Do you have to leave on sale date
Submitted by marisolbenitez74 on Tue, 05/20/2008 - 2:02am.
on a foreclosure although you might need couple of days to get your things out of house? How much time would you have?
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Comments:
No, you don't have to leave on the sale date (at least in CA).
Typically you will be approached by a broker for the bank or the the new owner within a few weeks after the sale. Perhaps that day, perhaps months later, but typically it is about 2 weeks.
They will likely ask how soon you can be out. What is important for you to know is that they will pay you to move out quickly and to leave the house "broom clean" - which basically means everything including trash being out, with no excpectation that you'll shampoo carpets or paint walls. They will typically offer $500 to start, but most are authorized to go to $2,000, and I've paid as much as $5,000 when I've had a buyer that needed to move in quick.
If you don't take the cash, then they will proceed with an eviction. In CA the eviction process takes about 2 months, and you can drag it out by filing an answer to the lawsuit (yes an eviction is a lawsuit against you), or by filing bankruptcy. But ultimately this hurts you more then them. You will end up with a judgement against you for rent from the foreclosure sale date, and further black marks on your credit.
My recommendation - be ready to move shortly after the sale date, and negotiate for as much cash as you can get.
Is this true? I have a sale date of 9/15/2008 and I am panicking packing etc not wanting to lose what we have. Am I ok to not finish packing right away? Someone will be contacting us?
Yes this is correct with regard to CA, and should be similiar in many other states as well. You should certainly keep packing. If you can move quickly once you are contacted, they are likely to pay you more "cash-for-keys".
a scenario - in CA
what can you do if soon after the sale, in less than a week. the sheriff and animal control show up and evicts them, giving them only a few hours to move. No eviction paperwork was received prior to the sheriff
If the bank that held the mortgage bought the property do they have to go through the eviction process?
Yes lenders have to go through the eviction process.
Do note that it is possible for the notices to only be posted, rather than served individually - especially if you are hard to reach. If someone pulled down the posted notice without your seeing it the eviction as described is possible.
If there was truly no notice you'd have a significant case against the Sherrif's office I'd think.
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