[Incabiker]

Hello,

Well they denied the deed for lease, and since it took 3 months for that process I have no time to do a short sell before the foreclosure this Tuesday (they will not postpone it).

After the foreclosure, about how much time does one have before you get evicted? I want to be out of the house by then, but I need time to look for a rental. What is the process they go through to evict someone?

Also, does anyone know a good place to find rentals? We are trying to find a place in the district of Mcgarity elementry school (where my kids go to school now.) I don't want to move them away from their friends and teachers if I don't have to.

Thanks

[All I Hear is Blah Blah Blah]

They will need to evict you, so you will get served with a dispossessory action and you will want to reply to that to get a court date. Most lenders will offer you a cash for keys "gift" to leave the home without them filing a dispossessory action. This allows them to avoid the expense of a dispossessory/writ and makes you leave the home in broom swept condition, which also saves them money. If you get served a dispossessory action, ANSWER IT, even if it's nothing but you cannot afford to stay in the home. This will give you a court date which will prolong the process. If you don't answer the dispossessory action then they can ask for a writ of possession and you will have about seven days from there before the sherrif can put you out. It really depends on how backed up the courts are, but I would say you probably would have a month or two months if you answer the action. But my guess is that you will be contacted by the lender with an offer of cash to avoid the legal mess. Good luck!

[Pinnacle Air Inc]

If your house is going to be auctioned off on the court house steps on Tuesday wait and see who buys it. A lot of the investors buying these properties are willing to just let you stay in it and rent it from them if you want too.
If you don't want to rent it some of these investors will pay you to move out if you leave it in good shape and they don't have to file an eviction to get you out. I think if they do have to file and eviction it will take at least a month.
If no one buys it at the auction and the bank gets it back I don't know how long they will give you.

I only know this because we do the heating and air work for a lot of these investors.

[Incabiker]

Thanks for the info. That helps a lot! So the banks will actually contact you after the house has been foreclosed on and offer you cash for a broom swept condition house? That is what I was trying to get in the deed for lease. That is odd.

Also, how do I find out who purchases the property? Will it be online or will I get a letter stating who now owns the property?

Thanks again.

[Happy Wife And Mom]

Incabiker, on 02 September 2011 - 02:07 PM, said:

Also, how do I find out who purchases the property? Will it be online or will I get a letter stating who now owns the property?

Thanks again.

Someone will contact you one way or the other. The bank will probably retain it, then what Blah Blah Blah says is correct.

[All I Hear is Blah Blah Blah]

Incabiker, on 02 September 2011 - 02:07 PM, said:

Thanks for the info. That helps a lot! So the banks will actually contact you after the house has been foreclosed on and offer you cash for a broom swept condition house? That is what I was trying to get in the deed for lease. That is odd.

Also, how do I find out who purchases the property? Will it be online or will I get a letter stating who now owns the property?

Thanks again.

There is no guarantee they will do that (Cash for Keys), but MOST do because it saves them money in the end. They will contact you and let you know who owns it, most likely it is going to be the bank that foreclosed, again, not 100% guaranteed but most likely that will be the case. If you hear from the sherrif first with the dispossessory action then there will be no cash for keys offer, they are just going to take the legal route to get you out.

This post has been edited by All I Hear is Blah Blah Blah: 02 September 2011 - 02:12 PM

[justgettingby]

My neighbor got $2500 for leaving the house "broom swept" with appliances and light fixtures when the house he was renting went into foreclosure. Not a bad deal really.

[Incabiker]

Ok, thanks again for all the great info. I am going to be upset when I find the house sells for $40,000.. because if they would had just refinanced it for that with me it would have saved both the bank and I a lot of hassle.

Now I need to move forward to look for rental protperties.

[Jaydensmommy]

My house foreclosed in mid 2007. The court date for the foreclosure was in the first week in June, and the pink evicition papers were tacked and nailed to our door in August. So it took about 2 months after court for the actual eviction part to proceed. We moved out well before then though.

Incabiker, on 02 September 2011 - 02:20 PM, said:

Ok, thanks again for all the great info. I am going to be upset when I find the house sells for $40,000.. because if they would had just refinanced it for that with me it would have saved both the bank and I a lot of hassle.

Now I need to move forward to look for rental protperties.

That kinda happened to us. We bought our home for $95K. It foreclosed and sold for $60K. It really made me mad. We tried our best to get Countrywide to work with us to keep our home, but nope they wouldnt do crap. We still live in the same neighborhood as our foreclosed home, we rent a house walking distance from our old home. Its real depressing having to drive by it everyday.

[Subby's Mower Repair]

It really depends on a few things- the lender, how much you owe, and how much you paid (like did you buy your house when prices were inflated, and are now half what they were), and so on. I know plenty of people who have been getting foreclosure notices for well over a year, and have to receive an eviction notice. Most of these fall into the category I mentioned, when their loan was, let's say $140,000 for a home they have not made a dent in yet, so the lender is reluctant to oust them, since they will lose a LOT OF money if they foreclose. Likewise, I know someone who fell behind and have already paid much of their loan off...in those cases, the banks move FASTER to get you out, since they will make money. It's all about whatever is in the bank's best interest.

[rockysmom]

Jaydensmommy, on 02 September 2011 - 08:58 PM, said:

My house foreclosed in mid 2007. The court date for the foreclosure was in the first week in June, and the pink evicition papers were tacked and nailed to our door in August. So it took about 2 months after court for the actual eviction part to proceed. We moved out well before then though.



That kinda happened to us. We bought our home for $95K. It foreclosed and sold for $60K. It really made me mad. We tried our best to get Countrywide to work with us to keep our home, but nope they wouldnt do crap. We still live in the same neighborhood as our foreclosed home, we rent a house walking distance from our old home. Its real depressing having to drive by it everyday.

