How much time do I have to stay in home after foreclosure sale - Wells Fargo owns note on house. How to find out who the new owner is? I am in 90808.

Asked by Longbeachhomeowner, 90808 Thu Jun 23, 2011

Once house has been sold how soon do I have to leave? Will I get a termination notice from the new owner telling me how soon I must leave? I do not want to get an eviction notice. I feel heartbroken and sad enough as it is losing my home to foreclosure. Will I receive a deficiency judgement for the difference between what I owe on my mortgage versus the sales price? What if my home sells for more than what my outstanding loan amount is, will I still be liable financially for that amount? I am so worried!! Thank you for any advice.

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Emily Knell’s answer
Emily Knell, Agent, Huntington Beach, CA
Fri Jun 24, 2011
If your home has already been foreclosed on. Start writing a good "Cover Letter" for your new landlord, if you're going to have to go & rent somewhere. Include photos of you & your family or your dog or goldfish.

This is what I help my clients who just closed on a short sale & need to go out & rent. They're not going to look golden on their credit report, so we have to make them look like people who hit a bump in the road, not just another application & a bunch of numbers that the landlord is looking at.

Let me know if you'd like some good pointers for a cover letter for a rental property. My office is constantly getting new rental properties available, we have a property management co. in our building, I could refer you to.
562-430-3053 cell
Realtor Since 1996
Main Street Realtors
1 vote
I'm an artist, not a writer. I would love some pointers for a cover letter. The next hurdle I'm facing as a single lady is getting approved for the new rental. Thanks, S at
Flag Tue Aug 12, 2014
John Arendsen, Agent, Leucadia, CA
Thu Jun 23, 2011
I've been up and down this tight rope with so many folks. Just hang in there until the sheriff comes knocking on your door if it is indeed too late. Take your ego and emotions out of it. You need a roof over your head until you can figure out where you're going to end up. You may even get enough cash for your keys to move you into a rental.

This is but one passage in your life. Don't let it get the best of you. A lot of folks have suffered tremendously during the past few years. This hasn't been easy for anyone. You have your whole life ahead of you. Consider this a reprieve and move forward. The best is yet to come.
2 votes
Brad n Steph…, , Long Beach, CA
Fri Jun 24, 2011
Hello homeowner in 90808, I want to tell you you're very welcome and I agree with the other brokers comments that you are not alone, we have witnessed the great fleecing of America by the feds and the banks....
Don't worry about the bank but take care of your family now and if it were me I would wait for the cash for keys offer (if it is foreclosed already), if the first offer sounds too low wait it out, they'll probably come up a bit.
Since I live in 90808 as well, I can tell you renting a 3-bed/2-bath house comes in at around $1850-2300 Mo.
God Bless and best wishes!
Brad Cummings
1 vote
Longbeachhom…, Home Owner, 90808
Fri Jun 24, 2011
I thank you all from the bottom of my heart for your advice and expertise on this matter - I cannot even put into words how each of your replies have eased my mind. I will definitely be contacting some of you for more information. Each of you have given me a new perspective on how to go forward with my situation, and for this I am grateful. I truly appreciate all of your help.
1 vote
I was scammed... I rented a forclosed home the bank owns.. the bank came with a 10 day vacate letter.. what are my rights I have a lease
Flag Thu May 25, 2017
Flag Thu May 25, 2017
Gene Scott, Agent, Long Beach, CA
Thu Jun 23, 2011
Dear Homeowner,
You have received some good answers here:
1. If your home is not yet foreclosed yet, it is possible to stop the auction. We have a program that does it. Stopping the auction gives you the opportunity to stay in your home for another month or two. Then you try to stop the auction again. We have had people stay in their home for as long as 24 months before the home sold. This also gives you an opportunity to short sell your home and avoid a foreclosure on your credit history.
2. If the home has been foreclosed, someone will contact you representing the bank. Ask for relocation assistance, also known as cash for keys.
3. Regarding deficiency judgments, California passed legislation recently that prevents first mortgage holders from filing deficiency judgments against their borrowers. The whole situation is kind of technical, feel free to call me and I can provide you with more information.

I wish you the best of luck.

Gene Scott
ERA Buy America Real Estate Services
1 vote
Emily Knell, Agent, Huntington Beach, CA
Thu Jun 23, 2011
If Wells Fargo has NOT taken your home to auction yet, you could potentially still remain in the house for quite a few more months.

I can get auctions postponed, I do this all the time with Wells Fargo, I've postponed auction within hours of it going on the auction block.

It is still possible to get your home sold withOUT your having a foreclosure on your credit.

Please let me help you, I'm just minutes away. Email or call me directly, I don't look back on this same Trulia posting for new answers.
562-430-3053 cell
Realtor Since 1996
Main Street Realtors
1 vote
Brad n Steph…, , Long Beach, CA
Thu Jun 23, 2011
Hi there, since it is bank owned now you will probably be contacted by the REO listing agent assigned the property. When I get an assignment the first thing I have to do is go to the property to see if it is vacant, occupied and by whom if occupied (tenant or previous owner). Usually there will be a $ offer to assist you in relocating (known as "cash for keys") as the bank wants the property back asap in order to sell it and recoup losses.
As far as deficiency judgements/liability, you need to discuss with your tax consultant on that, if you don't have one I can recommend one.
Kind Regards,
Brad Cummings
1 vote
Michael Magaw, Agent, Torrance, CA
Thu Jun 23, 2011
Has the foreclosure sale already taken place? If so, it is unfortunate that you could not find someone to give you the necessary guidance earlier. If it has not taken place, then call me and I would be happy to help you sort out your options. You may still be able to avoid foreclosure.
If it has already sold, then it either was purchased by an investor or new homeowner who will want possession soon, or it was not purchased and became Bank Owned/REO (Real Estate Owned). If it is REO, then they tend to move a little slower.
If there is a shortfall, will you receive a deficiency judgement? That depends on various factors. Will you receive a 1099 for the debt forgiveness? Assume yes. Will it be taxable? That depends on various factors, so consult with a CPA.
"What if you home sells for more than your loan balance?" That would be tragic to foreclose a home with equity. Why wouldn't you or didn't sell it with the help of a Realtor?
You have asked some good questions and I understand your worries.

