How long to stay?

[frankies_mom]

After trying and trying to save our home in a Ch 13 and strip the 2nd, we have decided to walk away and cut our losses. This was all just too much and we needed a fresh start.

We are going to tell our attorney tomorrow we are giving back our home. My questions is, does anyone know how long we may have to stay? We have Wells Fargo and in CT. We are hoping to stay a few months to build up some savings before moving to an apartment. But we want to be ready too?

Anyone have any advice? Thanks.

[seanjpatel]

The Way Foreclosures are going right now...I would say atleast 6-8 months before any real action is taken.

[seriously]

I have Wells Fargo too but am in NY. My last mortgage payment was May of 2009 and I'm still in the house! Things *may* have just started moving along. I'm not sure if CT has as much "red tape" as NY but if it does, you could be there for a year or more.

[frankies_mom]

Thanks for the input! I did find out we are a judicial state so I think that means we do have the red tape. We just want to be able to make a plan. I have been having fears they will show up at our doorstep and kick us out one night!

[seriously]

The way I understand it, they MUST list the property for sale publicly for 30 days prior to sale (possibly 60 days? not sure, might depend on state, county, etc etc)--besides informing you personally--and then AFTER sale I think there's *another* 30 days to move out. I too was afraid of the sheriff coming at 3am to remove me... but I don't think that happens unless you ignore all those things! GL!

[seriously]

Just an additional note--I check the local paper (website) daily to see if my sale has come up yet. You may also be able to check via the bank's lawyers once it gets to that stage. I have heard rumours that although they are supposed to (and prob legally obligated to) let you know personally, they often don't! So i am proactive about checking.