My house is in foreclosure, what happens if it dosen't sell at the acution? How long do we have to move out?

Question

San Bernardino County, CA

Answer 1

If the house doesn't sell, it becomes the property of the bank which holds the mortgage. Usually you have a couple of months to move out.

Answer 2

In California we are a nonjudicial foreclosure state. In other words 99% of our loan foreclosures don't hit the courts.

If you have received your Notice of Default, you have 90 days to either refinance the house or work out a deal with your lender. Failure to do this the next document you will receive is a notice of Sale. This period is at the lenders pleasure, some will send the notice of sale immediately after the 90 days are up and some will not.

Getting the notice of sale, the lender now want to be fully paid, are not in the mood to work out something with you, but just might if you can prove that you can pay the mortgage with 3 party proof. This notice of sale is normally for a 20 day period .

Again this 20 day period is at the pleasure of the lender, some will immediately go to sale as soon as the 20 days are up and some will not.

At the sale the lender is looking for the principal of the mortgage, any late payments, any foreclosure cost. Adding these together will be the minimum bid that the lender will accept.

If the property do not sell it becomes the possession of the lender. If it sells then who ever is the highest bidder is now the new owner.

Now comes the time when who ever purchased the property with the highest bid will come a knocking and ask when you plan to move. Normally they will come loaded with a 3 day notice for you to move. Failure on your part to move will have the sheriff out to put you and your stuff on the streets and a change of the locks.

If the lender retains possession because no one bidded high enough, whom ever the lender has farmed the property out to for them to sell will come a knocking, loaded with a 3 day notice for you to move. Failure on your part to move will have the sheriffs out to put you and you stuff on the streets and a change of the locks.

If you are having financial problems and they can be over in a few months and you want to keep your home. You could file a bankruptcy to minimize your debts and keep the house.

If you don't don't waste your time and the time of the court. It will cost to get an attorney and the results will be the same, eventually you will be put out of your house. All you are doing is delaying what we all know.

You will be wasting your money,when you can best use it to find another place to live for you and your family

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 3

If your home does not sell at the court house auction the bank will try to sell the home retail. But keep in mind you have the opportunity to sell the home all the way up until foreclosure sale day. And if you have an offer the bank may postpone the foreclosure sale so that you can sell the property. Any amount of monies over the final judgment and after all liens are paid will go back to the homeowner. But you have to contract the courts to recover these funds, hope this helps,

Answer 4

It takes 3 months and 21 days to complete a foreclosure in California. Who ever the new owner is (usually the lender) will file an unlawful detainter law suit against you. In San Bernardino County, 45 days is average to get a court order to evict you.

I hope you move out before the eviction. An eviction is not pleasant. The sheriff comes and removes you from the house. If necessary they break down the door and come in and get you.

Answer 5

If you want to stay in your home consider land patents.. My home was in foreclosure here in California and I put the land in a land patent and that in turn stopped the foreclosure. IT is a legal loop hole. When your home is in a land patent, your land can't be taken away because of tax or debt. The house on the land is Real Estate. The lender can't sell your house because they don't own the land.... if this is something you might be interested in email me at [e-mail]

Answer 6

unless I'm very surprised, it won't sell at the auction and the mortgage company will receive title. [So far, here in Miami, mortgage companies have been putting minimum bid requirements in for the amount owed and 99.5% of the time, no one bids it so the mortgage company gets the property.]

How long you'll have to move out after that depends on CA law [use google to find] and what deal you can strike with the mortgage company.

Who knows?? They might let you rent the property from them on month-to-month terms, cash in advance (of course).

A known vacant house frequently attracts breakins and thus damage.

***
google and then ask.

Answer 7

back years ago, I was a process server. and at that time when I was training, my boss says the whole process takes about 18 months, not sure if it is so these days.
Good luck!!! I never did like that aspect of the job.

Answer 8

Have you contacted the lender and tried to work something out ? They don't want your house anymore then you want to give it to them.