I have read conflicting stories of what happens afte...
Submitted by jbukaroo
from CA
- 02/25/2009 - 4:12pm
I have read conflicting stories of what happens after a trustee sale, one is you have 3 days to be out, and the other that they contact you and offer cash for keys may be you can give some insight? I am in la county ca
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Both are correct - The bank can post a 3 Day Notice to Vacate after they take the home back. Please note this is 3 days from when they post the notice vs 3 days from when they take the home back.
The bank may also offer you cash for keys - in this case they will request you leave the house on a certain date and leave the home in a broom clean condition. They do this to make sure the home is in good condition and further damage will occur and to insure the homeowner vacates the home. This will save from having to take further legal action if the homeowner does not leave the home after the 3 day notice is filed.
Lastly, in CA if you are a tenant, the bank is required to post a 60 Day Notice to Vacate. The bank can also offer cash for keys for the same reasons noted above.
BOB
bob@inspiragroup.com
949-600-5404
So you really dont know until it happens basically?
You have LOTS of time really. Even with a 3 day notice, that is only the notice they have to provide before filing the unlawful detainer action (eviction lawsuit). From there they have to serve you with a complaint, give you time to answer, and have a judge rule on the matter. Don't waste anytime once you get the 3 day notice, but it will be a minimum of a month before you have to worry about the Sheriff knocking on your door (at least here in CA).
We were never served a notice that Deutch Bank was going to get or have gotten the title after deciding that we would change our Bankuptcy from a 13 to a 7. In fact, IndyMac had sent the application for their HAMP program which we filled out and sent back the next day we got it. We got the 3 day notice and I would like to know if Deutch Bank would let us buy/lease the property instead of evict us.?
How does this work in Maryland? House sold at auction on 3/20/09...how do I know who bought it and what happens next?
I have done alot of research on foreclosures and the foreclosure process but have gotten conflicting answers as far as who needs to be notified regarding a notice of default and trustee sale. My home was foreclosed on by a junior lien holder who never notified the primary mortgage holder of the upcoming sale. I was under the impression that all parties who have an interest in the property must be notified. Wouldn't this include the primary mortgage holder? Also when a home is sold at action do all proceeds go to paying off the 1st mortgage or do they go to the foreclosing junior lien holder? One last question...does a 1st mortgage need to be paid off before a home can be sold at trustee sale? I desperately need some answers and your help will be greatly appreciated. Thank you.
Linda
1. They need to notify junior lienholders at risk of being wiped out. Senior lienholders secured interest in the property isn't affected by a juniors foreclosure.
2. When a junior is foreclosed on, NO proceeds go towards the senior liens. Instead they first go to the foreclosing loan, and anything remaining would go to junior lienholders, then ultimately the owner. The senior gets nothing, as they still have their secured interest in the property.
3. No a senior lien does not need to be paid off.
My foreclosure was not a typical foreclosure (one from a bank) mine came from a real estate broker who loaned me money to pay property taxes after a bogus refinance that drug on for 8 months. He placed a lien against my home with the promise that he would refi me in one year...I could take cash out to pay his loan off. I made all payments to his loan for a year and then instead of being refinanced like promised I was served with a notice of default. I desperately tried to work things out with him but he was not very cooperative. Needless to say...my home of 27 years was sold at trustee sale. I was hoping you could give me some advice on what to do. I already have a lawsuit pending...any advice that you can give me will be greatly appreciated...thanks!
It sounds like you have an attorney since you have a pending lawsuit. Hopefully you have selected an attorney that specialized in real estate law. If this person that made you the loan was in fact a licensed broker you may want to contact the Department of Real Estate in you state.
I don't have an attorney...I am representing myself in this lawsuit. My case has fraud written all over it and unfortunately I can't get an attorney to represent me. The man who foreclosed on my home foreclosed under a company name that is not registered with the Department of Real Estate or the Secretary of State. I have filed complaints against this man/company but so far have not gotten any satisfaction. During the course of my lawsuit I have learned alot about the law but I still have alot of unanswered questions. I am reaching out to anyone who can help by by giving me any advice that may be helpful. Thanks!
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