When you are served with foreclosure papers on your home, how many days do you have to move out?
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Answer:
You will need to check with the company that is foreclosing against you however, I would think it is true in most places, you legally own the home until it is foreclosed.
You can probably sign over the deed of trust to the creditor however it will still show on your credit report as a in lieu of foreclosure.
Depending on how long your it takes your state to foreclose, best thing to do is to list your house and try to sell the property prior to the foreclosure. Sometimes the creditor may postpone the sale date if you can show a contract on the house. Most lenders know that it can take a while to get the legal paperwork finished to sell the house.
Contact your lender or creditor and ask if you can sell the house and get a good offer on it, if they would be willing to postpone the foreclosure.
If you know someone that buys and rents property out, you may want to contact them directly and see if they would be interested in purchasing the house from you. You may want to contact your lender especially if it is a local bank that holds the mortgage and see if they may know of someone that may be looking to purchase a home in your area or in your price range.
Depends on what state you live in, either way after the sale of the house the Sheriff will be stopping by to move you out if you haven't done so already.
Your notice didn't tell you? You might want to read it. Yes, you can sell it or redeem it by the auction date, the bank really doesn't want that property back. Call the company who is foreclosing on you, they will tell you what you need to know.
because you got papers does not mean you turn in the key and leave immediately. you have time to make other choices. you can try and get into a forbearance agreement with the lender, and it is tough to do. you can go immediately to a real estate lawyer, and have him put a stop on the proceedings. you can go to a bankruptcy paralegal or attorney, and file papers.
you will not have to vacate until after the hearing on the matter. there are procedures, and you have to go before a judge and plead your case. he can force the lender into a forbearance. or he will rule for them and you will have to move out immediately after.
the market in your area may be flowing and you CAN sell, and make the equity and recover cash to have in order to find another place to live. you will be solicited by the we buy homes guys, and they will give you exactly what you owe, and you will walk away with cleaner credit.
the other choice is to find a mortgage broker who can get you a hard money loan to save the property. when they ask you to turn in the key, DO NOT. this will be a credit score suicide. i know it seems civilized. can you get anyone to help you catch up the payments and legal fees? sorry this is happening. i wish you luck.
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