My husband lost his job 3 years ago and it's gotten to the point where I can't pay my bills. We live in Michigan where things are really bad.
2007-10-06 07:42:07 · 4 answers · asked by ttbobby_2000 1 in Business & Finance ➔ Renting & Real Estate
Until the actual sale date. If you are not out by then, expect an eviction shortly afterwards. If the foreclosure process is a judicial one, expect it to include an order of possession (eviction) for the lender.
2007-10-06 07:50:29 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Bostonian is correct. You can legally live in it until the title transfers, which will be the day of the foreclosure sale.
In Ohio where I live, once you have missed 3 consecutive payments a Notice of Default or "Lis Pendes" is filed with the county court. From then, one would have approx 5-9 months until the sale date.
However, if you decide to file bankruptcy it could take much longer. I have seen cases where people have lived in their homes for well over a year before they were forced to move. Of course doing so will destroy your credit.
If you are concerned about your credit ask the lender to do a "deed in lieu of foreclosure" it's kind of like a voluntary repossesion. Or you can explore a short sale with a local realtor or real estate investor. Contact the MI Real Estate Investors Assn for investors that do short sales in your area. Here is their web address. www.reiofmi.org
You do have some options. Good luck.
2007-10-06 08:06:11 · answer #2 · answered by RealEstateGuy 2 · 0⤊ 0⤋
Hi their, Sorry to hear about that. IF you can, put your house on the market and start banking your cash that you do have. Depending on what you make off your house and what you have in the bank you may be able to get another house. Maybe you have to rent for a while. I went threw something simular, but we managed to save our home pull it back out of forclosure. I know that the house is still yours even if they auction it off, just untill the judge signs the auction paper. If you manage to sell it before the judge signs, it goes to your buyer not the person who won the auction. Thats how it is here in Wisconsin it may be different in Michigan.
2007-10-06 08:11:56 · answer #3 · answered by myangelsfuture 3 · 0⤊ 0⤋
ttbobby---
Bostonian is correct....also here is a link to the state foreclosure laws and procedures and timelines. hope this helps you.
http://www.foreclosures.com/pages/state_laws.asp
good luck :)
2007-10-06 09:33:31 · answer #4 · answered by Blue October 6 · 0⤊ 0⤋