What is my foreclosure time line now that my loan was sold to Fannie Mae?

[helpme2010]

Hey everyone, now that my mortgage was sold from Indymac to Fannie Mae a couple weeks ago, they gave me a 6 week cash for keys deal, which will end next month. I won't be able to meet any of these deadlines. So what happens next?

How much time do I have left? What are the warning signs? e.g. 30 day eviction notice?

Thanks everyone

[BKIN2010]

Too bad no one who know (or has experienced this) responded. I am in a similar situation and I am curios

[debee]

First you should get a 3 day Notice to Quit. Even though you're not a "tenant", I think they have to file these in order to proceed with the Unlawful Detainer. After the three days expires they file the suit and you get served. You have 5 days to respond. The judge will hear the case around 20 days after that. Then comes the sheriff.

Bit of salt on the wound, but if they file the suit you will have an eviction public record in addition to the bk.

eta: I jumped the gun. My post describes the eviction process. No idea when they will initiate. FannieMae might let you rent the house. Also, they might let you remain until it sells.

[BKIN2010]

My notice (from a local realtor) said to contact her within 10days with my "intentions". Does this mean they will not file suit until after the 10days? Does the ten days replace the 3 day notice you mentioned?

[debee]

I'm thinking they will serve you after the 10 days. The three day Notice to Quit becomes part of the court's record of the eviction so they have to serve you, fill it out correctly etc. Any mistakes and the case can get dismissed.

eta: Saw your post on the other thread - FannieMae may not evict you at all. They still need to sell the house. Sounds like you got an offer to rent? If/when they sell the house, then you have that owner to deal with. Some rent out, some don't.

[BKIN2010]

eta: Saw your post on the other thread - FannieMae may not evict you at all. They still need to sell the house.

Please elaborate. Are they required to rent to me or give the option? I plan to call the realtor tomorrow. Is there something I should do to ensure I get the rental option?

[debee]

I interpreted your post on the other thread to mean you had already been given the offer to rent. If you haven't, well, I'm not aware that FannieMae is required to do anything. At some point they will sell the house. If you don't get a rental deal, you may do well living rent-free and seeing how long you can pull that off.

[BKIN2010]

Ok..Thanks!