How long does a homeowner have to leave the property after a Notice of Trustee sale received?

Asked by Barbara, Ripon, CA Thu Sep 3, 2009

Can the lender forclosed on a property if it's under review for loan modification?

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Tammy Davis, Agent, Hollister, CA
Thu Sep 3, 2009
Yes the bank can foreclose even if the loan is under review for modification. But communication is the key...if you have received a notice of trustee sale you need to contact the person you have been working with on the loan modification to see if the foreclosure is proceeding, if not...get it in writing!
Also as far as when you have to leave the property...look at the Notice of Trustee's Sale there will be the date of the sale...that is when the property will revert back to the bank. Typically after it goes back to the bank they will begin the eviction process and they may make arrangements to exchange cash for keys (depending on the lender). But you will have will not literally be thrown out into the street. Again, communication is key...respond to calls, posts to the property and mail.
Good luck...hopefully your modification will go thru.
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Keith Manson-…, , Milwaukee, WI
Thu Sep 3, 2009
someone from califorina will give you a better answer. But to address the issue if a lender can foreclose on someone being considered for a modification;the answer is YES! This happens all the time. The mortgage companies try to mitigate there losses by foreclosing and doing work outs at the same time. The first one to the gate is the winner. This is why you must make sure you are in communication with the lender at all times.

The lenders are reviewed on how many work outs they complete in a month and if the time in foreclosure meets the investors foreclosure state time frame. So the mortgage companies are always working both ends and trying to make sure they are meeting the standards and goals.

For the time period after trustee sale, it depends on your community and it requirements and how they treat people renting and occupying foreclosed properties. As a general rule it would be no more than 60 days. But again, you need to get the input from someone in your area.

Keith Manson
First Weber Group
Certified Distressed Property Expert
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