When do we have to move...and where to????

[ylime]

We are losing our house to foreclosure and have come to terms with it, but I'm starting to panic a bit, so forgive me if these are stupid questions.

1. How do we know when we have to move? I assume that we will receive notice from someone, but I don't want to stay so long that we are evicted. Just wondering what a typical ballpark timeframe is. We just received our right to cure letter yesterday. Is it reasonable to say we could potentially have 6 months to find a new place to live, or 3???

2. Has anyone had issues finding a new place to live with the bankruptcy and pending foreclosure hanging over their head? Reading the rental criteria of several apartment communities here has me seriously scared that we are going to end up homeless or living in a hotel!

[shark66]

Your questions are not stupid by any means, and fears that you're experiencing are normal and many of us have gone through them, one way or another.

While I can't provide any insight on the timelines in your state, my advice would be to look at renting from a private landlord and not an apartment complex, if at all possible. Though you might end up with a door or two closed in your face, you'll eventually find a person willing to listen and understand enough to rent the place to you.

I'm sure more experienced members will soon chime in, hang in there.

Good luck.

[lunasgal]

I am not in Colorado but according to this site http://www.foreclosurelaw.org/Colora...losure_Law.htm the foreclosure moves pretty fast but if you just received a notice of default then you have at least a couple more months ( according to that site ). I think as soon as your home sells at the trustee sale you need to get out, or not sure about repemption.. Mortgage company might offer you keys for cash program as well.. . I am in a similar situation in New Mexico, and am following the status of my case at our NM State Court lookup to track the status..

And finding a home after bk and foreclosure will mess up your credit and you might have problems a big apartment complexes or property management companies.. Best thing you can do is be honest and upfront- When my time comes I am going to look into CraigsList and local newspapers for private homeowners where I can hopefully avoid a credit check, or be honest and upfront in person...

[secondtimer]

How Will I Find a Place to Live If I File for Bankruptcy?
by Brett Weiss, Maryland Bankruptcy Attorney · Posted in *Life After Bankruptcy,Consumer Credit Issues

Many of my clients worry about where they will live if the file for bankruptcy and surrender their (usually far under water) house. They’ve heard horror stories about people with bankruptcies on their credit being unable to rent. But things aren’t as bad as they fear.

My usual recommendation is not to look at the traditional large apartment complexes. Many will, indeed, reject applicants with a recent bankruptcy on their credit.

Much more likely to rent to you are individual landlords. They are usually far more concerned about you, the individual, than about your credit. A good job and first and last month’s rent often are sufficient to satisfy these landlords.

The best bet, however, is usually a “Lease With Option to Buy,” or LWOB. This is a special form of rental, typically involving three provisions in addition to the usual rental clauses:

1. You have the first right to buy the property at some time in the future (usually 2 or 3 years);

2. Some or all of your monthly rent payment is credited to the purchase price if you buy the property; and

3. The purchase price is set today.

A LWOB gives someone who has filed for bankruptcy a number of advantages. First, you can usually get a nicer condo, townhouse or single family home that might ordinarily be available for rent. Second, the landlord usually offers the LWOB because he or she can’t sell the property and is desperate for cash flow. This means that the landlord will usually care much less about your credit and the bankruptcy. Third, you are locking in the potential purchase of the property at today’s lower prices, rather than the price the property might sell for in 2-3 years. And finally, you are building up a substantial down payment if you decide to buy the property later.

How can you buy the property after a bankruptcy? Under current regulations, assuming your post-bankruptcy credit is good and you’d otherwise qualify (wages, savings and debt-to-income ratios are OK), you can get an FHA-guaranteed mortgage only two years after your discharge.

(Identifying/advertising information removed by moderator)

[Billssuck]

secondtimer...good posts!

[helpme2010]

I am in the same boat. I can come up with the first and last and even something a little extra to ensure my stability, but I don't have a job yet. That is why I am stalling my foreclosure with any method possible to buy me that extra time. If I don't find a job and if unemployment extension runs out, then I am seriously toast.

What are the odds if you don't have a job but have unemployment?
What are the odds if you don't have a job or unemployment, but can make rental payments for a period of time?

[discouraged]

Helpme - Are you near any family or can you move in with one of them? I know that, as much as I hate to do it, if it really comes down to the wire I can move in with my brother and sister-in-law. Do you have anyone like that? Or maybe a friend? If nothing else, and I really, really hate to say this, but a shelter is a possibility if you absolutely don't have anyone. I worked at a shelter (and kick myself daily for not staying at that job) and many of the people had jobs, but didn't make enough to rent a place.

It would be a solution, albeit not a great one, while you continued to look for work. Someone suggested looking for a roommate situation too - a person trying to save their home wanting to rent a room so they can afford to keep the house.

[helpme2010]

Helpme - Are you near any family or can you move in with one of them? I know that, as much as I hate to do it, if it really comes down to the wire I can move in with my brother and sister-in-law. Do you have anyone like that? Or maybe a friend? If nothing else, and I really, really hate to say this, but a shelter is a possibility if you absolutely don't have anyone. I worked at a shelter (and kick myself daily for not staying at that job) and many of the people had jobs, but didn't make enough to rent a place.

It would be a solution, albeit not a great one, while you continued to look for work. Someone suggested looking for a roommate situation too - a person trying to save their home wanting to rent a room so they can afford to keep the house.

I think I would have to move in with a friend or something if it comes to that. I can afford to rent now, I just don't have the job or credit history for that. Moving in with my family would not work. Living in L.A., its really tough to work at a low paying job and still be able to come up with rent, car, food, supplies, etc.

I have already admitted to myself that I won't be able to start a 401k or probably even be able to afford medical insurance, but I should at least be able to get a job that can pay my rent and groceries and at least just get by in life.

Is this what society is coming to? I feel like I live in India, desperately poor, just hoping I can work everyday so I can just have a roof over my head and food in my stomach and nothing else. Then hoping to not lose that job so I end up in poverty again.

[discouraged]

The reason I suggested it is because I can't think of anyone who would rent to you with just unemployment. I know, I am in the same boat. Managed to have a temp job for awhile but there really seems to be nothing out there. Have you tried temping? Could be a way to get your foot in the door. Also, you could say you worked at XYZ when applying for apartments but every apartment I've ever rented wanted a year lease. I don't know what it's like in LA though so I don't know the 'rules' there.

[helpme2010]

The reason I suggested it is because I can't think of anyone who would rent to you with just unemployment. I know, I am in the same boat. Managed to have a temp job for awhile but there really seems to be nothing out there. Have you tried temping? Could be a way to get your foot in the door. Also, you could say you worked at XYZ when applying for apartments but every apartment I've ever rented wanted a year lease. I don't know what it's like in LA though so I don't know the 'rules' there.

discouraged, I am fine with the year lease. If I continue to collect unemployment and really live tight tight tight tight, I can pull off one year of renting. I am looking at consulting offers, I have expanded how far I can drive to get to a job.

The good thing about moving is I can move a lot closer to where jobs are located, as well as my girlfriend and family too. I am looking forward to moving, I just need that job to close the deal. And you are right, there isn't much out there and what is out there isn't hiring anybody. They are looking for the Purple Squirrel employee (you know the person that doesn't exist).