Can anyone tell me about "Foreclosure" signs? I've got aways to go before the bank gets possession of my home but I'd imagine when they get it they will put up a "For Sale - Foreclosure" sign. What is the policy on this?
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Honestly, not really sure what you are asking?
Are you asking will they put a for sale sign in your yard "before" foreclosure is complete, or after foreclosure.
After foreclosure, they own the house, they can do whatever they want; so I would imagine that whatever Realtor has the privilege of selling the house would put up a sign. -
Yes I was asking about their actions after foreclosure. ThanksOriginally posted by HHM View PostComment
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Now that is a million dollar question that is tough to answer. The big answer is:Originally posted by jlmaca View Post
"It depends".
Many factors are going to be involved in what the bank does after the foreclosure.
They may choose to let you continue living there for a time in order to keep the property maintained - this keeps the city code departments off of them and helps to prevent vandalism.
They may kick you out and board up the property.
They may kick you out and place for sale signs on the property.
They may kick you out and do nothing.
They may just not do anything at all.
It is going to depend on so many factors, ranging from how much property the bank has in their inventory, to what the bank auditors are pressing for them to do.
There is no really good answer as to what is going to happen except for you to just wait and see...........All information contained in this post is for informational and amusement purposes only.
Bankruptcy is a process, not an event.......Comment
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Many banks are only using real estate agencies now after they attempt to sell them in house. If you'll check with whatever bank handles your foreclosure, they will have at least one person in house devoted to taking care of bad loans, debts, and properties.Originally posted by HHM View Post
Upon foreclosure, the bank is going to charge off your note, and this in house person will try to recover whatever they can, and do whatever they can that is in the best interest of the bank. They will many times try to sell the property themselves before listing.
Have you checked your bank to see if they have a listings for property for sale on their website?
I know of several banks that are now looking like used car lots. Plenty of vehicles in the parking lots with "for sale" signs on them. It's a different world out there right now.All information contained in this post is for informational and amusement purposes only.
Bankruptcy is a process, not an event.......Comment
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I suspect the others may have missed the true question.
Was it this?
Will the bank, at some point, put a sign on the house that says "For Sale: Foreclosure Property". I could see this as a personal aggravation, as well, but there is not much you can do to control it. What sort of sign they put up is beyond your control, and truly nothing to be concerned about. Foreclosures are happening all the time. If you have tried to minimize your neighbors or friends knowledge, I can understand your point, but true friends will not care anyway, and neighbors will always gossip.
Maybe they will just put up a plain old for sale sign, too.11-20-09-- Filed Chapter 7
12-23-09-- 341 Meeting-Early Christmas Gift?
3-9-10--DischargedComment
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Good possibility that this is the true question. Very few "For Sale Foreclosure Property" signs in our area. Very FewOriginally posted by DeadManCrawling View Post
Once you put up a foreclosure sign, the value of the property plummets.All information contained in this post is for informational and amusement purposes only.
Bankruptcy is a process, not an event.......Comment
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I guess I'm fortunate I live in a judicial foreclosure state and they cannot kick me out with going through the court proceedures. At this point in time I have not paid since August 09. Filed BK7 in September 09. Received relief of stay from mortgage company in October 09 and that is it. They STILL call me to pay the mortgage, but not from India anymore, I think I've graduated to their USA branch. I've told them I'm in bankruptcy but they keep on calling 2x a day. I guess I could make a stink about it, but not sure it's worth it. I'm expecting a notice of deficiency soon. I would imagine the time line for the forsale foreclosure sign would be after the redemption period.Originally posted by frogger View PostComment
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Since the lender has a Relief from Automatic Stay they are no longer bound by the protocols that prevent them from contacting you. You are an unrepresented party (I assume you are pro-se filer), they have relief, and you have a Note with them. "IF" you declare in the Schedules and Plan that you are avoiding the Note, THEN they cannot call or write you about it other than to file suit in foreclosure and send you the legal papers. However, you can advise them that they may only contact you in writing.Originally posted by jlmaca View Post
Depending on the bank, they are probably so swamped with property that it will take them quite a while to deal with you. If they proceed with a judicial foreclosure then if you are not underwater then the matter goes to "foreclosure by sale" and then the Court Committee will post a Foreclosure Sale Sign on the property advertising the sale. [PS if they screw it into a tree then they have damaged your tree - you are still the owner - and yo can sue the sign poster and the Committee, and maybe even the lender, for damages!
] If you are "upside-down" then there is a strict foreclosure and no Sale sign, as there is no sale. After that, any sign they post is up to them. I would be VERY surprised to see the word "foreclosure" on the for-sale sign; as pointed out above, that plummets the recovery potential.
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