A few days ago the daughter of an old friend of mine called me with a problem.......she (we'll call her Sue) was on the verge of hysteria. It seems she and her husband had run onto hard times due to a work stoppage at his plant. This was in early January and they hadn't made a house payment since July. On the day she called they had just received a letter from the bank. This very stern and official looking letter told them they had (20) days to vacate the property.... Now, up until this day they had not received any correspondence from the bank other than demand letters... no court papers... nothing... well that's just wrong!
Sue gets the crash course in foreclosure etiquette.
1) Actually in a foreclosure situation it normally takes at least 12 months....AFTER....the bank starts foreclosure proceedings to even think about having to leave your home.
2) You NEVER have to leave your home until (30) days AFTER it is sold at a Sheriff's Sale....and don't let the "Sheriff's Sale" upset you.....the only thing that happens on that day is that down at the Sheriff's office some people gather in a room and your house is auctioned off .....Then and ONLY THEN will you have to move....but here is the kicker......whoever buys the house cannot contact you other than to file an eviction notice and give you (30) days to get out.
3) Always remember that the banks will try to scam or bluff you to get you out as soon as they can ....but don't fall for it......but if they get so nasty you can't stand it then go file a Chapter 13 Bankruptcy.Once you are in the Chapter 13 BK you have just given yourself (6) more months at the property.....even if you default on the 13 and convert it to a Chapter 7 you have added still more time to your advantage.
Other ways to get the most out of this.
1) When you see what is ahead of you,hopefully in the early stages, go ahead and put your house up for sale....if you can't sell it outright...then sell it on contract and get a good down payment to pay your rent in a more affordable place.
2) We buy Houses........those ads are all over the place and while I don't agree with some of their tactics............You know what they say......any ol port in a storm !
3) Keep the faith....and don't ever lose your sense of humor.....You can do this !
