Foreclosure - How Long?

[dirtpoorinil]

We were unable to keep paying out mortgage outside of the chp 13 plan due to my husband having a heart attack in 7/08. He returned to work and we were able to get caught up, then he was laid off for 4 months and the transmission went out of the truck. He went back to work for 4 weeks and had to have open heart surgery. The mortgage co doesn't give 2***s what happens to you. I tried to talk to them to make some kind of arrangements, but the went to court and the bankruptcy judge granted them relief from the automatic stay. Now my house is in foreclosure with the impending sale set for Aug 2009. Does anyone know how the sale works and how soon I will be asked to leave. Can anyone buy the property and do they have to give the asking price that the mortgage co wants. Also are they subject to any other fees other than the price they pay for it. Example: The house goes to the hightest bidder and that's that, other than me being evicted??

[lrprn]

[Dirtpoor, I moved your post from the older thread you originally posted this to to here in your own thread. You'll get more and better answers this way. -lrprn]

Now my house is in foreclosure with the impending sale set for Aug 2009. Does anyone know how the sale works and how soon I will be asked to leave.

It depends on the state you live in. I assume from your forum name that you live in Illinois. The timeline for a foreclosure in IL is 210-360 days. Here's a link to what to expect during a foreclosure in Illinois - http://www.foxvalleypropertysolution...20TIMELINE.pdf (It's a PDF file, so if your computer can't open this file, click on http://www.realtytrac.com/foreclosur...osure-laws.asp instead for the details.

Can anyone buy the property and do they have to give the asking price that the mortgage co wants.

Anyone who wishes to bid on the property may do so. Typically the house is sold by auction to the highest bidder, although some lenders may set a minimum bid. Most often it's the lender that buys back the property at the auction.

Also are they subject to any other fees other than the price they pay for it. Example: The house goes to the hightest bidder and that's that, other than me being evicted??

Whoever buys the house has to pay any back back taxes and in some locations, pay any overdue HOA (home association) fees as well.

As you can see from the timeline, you should have at least 210 days (and probably months longer) after the foreclosure before you'll be asked to vacate. This will happen on the day of the auction when you no longer own the home. Until then, you can stay in the home rent-free and save up cash to get a rental of your own and pay the deposit, put together an emergency fund, take care of delayed medical or dental care, etc.

[dirtpoorinil]

Thanks, lrprn. There are no back taxes owed on the house and you say the lender is the one who typically buys it back. This may seem to be a dumb question, but why??? I attempted to work out a modification with them and they were unwilling. They are going to do what then they purchase it???? Seems crazy to me, but OK. I just want to be prepared to move, if and when they say GET OUT. Are you saying it is 210-360 after the sale or from the time of the notice of the foreclosure? thanks again

[OhioFiler]

Thanks, lrprn. There are no back taxes owed on the house and you say the lender is the one who typically buys it back. This may seem to be a dumb question, but why??? I attempted to work out a modification with them and they were unwilling. They are going to do what then they purchase it???? Seems crazy to me, but OK. I just want to be prepared to move, if and when they say GET OUT. Are you saying it is 210-360 after the sale or from the time of the notice of the foreclosure? thanks again

The lender typically bids on the property up to the amount they have invested in it. If someone wants to pay more they let them buy it at the auction.

The reason the bank does this is to protect its asset (the house). It would be no different than you bidding to buy the house from yourself. You wouldn't care how much you paid yourself for the property.