when your house goes into foresure, how long does the lender give you to move if you can't sell it?

Asked by Joe Anthony, 92532 Wed Feb 6, 2008

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Keith Sorem, Agent, Glendale, CA
Wed Feb 6, 2008
Sorry to hear of your predicanemt.
Fiirst, please read my five part blog on the short sale foreclosure process

Second,, you need to contact your lender.
Third, talk with a Realtor to find out the Fair Market Value (FMV).

Most lenders will not talk with you until you are at least one payment late.
The actual time it takes varies from state to state, usually the entire process takes 6-9 monhts.
Good luck.
2 votes
Tisza Major-…, Agent, Upland, CA
Thu Feb 7, 2008
Hi Joe,

Is your home currently listed? And, if so, what has the response been? Have you talked to your lender to see if there are any other options available to you?

If your house is heading to Foreclosure and a Short Sale is not an option for you, you might want to consider talking to your lender about offering them what is called a "Deed In Lieu Of" which means that you will give up all your rights to the home and they will not Foreclose on the property. It is still a very damaging thing to your credit, but not quite as bad as a Foreclosure would be. You might then be able to negotiate your move out date.

If you have not looked into the possibility of a Short Sale, you might want to. I am a Short Sale specialist and would be happy to sit down with you and help you and your family evaluate your options.

As for when you would need to move out... the lender is going to want to take posession as soon as they can after they take over ownership. I agree that, if at all possible, you don't want to try to stay in the home until the last dog dies.

If you are certain that a Foreclosure is imminent, then I would suggest that you look into finding your next place to live sooner rather than later. First of all, you might be able to beat the credit reporting which will make finding another place to live easier. And, you and your family probably could live just fine without experiencing an eviction first hand.

I know what a trying time this is for your family. And, if you will allow me to, and if I possibly can, I would like to see if I can help. Please feel free to get in touch with me either via cellphone or send me an email. You can reach me via email at Tisza(at)HomesByTisza.com.

Take care and good luck, I will send you good wishes.

Tisza Major-Posner, Realtor, Keller Williams (909) 837-8922
Web Reference:  http://Route66Living.com
1 vote
Gene, Home Buyer, Pensacola, FL
Mon Jul 16, 2012
if your home goes in foreclosure why you or trying to get a modication can you get your mortgage back
0 votes
Keith Manson-…, , Milwaukee, WI
Sat Jul 10, 2010
It will depend on the state, the loan type and the bank. The lender usually allows 90-120 days to sell the property and place the foreclosure case on hold during that time. However, after that period the foreclosure continues and goes along state time frame law. After the foreclosure sale, the sale needs to be confiirmed and then the eviction will start to move you out of the house. This varies by state but the eviction usually takes from 2-4 weeks.

Keith Manson
First Weber Group
Certified Distressed Property Expert
Metro Milwaukee

0 votes
i was dealing with chase on a modifcation while chase working on modifcation washington mutual foreclosure on my. but my mortgage loan was with chase how could that happen
Flag Mon Jul 16, 2012
David Chiles, Other Pro, Los Angeles, CA
Fri Jul 9, 2010
Thank you for your question Mr. Anthony. After a notice of default is filed you have six months in California to bring the loan current. The move out date should be negotiated with the lender.

The Foreclosure process starts when a homeowner cannot pay the mortgage and ends when the home is resold.

The three stages of Foreclosure are: Pre-Foreclosure, Auction, and REO/Bank Owned.

Pre-Foreclosure is the time period a homeowner has to repay the delinquent amount of the mortgage.

If a homeowner does not pay the mortgage the home is auctioned

If the bids do not meet the reserve the lien holder (bank) reclaims the property and it becomes a Bank Owned REO.
0 votes
Christopher…, Agent, Hemet, CA
Thu Feb 7, 2008
Communicating with your lender will be the only way to know. If they do foreclose, they will immediately prepare for the eviction process which, if they are forced to complete, will add additional problems to your plate. A foreclosure may limit some rental properties and an eviction will eliminate many, many more housing possibilities. Once foreclosed, lenders will sometimes, not always, offer what hey refer to as "cash for keys". They will have someone negotiate a small payment to you if they do not have to complete the eviction process. Communication and cooperation are in your best interests if facing foreclosure.
0 votes
Dot Chance, Agent, Burbank, CA
Wed Feb 6, 2008
Joe, do you really want to wait until the last minute to get out? Once the bank forecloses they will evict you. If you are evicted that will most likely show up in a background check.

I have a listing in a condo complex where there are some foreclosures. Unfortunately, some people are being evicted now that lost their townhome to foreclosure.

It is heartbreaking to see so many people in this situation.

All the best to you!
Web Reference:  http://www.DotChance.com
0 votes
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