it that you think your home won't sell? I recommend that you work with a Realtor qualified in Listing Short Sales as that can make a huge difference in whether or not your home is sold as a short sale. If your home is priced for your market, you should have a good chance of selling your home as there are buyers seeking good opportunities that come with a Short Sale. I'd hope for the best in selling your home.

Another good option for you that will stall the foreclosure process and give you more time to sell your home is to contact an Attorney in your area who can represent you and defend you against the foreclosure. You'll have to pay for his services which from my experience can run about $500/month.

However, in the event that your home isn't sold and it is foreclosed on, the time remaining in your home can run between 30-60 days without much notice given at all. So if you get to that point, you should plan on finding a new place to live right at that time.
1 vote
Alma Kee, Agent, Tampa, FL
Fri May 4, 2012
Also with the settlement on the Robosigning Fraud committed by lenders, lenders are being allowed to use the penalty money to reduce principal on mortgages. Of course, the lenders get to pick and choose who will get this "gift" so the underlying investor that actually owns your mortgage must be one of the offending lenders, i.e. BofA, Wells, Chase, Citibank...

So call your "servicer" (the bank or company that you used to make your mortgage payment to) and ask them who the actual investor is for your first and 2nd mortgage (if any). If you're lucky it will not be Fannie Mae or an investment pool of collateralized mortgage obligations, i.e. Deutschebank as Trustee for Pool # etc...

Lastly if you cannot get a principal reduction then you may also want to see if you can do a Deed for Lease and stay in your home and pay below market rents. Rental rates are high nowadays so this may be your best option.

Hope this helps.

All the best,
Alma Kee
http://www.SoldOnTampa.com
0 votes
Commonsense0…, Home Owner, New York
Fri May 4, 2012
Is this your primary residence? What type of loan do you have? Do you owe more than the house is worth? Under new guidelines set up by the Obama administration banks must work with customers who are in default and there are many alternatives to short selling / losing your home. Do you want to move? Would you like to stay in your home? Some options that can apply are; lowering your interest rate, and or, lowering the principal balance; deferring payment etc. If you have an FHA loan, contact them directly. You also might want to contact a real estate lawyer. I am going through the same process now. I have done a lot of research on this. If you received the foreclosure notice, you probably stopped paying your mortage around a year ago? This is standard for banks as you are now officially in default. Prior to this, you were simply behind in payments. Do not be frightened, you have many options to you that the bank does not want you to know about. If you want to stay in your home, stop the short sale and seek legal help. Hope this helps.

Ps Yes the banks can come for you to recover debt if indeed the home goes into foreclosure, but again, the Obama administration has set up mutliple programs to stop this. Worst case scenario, if you do nothing, do not contact lawyer, bank etc, and house goes into foreclosure and the banks are looking to recover the debt owed....There is always bankruptcy...Large coorporations do it all the time to get rid of debt and screw their vendors etc.
0 votes
Alma Kee, Agent, Tampa, FL
Sat Mar 24, 2012
The important thing for you to know is you allow your house to foreclose the lender can come after you for many, many years for 100% of their loss--including legal fees. In Florida a seller cannot simply walk away because the lender can get a judgement against you and then attempt to collect by attaching your wages and your bank account.

So absolutely DO NOT just try to wait out the foreclosure, contact a Realtor you trust and list it as a Short Sale to try to be forgiven the loss.

Also you may be able to get a principal reduction, contact Wells Fargo immediately.

All the best,
Alma Kee
http://www.SoldOnTampa.com
0 votes
Lisa, Home Owner, New Port Richey, FL
Sat Mar 24, 2012
I had to file bankruptcy and surrender my home. My house has already gone to foreclosure and I got a notice of motion for automatic relief of stay. My question is.

I live in florida. Do I have to be served and given a certain amout of time to vacate the home? Or will someone just come and lock my house up ? I don't want to lose all my belongings. That would be devestating to my daughter and I .
0 votes
Cpgone1, , Florida A and M University, FL
Sat Jul 17, 2010
All these sharks and nasty spammers trying to steal your house for nothing.
I'm sure they will offer you 10 cents on the dollar or come up with some help "package" WHICH WILL BE A TOTAL RIP OFF. The chance of them paying cash for anything near what it is worth is zero.

My answer ?(After lots of research ) is 6 months to 3 years. And next advice is talk to a lawyer experienced in this area.Its all crashing and not coming back for a decade.Stay as long as possible ,then have a downsized option to move into.If you bought near the peak 2004-2007 level , its totally hopeless.
subscribe to http://www.patrick.net (its shark/spammer) free.
0 votes
Will Robles, Both Buyer And Seller, 76248
Mon Aug 4, 2008
If you would like to stay in your home as much as possible they save enough money so when you get your letter stating THE AUCTION DATE, then move by THAT DATE! The short sale all depends on who's preparing it and who's lined up to buy. From my experience, most Realtor's are not experienced enough themselves to handle these. Depending on your market, requesting 10% off your mortgage balance might not help (Realtors), i.e. Florida, for the fact your home still is over priced! Another difference between listing with a realtor as a short sale and contacting a company who specializes in short sales (and is the buyer) is the BUYER os what a Lender is seeking for in a short sale. I'm an investor and my company handles short sales. You can contact us if you would like for us to BUY YOUR HOUSE. You would not have to pay any fees or commissions neither

Sincerely,

Will Robles
888.605.9190 ext. 1
will@firstcasasolutions.com
0 votes
Shannon Moore…, Agent, Port Charlotte, FL
Sun Aug 3, 2008
Have you filled out your short sale package, so if you do get an offer in you'll be ready to move on it? We haven't found Wells Fargo to be very quick on their response time, from our past experiences.

The norm in this area (North Port) that we have been experiencing is 8-12 months or so. Once you get an offer in you need to make sure your paperwork is switched from the foreclosure department to the short sale department. If you (your agent) doesn't they will just continue with the foreclosure process.

It's really hard to give any concrete numbers because each situation and bank works differently.

Hope this helps!
0 votes
Vicky Chrisn…, , 20176
Sun Jun 29, 2008
Vicky - Please, read the blog post referred to below, it won't answer your question, but might give you other insight. Second, price your home to sell NOW. Everything sells quick for the right price - even in Florida. Look at the comps and be BELOW the market, well below - such a great deal that only an idiot wouldn't buy it.

As for your answer, read the notices and talk with your lender frequently. In most states even after the foreclosure has taken place, the bank would have to go through an eviction process of some sort before you'd HAVE to move. Ask at the local courthouse and they can probably tell you.
0 votes
Bill Eckler, Agent, Venice, FL
Thu Jun 26, 2008
Vicky,

We are saddened to hear of your situation. The reality of these situations is there is no set amount of time for the process.

The "Eckler Team"
0 votes
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