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Posted: Sun Jul 17, 2011 4:04 pm Post subject: foreclosure/evictions

how soon do we have to be out/

jameshogg · Posted: Sun Jul 17, 2011 9:34 pm Post subject:

Hi Guest,

You will receive an eviction notice from your mortgage lender. This notice will mention the time period within which you will have to leave the property.

Thanks

chrisgummerson · Posted: Mon Jul 18, 2011 10:29 am Post subject:

For states that use a deed of trust and a non judicial foreclosure, the timeline is: 90 days of missed payments - a Notice of Default is recorded. Once 90 days has elapsed from the recording of the NOD, then the lender can start to publicize the Trustee Sale. You will get a Notice of Trustee sale, saying on such a date, your home is going to auction. The TS cannot be less than 21 days after the NOD has been recorded for 90 days. Once the home goes to auction, either a bidder will purchase the home, or no one bids on the home and the property goes back to the bank. Either way, whoever owns the home, will contact you and make arrangements for you to leave. If you did not leave, then the owner will have to file for an Unlawful Detainer, or eviction. Once a notice to pay rent or quit has been served, you usually have 3-5 days to move, if not, the formal eviction is filed and you would be removed from the property by a sheriff, once a writ has been issued by the court.

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