What happens after sell?

[lorrieduke]

We received the Notice of Sell with a date of June 23, 2010. We are wondering what happens after that date if we are still in the house? What happens if the house sells vs. what happens if it doesn't sell and the bank takes it back? I know we will have to move, that's a given but what I'm wondering is if they will just ask us to leave and give us a certain amount of days or will they start a legal eviction process? I dont know what to do... should we be completly moved out by the date on the Notice to Sell and if so what happens next? I was thinking eviction, which is bad and I know could damage our prospect as far as renting a place goes.. Does anyone have any input?

[justbroke]

It really depends on what State you live in. In some States, there is a "redemption" period that can be as long as a year for you to redeem the property. In other States, you may have as few as 10 days to vacate the premises.

If you fail to vacate, the new owner can get a writ of execution to enlist the services of the Sheriff to forcibly remove you and your property. Basically... put your stuff on the curb.

If the Bank buys it, it becomes an REO property. The bank may be willing to lease it to you, or kick you out. The Bank will usually enlist the services of a real estate agent once it becomes REO.

In what State is the property?

[lorrieduke]

California

[Tartbird]

If you're hoping for cash for keys, when exactly does something like that come up??

[justbroke]

California

I really cant' answer. Many foreclosures in California are done under a Power of Sale clause in a Non-Judicial foreclosure. These are pretty fast. California offers no redemption period.

I would say that normal eviction provisions would apply. They would start a Demand to Quit/Vacate and follow normal eviction procedure. I don't know California CCL laws, but an uncontested eviction could probably be done in less than 30 days.

[jb1997]

If you're hoping for cash for keys, when exactly does something like that come up??

If the property goes back to the bank (REO) then they sometimes have a realtor manage the property who then would check for occupancy and may offer cash for keys to vacate versus going through the eviction process.

[bulletproof77]

I am watching this exact process as I write this. Next door to my "new" (post foreclosure) leased house is a couple who have been in the house 6 weeks post sale date. Bank took possession 4/18. Couple has done nothing to move and has kept some pretty vicious dogs around to discourage things. Bank's agent is on site now, with locksmith and the county Sheriff and they are being allowed 30 minutes to remove property and then property will be secured. I spoke with the agent and he states that they did offer CFK and rental assistance and gave a lot of extra time, but they just wanted to postpone the inevitable. I moved 2 months prior to my trust sale as I didn't want to wonder where I was going to live. I planned and found a better place.

[willsurvive]

My cousin is currently going through foreclosure. The bank took possession of the house on 4/9 and they are still in the house. She said they are just waiting for someone to kick them out. I'm not sure we are going this route as we have 5 kids and moving is a BIG deal. I currently browse the rentals daily, but we won't leave until the sale of the home. My husband wants to be kicked out, me not so much.

[lorrieduke]

If we stay until the sale and they don't sell the house and it goes back to bank and a realtor manages the property, cash for keys is not eviction but a promise to leave by a certain date and to leave the property is good condition? And what if we don't get offered cash for keys, I guess we are risking eviction. What I am really concerned about is the eviction process... is it the same kind as when a renter is kicked out and dings your credit report. Do they usually ask to vacate the premises first before going to the courts and getting an eviction?

[Tartbird]

Lorrieduke, that is exactly what we worry about. We want C4K's but no eviction. We NEED help to get a first and last months rent. I wish the stinking banks would be FORCED to rent to us all. What the heck is the point of kicking everyone out so that there can be empty houses everywhere and families displaced?

[LoadedGuns]

Just remember the property is not the banks until the title has been legally changed and recorded by your local Recorder of Deeds. So even after a sale and it goes back to the mean old bank. It's still in your name.

So if they don't offer C4K. I would take every piece of valuable and available scrap metal out of that house, until title transferred.

[bulletproof77]

Eviction..

Yes, you definitely DO want to avoid a recent eviction on your credit report. When I leased a house after my foreclosure, I was upfront about my Chapter 7 and the foreclosure. Those two were NO problem, but all prospective landlords were very concerned about any evictions.

[Tartbird]

Yes, you definitely DO want to avoid a recent eviction on your credit report. When I leased a house after my foreclosure, I was upfront about my Chapter 7 and the foreclosure. Those two were NO problem, but all prospective landlords were very concerned about any evictions.

That makes sense to me. I mean if you are willing to actually go through an eviction, you are willing to go the distance and who would want to rent to you!?

[lorrieduke]

Will the bank just ask us to leave or send us a notice to vacate before filing papers with the court to evict us?

[bulletproof77]

They will have to through the normal eviction process. It depends upon your state's laws. Usually, tenants with a lease have more rights than displaced former homeowners. You may wish to avoid an eviction as stated above. It can make it hard to rent in the future.