Well, that just has to stink! I am truly sorry.

[Subby's Mower Repair]

rockysmom, on 02 September 2011 - 09:23 PM, said:

Well, that just has to stink! I am truly sorry.

Sure does, and it's happening EVERYWHERE! I was blown away when they approved a loan mod for me. Dropped my payment by about $150 per month, and 2% interest for the next 5 years, and done away with the almost $2800 I was behind on. Go figure!????? I sure aint complaining though. I guess we just got lucky.

[Happy Wife And Mom]

My MIL got lucky with her modification as well. Her payments went down around $300 and her interest is 1 or 2% for 5 years.

[dapandlap]

What happens after the five year period is up?

[Subby's Mower Repair]

dapandlap, on 02 September 2011 - 09:48 PM, said:

What happens after the five year period is up?

In my case, it locks in at 5% after that......sweet, eh?

BUT YOU CANNOT MISS ONE SINGLE PAYMENT!!!

[Happy Wife And Mom]

Subby, on 02 September 2011 - 09:49 PM, said:

In my case, it locks in at 5% after that......sweet, eh?

BUT YOU CANNOT MISS ONE SINGLE PAYMENT!!!

Yeah that. They have dropped it a small amount for 6 on time payments as well. This is through MetLife.

[dapandlap]

Subby, on 02 September 2011 - 09:49 PM, said:

In my case, it locks in at 5% after that......sweet, eh?

BUT YOU CANNOT MISS ONE SINGLE PAYMENT!!!

Sounds cool, now after that 5 years do you have 25 to go, meaning did the original loan modification set you back to sqaure one as far as the 30 year time frame?
I'm just curious how these things work, we have been blessed and not come close to missing a payment, however me being in residential construction, it has been slow the past couple of years.

[jazzygirl]

I'm sorry you couldn't make the payments on your home -- please "sweep it" if it means money in your pocket and leave it in decent condition so that the market analysis for the neighborhood and resale value of the other homes does not suffer. Consider it "pay it forward" if you must so that you may find a renter willing to rent. So tired of seeing homes in my area stripped bare of A/C, appliances, etc. I am truly sorry for the situation that left those unable to pay their promisory notes -- I hope your rental payment in within your means and wish you well!

[cobb transplant]

I watched an eviction hearing in Cobb and learned something interesting. the new owner of the foreclosure was an investor in rental properties and had incorporated as an "LLC". LLC's have to be represented in court by an attorney, not just the property owner. the case was thrown out because the investor was representing himself and did not have an attorney there with him. Of course, I'm sure he just hired an attorney and redid the eviction proceeding - but it bought some time for the forclosed on previous owner.

[Subby's Mower Repair]

dapandlap, on 02 September 2011 - 09:56 PM, said:

Sounds cool, now after that 5 years do you have 25 to go, meaning did the original loan modification set you back to sqaure one as far as the 30 year time frame?
I'm just curious how these things work, we have been blessed and not come close to missing a payment, however me being in residential construction, it has been slow the past couple of years.

No. The modification is based on what you owe. But in my case, if that were the case, it wouldn't matter much because I refinanced not very long ago, and I haven't lived in my home very long anyway. Loan mods are finally becoming easier to get than they once were because the banks are getting flooding with millions of empty homes that aren't worth half of what the bank approved them for before the meltdown. It is in their best interest to keep people on their homes by making payments more affordable.

[Incabiker]

Our modification hardly dropped our payments at all, and I got a 60% paycut at work, so they would have needed to do much better for me to keep the house. I keep hearing about these $300 loan modifications, but mine was only reduced $50, doesn't help out at all.


Anyhow, if the bank forecloses and does not offer me compensation according to the "broom swept" agreement mentioned above, then you better believe that I am going to sell any appliances I have bought with my hard earned money while I have been living in the house. I am not just going to leave money (bought appliances) sitting in the house for someone else to steal. I will keep what I will need for then new place and sell what I don't. I bought it and if I am not compensated I will sell it, this includes the A.C., water heater, ovens, dishwasher, etc.. etc.. Sorry, but I have the receipt for these items and I am not just going to give them away for free.

[tbird]

Incabiker, on 06 September 2011 - 01:21 PM, said:

Our modification hardly dropped our payments at all, and I got a 60% paycut at work, so they would have needed to do much better for me to keep the house. I keep hearing about these $300 loan modifications, but mine was only reduced $50, doesn't help out at all.


Anyhow, if the bank forecloses and does not offer me compensation according to the "broom swept" agreement mentioned above, then you better believe that I am going to sell any appliances I have bought with my hard earned money while I have been living in the house. I am not just going to leave money (bought appliances) sitting in the house for someone else to steal. I will keep what I will need for then new place and sell what I don't. I bought it and if I am not compensated I will sell it, this includes the A.C., water heater, ovens, dishwasher, etc.. etc.. Sorry, but I have the receipt for these items and I am not just going to give them away for free.

[GeorgiaTornado]

tbird...why would you him?

When I bought my house it didn't come with the appliances either. So I don't guess I understand why someone would be angry with him for taking something he bought.

[Georgiahorse]

We lost our home/farm to forclosure 3 yrs ago. I dont blame you one bit I'd be taking it all with me as well. I dont think the a/c unit. But just like someone pointed out it probably would end up being stolen anyways.Only thing my dad sold was the refridge out of the house. He left everyting else.Makes me so dang mad they rush people to get out of the houses then they sit there for months cause they cant sell them.. Now I am saving up to try to buy me a forclosed home. Everyone I have went to has not had any of the appliances in them. So seems fair to me what you are doing.

[Happy Wife And Mom]

Could be worse, the lady across the street moved 4 months ago without cleaning out her fridge. I doubt anyone will want those appliances