Need some advice, please

  • Posted by a hidden member.
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    Apr 07, 2011 9:27 PM GMT

    Yes, I know, this is under the wrong section...but I'm desperate for info!!

    I am currently leasing a house which I just found out yesterday is in the process of foreclosure. The owner has two houses in this area and both will be foreclosed upon.
    Apparently, he stopped making his mortgage payments on Feb. 1st. 2011, I would surmise that in today's market, this is a fairly recent occurrence.
    I also understand that it can often take months, even a year or two before the bank finally forecloses on the property and does a formal eviction.
    Question: Has anyone here been in this kind of situation before? How long does it actually take to foreclose on a house in today's market?
  • masculumpedes

    Posts: 5549

    Apr 07, 2011 9:34 PM GMT
    This advice is not legal because I have never been in this situation before but one of my friends is now. In order to help my friend get more information on her current situation, I contacted a Realtor and told her that I was interested in the home that my friend was renting. She was very helpful and replied:

    "This home is yet to be foreclosed and no date has been scheduled at trustee.
    I can set up a search so you don't miss whenever it gets listed if you wish.
    As a matter of fact, I'll go ahead and set it up for you. As soon as it gets listed as a foreclosure, you'll be notified immediately via email."

    This way, my friend has an advance notice before her landlord lets her know.icon_wink.gif
  • Posted by a hidden member.
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    Apr 07, 2011 9:38 PM GMT
    Friendsrbetter saidYes, I know, this is under the wrong section...but I'm desperate for info!!

    I am currently leasing a house which I just found out yesterday is in the process of foreclosure. The owner has two houses in this area and both will be foreclosed upon.
    Apparently, he stopped making his mortgage payments on Feb. 1st. 2011, I would surmise that in today's market, this is a fairly recent occurrence.
    I also understand that it can often take months, even a year or two before the bank finally forecloses on the property and does a formal eviction.
    Question: Has anyone here been in this kind of situation before? How long does it actually take to foreclose on a house in today's market?


    The length of time it takes to foreclose on a house in default varies greatly from state to state.
  • Posted by a hidden member.
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    Apr 07, 2011 10:03 PM GMT
    Asking for legal advice on a fitness site is like taking your car to a brothel to have the back seat reupholstered.
    The only thing you're gonna get is fucked. icon_wink.gif
  • Posted by a hidden member.
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    Apr 07, 2011 10:14 PM GMT
    paulflexes saidAsking for legal advice on a fitness site is like taking your car to a brothel to have the back seat reupholstered.
    The only thing you're gonna get is fucked. icon_wink.gif


    Thanks so much for you support, Paul.... always knew I could count on you. .icon_rolleyes.gif
  • HndsmKansan

    Posts: 16311

    Apr 07, 2011 11:41 PM GMT
    First of all, nobody should be giving you "legal advice" on Realjock.....

    But this isn't legal advice, it's basic real estate information based on experience... I know we have 3 foreclosed homes in my subdivision.
    As an HOA board member, we are always responding to homeowner
    concerns about how a foreclosed home will affect property values (not that we can give specific answers. I mowed the lawn of one of them last summer.

    The reality is, they all vary. Of of those foreclosed had a "For Sale" sign in the yard within 3 months...... but the home I mow just got it about 3 weeks ago and the owners left in January.... of last year! None of the 3 foreclosed homes involved eviction, the homeowners simply left... and none of the homes are in bad shape.

    I know I'm not really helping you, but my suggestion is to locate some of the realitors selling homes near the one(s) you are considering and maybe contact them and ask some questions. Even if they aren't informed, they may be able to give you a reference that can be more specific to your concerns.. in your area!
  • Posted by a hidden member.
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    Apr 08, 2011 2:18 AM GMT

    Thanks, Chris... I thought long and hard about the heading AFTER I created this thread... I knew it wasn't really "legal" advice I was seeking. In any case, I changed it and took out the word legal.
    Also appreciate your input... I was thinking along the same lines.
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    Apr 08, 2011 2:24 AM GMT
    In non judicial states, it is usually about a six month process and a notice is put on the door 30-60 days before foreclosure. In judicial states it can take longer because it has to go through the courts. In most states if the house is rented you have a right to continue renting through the bank after foreclosure until the house is sold or they evict you which usually takes about 60-90 days. I do not know the laws in your state, so I would contact an attorney or realtor and find out for sure.
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    Apr 08, 2011 3:11 AM GMT
    Depends upon the bank and the court but you might get to skate on paying rent or pay rent to the bank and not the former landlord/owner. Many former owners have squatted in their home for a year or more before eviction. Never heard that working out for renters they usually get screwed as far as the little I have seen on TV. Are you in a position to buy the place? Keep the utilities payed up. Start looking for a place to move to? My sympathies.
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    Apr 09, 2011 2:36 AM GMT
    Kev1962 saidDepends upon the bank and the court but you might get to skate on paying rent or pay rent to the bank and not the former landlord/owner. Many former owners have squatted in their home for a year or more before eviction. Never heard that working out for renters they usually get screwed as far as the little I have seen on TV. Are you in a position to buy the place? Keep the utilities payed up. Start looking for a place to move to? My sympathies.


    Thanks, Kev... I have no interest in buying this (or any other) place. I like the idea of calling someone else to come take care of the repairs...and NOT have to pay for it. I've started looking, but since this all just started, I think I have a few more months to stay here.