Auction Date Set...How long do we have?

[mickeyme]

Our condo is in short sale but the lender is not approving the offer. We already received the NOS and the sale date is set for Nov 12th….UGH!!! I have requested an extension for sale with no luck. I have been doing some research to see how long after the sale we have to move out? We are in So Cal and I do know that we are a Non-Judicial State.
1. So does anyone know how long after the auction date we will have to move?
2. If the extension is not granted and the sale date stays as Nov12th should we pay
the Nov HOAs?
My broker seems to think that we could have up to 30 days after the sale and maybe we can even get cash for keys. That would be awesome but nothing has really gone our way this entire process so I am not counting on the cash for keys…though it would be very helpful for first & last month rent @ the new place.
Watch out…the banks are picking up the pace…we missed our first payment in March 2010.

Any input would be greatly appreciated.

Thanks


Our Stats:
Ch7 BK Discharge – 01/2009 – mortgage NOT reaffirmed
Last payment on 2nd – 11/2009 (Citi Mortgage)
Last payment on 1st – 03/2010 (GMAC Mortgage)
Auction date set for: 11/12/10

[keepinitreal]

2. If the extension is not granted and the sale date stays as Nov12th should we pay
the Nov HOAs?

Yes, pay your HOA fees until the title to the property is out of your name(s).

[ccsjoe]

mickeyme, I created blogs on both foreclosure and eviction and cash for keys, all in CA. Click on the blog link under my name on the left, that should provide you some answers. There is a formal process new owner must follow to have you evicted, can take approx. 60 days, but you do not want to be stuck with finding a rental with a UD on your record, most LL's will not lease with this. You want to negotiate an exit, hopefully with some $$. Hope my blogs help you.

[mickeyme]

Thank you for the info.

ccsjoe - your blog was very helpful. I still have a couple of questions though for who ever has any input:

1. The auction will be tomorrow, 11/12/10 @ 10:30am. Once it is sold or turned back to the bank do I have 3 days from that date, 11/12/10 OR 3 days for when the Sheriff serves me? We found a new place and would like to move in NEXT Saturday but if we must we can move out this weekend. I just need to buy one more week. If the Sheriff does come to my door do they make you get out right away and change the locks?

2. Once the auction takes place I know that the property will be out of my name. Since it is the middle of the month should I have to pay the HOA in full?

3. How long will it take to show that our names are no longer on title? Where can I receive confirmation?

I called the Sheriffs office today but was on hole for 2 hrs before I had to hang up. I was hoping to determine their timeframe for evictions but no luck.

Thanks for any advice / input. This is such an exciting time in our lives and EVERYTHING....BK, Home, Business failures will be behind us and we can start fresh!!!

[ccsjoe]

You have three days from when you're served with notice. With the auction tomorrow, assuming it does not get postponed, the county recorder will not process the documents until at least 5 business days, make certified copies, etc. I'd say you have nothing to worry about if your move date is the following Saturday. By the same token, when the sale records, find out who the owner is and see if you can negotiate cash for keys.