Foreclosure University

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eviction

my home is in foreclosure…what is the notification I will recieve?

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Question:  my home is in foreclosure…what is the notification I will recieve to know that i have to move?

Answer:  – First you will receive a notice of default from the bank letting you know they are enforcing their rights in the contract to obtain the property in the event you don’t pay. Depending on your state and if it’s a judicial or non-judicial foreclosure process, you’ll either have your redemption period before or after the auction. If the redemption period is before the auction, then once the home forecloses you will receive a notice to vacate the premises. This is when you need to be out. If the redemption period is after the auction, then again you will be notified to vacate after the redemption period is over. The notice is usually posted on your door.

Cash for Keys after foreclosure

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Question:  Our home has been foreclosed and the redemption period is over… We are being evicted… There is a “cash for keys” offer on the table… What can we take – “legally” – from the premises and still meet the “cash for keys” expectation… and what repercussions would there be if we elect to not accept the offer and leave the house after eviction… without any legal trouble…

Answer:  – You can legally take everything that is yours which means anything that is NOT attached to the property itself. This would include furnishings, some appliances, personal belongings etc. You should leave the light fixtures, appliances that are attached or built in like the dishwasher, microwave, stove, the furnace, a/c unit, etc. You get the idea. The goal here is that they want you to leave peacefully. They are tired of ticking off tenants or homeowners who wreck the home as they leave. In the long run, it’s better to pay cash to help them leave. Now, you don’t have to leave if you don’t want to either. The bank or realtor may want you to believe you have no other option. But legally you do and you don’t have to accept their “cash for keys” offer. You have to weigh all the options. Is it benefiting your family to leave now or would it be better to leave a few months down the road to give you time to settle into another home. Timing is important. It’s not fun to leave right before a holiday or when school is almost out. It costs to move as well. Don’t settle on any amount less than $1000 or 1% of your homes value. Remember, if you leave now, you have to start making payments somewhere else. If the eviction process takes 90 days, that’s 3 months of rent you don’t have to pay for. By no means do I encourage you to stay, but run the numbers and make sure it’s beneficial for your family. The only repercussions if you don’t take the offer would be that you don’t get any cash to move out and you will be evicted eventually.

And more more thing. If you decide to go with the “cash for keys” option, make sure it’s all in writing 🙂