Forclosure timeline?

Question

I got my default notice on Oct 23rd and will now be 3 months behind on my mortgage payments by the end of NOV. I live in CA. How long do i have to live in the house before they "forclose" and auction it. I need to know when I should move out.

Answer 1

It's different for each state. In CA, it seems like you are still in the redemption phase until the end of November and can call the bank to "cure" the foreclosure. If you haven't spoken to the bank, now would be the time to do it. They may be able to work out a plan to reduce payments or authorize a short sale (or you can sell it outright and pay them back in full).

During the next 30 days (end of December, in your scenario) is when you'll probably be evicted from the place. Make sure everything is packed and ready to go since you only have a couple of weeks left. It's tough to say exactly when this will happen. You should probably wait until the bank contacts you. You can certainly move everything to your new place in preparation, though (nothing stopping you from doing that).

Remember that moving / eviction may not be the end of the story so call the bank - you still have a couple of weeks at least.

Answer 2

In CA, the bank could foreclose on you at this point. They don't like to, especially in a depressed real estate market. They would prefer to work on a new payment plan with you.

However, once they begin the process, you will forced to vacate the property 45 days from the beginning of the foreclosure. (That assumes your lender doesn't miss any specific filing dates. They usually don't.)

Answer 3

Start boxing, moving things out now. Suppose you get a eviction notice that says you have 5 calendar days to vacate the property. Would you be ready?

Answer 4

alot of the companies are different. wait til you get served but start boxing up your stuff

Answer 5

Contact your bank, they will tell you.