Moving Prior To Trustee's Sale Date

[nioka]

When facing foreclosure did you move prior to the Trustee's Sale Date? Did the bank go through with the foreclosure? Did the bank back out leaving your name on the deed?
What do you think the pros and cons are of moving before the Trustee's Sale?

I ask this because there seems to be two recommendations on the web. One says to find a new place to live as soon as you get the notice. Others now say stay with the house until you are sure the house has actually changed names.
The problem with staying until after the sale is, one has only a matter of days or weeks to vacate. Finding a rental in that short time could be difficult. If you can't get out on time you will have an eviction. From what I have read and heard from rental agents the one thing you do not want on your record is an eviction.
If the bank backs out of the foreclosure you remain responsible for HOA and maintenance costs.

I would like to hear your opinions on this subject. Thanks.

[ValleYum]

Refresh our memories.... the entity that holds your mortgage: Is it a local/hometown bank, a credit union, or one of the big banks?

An eviction filed against you would make it super hard to rent.

On the notice you received was there a contact person? Call them and/ or the bank and ask about cash for keys...

[nioka]

ValleYum,

The mortgage holder is Chase.

The Notice of Sale came certified, four copies in separate envelopes, was issues by a law firm in Memphis, TN.
(I am middle TN). There was no mention of cash for keys or a DIL. The notice did state that I could pay what I owed to stop the foreclosure.

A little over a month ago I called Chase and suggested a DIL. Chase told me to write a request and sent it to them. I did and sent it certified. I got back the paper work work for a loan modification.

I am unsure if talking to either Chase or their law firm would resolve anything.
I did surrender my house in my chapter 7 bankruptcy that was discharged in July 2014.

[ValleYum]

Talking to Chase worked for me for a DIL.

I did a thread about my 'DIL journey' here: http://www.bkforum.com/showthread.ph...n-Lieu-Program

[MD69107]

I just went thru a foreclosure with Chase. They did sell the house on the auction date (they sold it on paper anyway) to themselves. I had found a cheap rental home and moved out prior to the sale. The real estate people did contact me a few days after the sale and said they would offer cash for keys if I had still been living there. But I was afraid to take a chance on getting caught with nowhere to go.
I think it is a slow process after the home is sold at auction. The real estate lady told me I would still have 60-90 days to move out if I had stayed.

[nioka]

MD69107,

Thanks for your post.
I think the ideal of staying to the foreclosure date is reserved for those who have family to go to. There are too many variables otherwise. I am in TN and if someone buys it, or the bank takes control, they can force me out within 16 days. Of course either entity can offer cash for keys and schedule a date for move out that allows time to find a new home.
My main concern is avoiding that "eviction" record. Every rental or real estate agent I talked to told me they are fine with bankruptcies and foreclosures but evictions are another story.
At this point I am looking for a rental and will move once I find a place. I just want the stress to end.

[nioka]

Update: After receiving my foreclosure notice I started looking a month ago and what I found was not-so-good. I finally went out of the area and did find a nice house that fit my needs fairly well at a reasonable cost.
I am moving Oct 1 and the foreclosure sale date is Oct 7. I spoke with my attorney after receiving the foreclosure notice and prior to looking and he told that that in this area Chase has always taken the house if there are no buyers. IHO I had stayed as long as safely possible and now it is time to move on.
I managed to save a good sum of money and have no regrets.

My thanks to all those folks here at BK forum who were so helpful.