Can anyone help me understand the foreclosure process of my condo home?
I have a condo unit that have not been able to pay, I have kept up with assessments. I recently put it up for short sale and am usually working but I think the bank is trying to serve me with court papers. I have received a first notice already but not a second. How much time do I have before i need to move out. And can i get in trouble if I am not home to receive second notice
if you had asked this 4 yrs ago, you would have been given the DEFAULT answer, as it was
a "mechanical, fast process." Today, with the fed told by the president to not foreclosure unless
the bank HAS too, it is advisable to work on paying off the loan.
If you can pay 25% of the normal payments, this will help you immensely. WHEN you are
working FT again, at a pay rate at least 75% of what you used to earn, start making payments
2x a mo. IT is VERY feasible that you will NOT lose your condo at all!!!
It is very feasible that you need only to get back to normal payments within 6 mo and
no problem will occur with the lender.
YOU did not state if you have any equity or how long you have owned the property; it does matter.
Available to guide you, free
Foreclosure can take between 6-18 months to conclude and you can’t get in trouble if you are not home to sign for the notices.
References :
Once the back serve you the foreclosure notice that’s when the process starts. "Notice to Foreclose"
You can appear in court and fight the process or just let it go and wait for the court to allow the bank to take possession. This may take up to a yera depending on where you live. You will be able to stay until the court actually completes the foreclosure process and sells the unit at auction. Don’t move until a final court date has been determined. You will get a notice i the mail from the court clerk.
References :
You can not get in trouble period.
The lender will serve notice, do not wait around for it, they will get it done.
It can take a long time to complete the foreclosure. Keep in contact with your bank, do not ignore their calls and notices. The auction may or may not occur on the dates in the notice, which is why you need to keep in communication with your lender to see if it is actually going to be auctioned that day or not.
After the auction, a Realtor will come by and discuss possession with you. They may offer a cash for keys deal, where you agree to be out of the condo by a certain date, leave it in good condition and they will give you the agreed upon stipend.
References :
Oregon Realtor
if you had asked this 4 yrs ago, you would have been given the DEFAULT answer, as it was
a "mechanical, fast process." Today, with the fed told by the president to not foreclosure unless
the bank HAS too, it is advisable to work on paying off the loan.
If you can pay 25% of the normal payments, this will help you immensely. WHEN you are
working FT again, at a pay rate at least 75% of what you used to earn, start making payments
2x a mo. IT is VERY feasible that you will NOT lose your condo at all!!!
It is very feasible that you need only to get back to normal payments within 6 mo and
no problem will occur with the lender.
YOU did not state if you have any equity or how long you have owned the property; it does matter.
Available to guide you, free
References :
RE broker
Give me your contact to email address. i might be able to help you.
References :
-Who are either going through foreclosure or someone who just needs to sell the house -The person doesn’t need have an upside down property.