Call me to discuss these important questions.

Michael Magaw
CA DRE #01384088
1 vote
Gina King, Agent, San Juan Capistrano, CA
Thu Jun 23, 2011
Each of these situations are "Unique" to say the least. I am so sorry you are going through this, rest assured you are not alone, many people have found themselves in the same spot. It's very important that you sit down with someone and discuss your "Complete" situation ASAP, perhaps there are alternatives available to you, you have not been aware of yet?

I wish you the very best, and if I can be of any assistance, please do not hesitate to call 562-293-4881 or email me (Even if ya just wanna talk a bit to feel better)

1 vote
Scott Godzyk, Agent, Manchester, NH
Thu Jun 23, 2011
It depends if the house was sold at auction to someone or if the bank took the house back at foreclsoure auction. If an investor bought it, they may be stricter than the bank with filining eviction papers. If the bank bought it back, when they assign the home to a local agent to sell, they will usually knock at your door and offer you cash for keys to move in 30 days or less. They can offer from $500 to $4000 depending ion how quick you move and the value of your home. If they do not offer CFK than they have to gove a 30 day notice, then can filie for a writ of possession following your states eviction laws. Good luck with working things out.
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1 vote
Darlenepeter…, Home Buyer, New York, NY
Sat Nov 19, 2016
If you are renting, and the property is forclosure, how does that work?
0 votes
Chaspc, Home Buyer, Indiana
Wed May 2, 2012
Based on the date of this post, there is no doubt you are already gone from this property, BUT - in the interest of helping others, here is some information you may find useful-

President Obama signed a bill that states you have 90 days after a foreclosure sale to vacate the property. This may only apply to renters whose landlords have lost the property to foreclosure, but I believe it also has verbage to protect you, the former owner of the property. If the sheriff shows up prior to the end of that 90 days, inform him that you know your rights. You may, in that time, need the services of an attorney to help enforce this right. As for deficiency judgments, certain states allow for them. But let me tell you how that typically goes - a deficiency judgment is an expensive process and has many legalities attached to it for a bank that would pursue it. However, since there is a huge cost to the lender and all of the legal red tape that goes with it - many lenders will not pursue that avenue since they are already out of a lot of money to secure the property, and then maintain it. If it sells for more than the outstanding balance plus attorney's fees and costs, and accruing interest, it may be forfeited to the bank any way. In a foreclosure, the bank is usually the first, and often times, the ONLY person or persons who show up at the auction. After the sale, the new owners, usually the bank itself, informs you that they are the owners and will require you to vacate. But remember this as well - even after a sale such as this -some states, such as Indiana, where I am from, allows you, by law, 1 year after a fc sale to redeem the property. So you SHOULD have time if your state has similar laws. You see, banks do not typically WANT to foreclose because that spells an automatic loss to them, but will pursue it if you do not respond with either money or some kind of legal stay such as a bankruptcy notice. ( and even in bankruptcy, you may end up losing your house anyways due to liquidation. BUT, in a chapter 13, you can continue to stay in your home as long as you are making your regular payments AND the trustee payments of the arrearages as stipulated in your Ch. 13 agreement. If you take the air out of all of this I just wrote, you can say you have 90 days up to 1 year or even more (check fc laws of your state) to vacate or redeem your property.
0 votes
Celso Neves, Mortgage Broker Or Lender, Downey, CA
Tue Apr 10, 2012
Hello there,

It seams that you are very advanced in the foreclosure process. However, if the auction hasn't happened yet, you still have a chance to stop foreclosure. The path to avoid foreclosure is:

1) You can apply for modification. That will delay your foreclosure.
2) You can short sell you home through the government sponsored HAFA program and get $3,000 to move out of your home.
3) You can consult a lawyer about bankruptcy that in some cases can stop foreclosure. Please see the video bellow.

It seams that the foreclosure is non-judicial, in this case there is no deficiency judgement. If your house sells for more you will get the difference. Non-judicial foreclosures are faster, the redemption period is 90 days and you have another 20 days after the notice of sale.
0 votes
Michelle Ros…, Agent, Long Beach, CA
Sat Jun 25, 2011
Unfortunatly you don't receive any termination notice. The new owner will be Wells Fargo and they will start eviction once the trastee sale " foreclosure" take place.
To avoid foreclosure, if it did not happened yet, you can try to short sale your house. I can help you with this. Please concact me and I will provide with all your info and help to avoid foreclosure.
Regarding deficiency judgment, California is a non dificency state, so you will not receive that, but there are tax consequeaces.
Please give me a call for more details. I'm a broker for over 11 years and I specialized on Short Sales.

Michelle Rosca
American Investor Properties, Inc.
DRE License # 01294012
835 Ohio Ave.,
Long Beach, CA 90804
Direct: 562.552.9600
0 votes
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