When do you know its time to get out of the house?

[Panacea]

Besides the obvious.

I'm only a little over 45 days late. Missed Sep 1st payment.

So, if I'm reading the MD foreclosure law correct.

At 90 days the foreclosure begins and I will get papers

45 days after the 90 they have a foreclosure sale.

So, possibly, I only have 135 days, which would be Jan 14th?

I'm totally freaking out today about this.

Please, if anyone can advise, when should I really start thinking about moving? I don't want it to be sudden, but I don't want to jump the gun. Maybe when I get the info about the impending auction/sale? Is that a good time? Though I've heard they get delayed also....why?

And where online, can I find info about my house getting notices of defaults, sale/auction.....

[keepinitreal]

If you only need 30 days notice, you can wait until the house is out of your name and the new owner sends you legal notice to vacate the property.

[Panacea]

Thanks.

Is the house out of my name after the auction/sale? So at the auction, if no one buys, the bank owns at that point, and I have 30 days?

[Panacea]

and I just saw your other post in another thread, depending on if they had a deed of trust or a mortgage....I have a deed of trust, which will make this process easier, faster, and cheaper for the lender...........................................g reat.

[researchnerd]

Looks like you may have another 30 days after the actual foreclosure sale, while the sale is being ratified by the court. But...do you really want to hang around until the moment they kick you out?

IMHO, you know it's time to go when you start to feel anxious about it. We moved when our mortgage was just 2 months past due because we knew we'd be surrendering the house, and didn't want any surprises. We didn't know exactly how long foreclosure would take, but wanted to move on our terms, not because we had to do it in a hurry. As it turned out, we could have stayed another 3-6 months and saved some cash, but it was well worth giving that up in order to sleep at night.

If you know you'll need to move in a few months, now might be a good time to start looking around for a new place to live. You may find your panic transforming into a sense of relief when you take some control of the situation, instead of waiting for things to happen.

[tobee43]

we moved after approx. 10 months or so, we didn't have to go....it's 2.7 years later and they still haven't foreclosed...however, i really can't say when they would have served us with the 90 day notice to leave.

this is the quick differences ....but please there really is no need to panic.

please check out thread on Judicial versus Non-Judicial foreclosure...this is a blog i did with a list broken down state by state...hope it helps.

http://www.bkforum.com/entry.php?398-Forclosures-is-YOUR-state-Judicial-vs.-non-Judicial

Over half of the states in the United States use mortgages as security instruments. The other states use a deed of trust, which serves the same purpose, but with a few important differences.


A deed of trust is a special kind of deed that is recorded in public records, where it tells everyone that there is a lien on your property.

A deed of trust involves three parties. You are the trustor, the lender is the beneficiary, and a third party is the trustee--someone who holds temporary (but not full) title until the lien is paid.

The trustee should be a neutral third party, someone who won't favor either you or the lender if problems crop up. In some states, attorneys act as trustees, and in others, title insurance companies often provide the service.

The trustee cannot take your property for no reason--documents are in place to protect against that.

The deed of trust is cancelled when the debt is paid.

now...i don't care where you are or if you have a deed of trust or mortgage...there still needs to be "legal" methods to have you evicted. ....when you get served you can go to court and ask the judge for an extension...the judge...i would say 99.9% will have you work it out with the lender so you can stall you retreat....really...i know someone that went to court 3 times!! and, got an extension.

"The differences between a mortgage and a deed of trust affect home buyers only when foreclosure is an issue, because the trustee has the power to sell the house if your loan becomes delinquent. The lender must give the trustee proof of the delinquency and ask the trustee to initiate foreclosure proceedings.

The trustee must progress as allowed by law and as dictated in your deed of trust, but the process bypasses the court system, making it a much faster and cheaper way for the lender to foreclose.

You cannot choose the way your loan is secured, that's determined by where you live, but it's important to have an understanding of the type of lien that secures the debt for your home. "