Can i stay in my home after i forclose. Due to the new houseing bill?

Asked by Michael, San Diego, CA Fri Feb 13, 2009

I live in Sandiego Cali. Im currently living in my house still but forclosed about 8 months ago and have no received anything yet telling me that i had to get out. Are they lettting people keep there home now due to the bill? Please let me know ASAP

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Jeff and Che…, Agent, Encino, CA
Fri Feb 13, 2009
Are you sure the property was actually foreclosed on? Many lenders had other banks or institutions servicing the loans and for some reason this is/was taking a longer time to process. It is also taking longer for the lenders name to show up on title. You will not necessarily receive a notice that the foreclosure is complete, often times someone may knock on your door informing you of such. I know this because that is what we have had to do with our large investor/bank clients. If I were you I wouldn't do anything until they contact you. They may post a notice to vacate (by the Sheriff's Dept). This will give you details about having to move out. You can also challenge this in court but your chances of delaying the "lock out" are slim at best and you can end up owing them money for past “rent”. Most lenders are agreeable to offering "cash for keys" particularly if the property has been maintained and in good condition. If you do receive notice as I stated and they don't offer "cash for keys" ask if there is any financial help they would be willing to provide. Make sure you know who you are dealing with! There are a lot of scams out there now. If you want to give me your address I will check tax records to see if it has been recorded in your lenders name yet. This will not notify anyone or accelerate your having to move. I hope you are able to save the money that you would normally be paying toward the mortgage or rent. I am sorry for your trouble and I wish you the best of luck in the future..

Jeff and Cheryl Fox

Properties Plus
818-995-9108 Office
800-917-8080 Toll Free
818-207-2013 Cell

16133 Ventura Blvd. 7th Floor
Encino, CA 91436
1 vote
Trinity, Home Buyer, 81010
Mon Oct 11, 2010
can i stay in my home after forecloser in texas
0 votes
Diane Conaway, Agent, Escondido, CA
Tue Feb 17, 2009
Hi Michael,

Our online tax records indicate that the home is still owned by you. (Occasionally they aren't updated so aren't 100% accurate all the time.) Perhaps you received a notice that the bank had filed a Notice of Default? Until the foreclosure is complete by the bank filing a Notice of Trustee Sale and the sale actually being complete, you may have options. Do you want to keep the house? If so, have you talked to your bank about modifying your current loan if you want to stay? If not, have you considered a short sale which is when you sell it for less than the owe your bank with your bank's permission? Banks are generally taking a long time to complete foreclosures these days, so you might want to start by calling the customer service # on your bill to find out the true status of your loan. Don't be afraid to call them. You've got nothing more to lose and you may save your house. Good luck!

Diane Conaway, RE/MAX United, (760) 749-2888
0 votes
Michael, , San Diego, CA
Mon Feb 16, 2009
I havent received anything yet. And its been almost 8 months. For the people who are asking for my addres 2776 College Blvd Oceanside CA 92056
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Isaac Bensus…, , 92037
Fri Feb 13, 2009
Michael, If the house has been foreclosed and the Bank is the new owner I do not believe that you can stay in your home because unfortunately, you lost your home to foreclosure. You should be looking for a new place to move to right away. You might have only a few days. You can go to my website, look at the Foreclosure section. The site there is called Realty Bargains. Go to Bank owned properties, foreclosures, notices of default in the area where your home is located. Look to see if your home is listed there and you will see the status of your home. Did you receive any notice in your front door? Otherwise, give me your address and I will look for you.
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Joe Mendoza, Agent, San Marcos, CA
Fri Feb 13, 2009
Hi Michael,
You would be surprised how quick or slow these banks react. Also, are you 100% sure it did? Some folks are still NOT clear what foreclosure is NOD, NOS, etc. You can even call a title company and sometimes they DON'T even know.

The only one who would know is the trustee who works with the bank on your property. However, be prepared, know where you are going next. They may even offer "CASH FOR KEYS". Meaning you might be able to stay a few more weeks or take the money and move on.

You may want to tell your friends of another option MOST people don't even know about even REALTORS! It's called a LOAN MODIFICATION. It's more than likely too late, but if we had this conversation earlier and you wanted to stay, you might have qualified for a modification.

I wish you the best of luck.

Joe Mendoza, Broker
"Who's Who In Real Estate"
Top 1% Nationwide
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Lorie Gould, Agent, Duluth, GA
Fri Feb 13, 2009
Unfortunately, no! Best of luck!
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Birgit Dugan, , San Diego County, CA
Fri Feb 13, 2009
Michael - I am an REO agent and work for several banks. Not one of my banks allow the previous home owner to occupy the home after the foreclosure process is complete. The goal is to get the house on the market and the asset of the bank books as soon as possible. Due to liability purposes that is not an option. I have been selling foreclosures in two states since 1999, and I have never had a person allowed to stay in the home after foreclosure is complete. Most banks offer a relocation option and will give you money in exchange for moving in a timely manner and leaving the home intact and in broom swept condition. I hope this helps. You should also check with your attorney if you have special needs. Good luck to you.
0 votes
Glen Hagen, , Suffolk County, NY
Fri Feb 13, 2009
The (banks) owners of the properties would rather have them occupied than unoccupied. One day, when the banks are good and ready, a sherrif will come knocking on the door. I don't think it has anything to do with any housing bill.

Hopefully you will be able to get your life back in order and buy once again when the time is right for you.

Good luck!

Glen Hagen
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