@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Hopelives2 wrote:
@Anonymous wrote:
@llecs wrote:
I wouldn't open anything new if you have some AU TLs about to report. Adding them would hurt and not help (assuming the AU TLs are in good standing with low util).
I'd also consult for 30 minutes with a landlord-tenant lawyer. It might be worth your time. In some states, CA comes to mond, they can't just kick you out without notice and time.
90 days minimum if the new owner intends to live in the property. Otherwise, the existing lease must be honored in full.
As Llecs suggested, definitely seek legal assistance. Once you have no pressure to move, then you can focus on how to deal with your mortgage application.
Well, let's be clear:
It is quite possible your state has a 6-month redemption period following the auction before the house can actually be turned over to the new owners. Quite likely as well, that the house will be sold back to the bank... which will then have a realtor start showing the house after the 6 month period has ended. If your lease is still in force and the new owners (Bank) don't intend to move in, most states have a provision to allow renters to stay.
Also worth checking into: if you must move after the redemption period has ended and any subsequent 90-day period, some mortgage companies and housing redevelopment authority agencies offer relocation funds to displaced homeowners and renters. Can be upwards of $3000 to settle elsewhere.
SO...
House sells on Weds, July 6, 2011. Last date for redemption is Jan 6, 2012. Then if the bank has repurchased its own house, they will put a realtor sign in the yard starting January 7, 2012.
You will be asked ot sign a new lease with the bank and continue paying for the rent while living there. That could easily give you another 9 months of living in the house and taking care of your CRs.
Food for thought... and good to know before talking to an atty in your area.
Every state has a provision to allow renters to stay at least 90 days. It's federal law.
If the people that buy the new house at auction are not intending to live in the home, the original lease must continue under the original terms. A bank cannot live in a house. Likewise, if the bank ends up buying the house at auction, the bank cannot attempt to sell the house until the original lease expires. That means that a realtor cannot show the house and the occupants have no obligation to allow for such unless that obligation has been created under the terms of the original lease.
For Foreclosure GA has no Redemption period from what I see. But for Tax sales they have a 1 year 45 day redemption.
That is about par. Few states have a redemption period for a straight foreclosure, but most do for tax sales.
In any event, look over your lease and also keep track of who buys the house at auction. Not often does a person who actually intends to live in the house purchase at a foreclosure auction.
UPDATE!!
Tues 7/05 Property foreclosed Tuesday,
Wed 7/06 Bank rep came by home to serve notice of new ownership..
Fri 7/08 This morning Previous owner came by to try to collect rent saying that I was in property while
He was still owner I told him he can go jump in a lake and he is trespassing called local PD explained the sit rep to them they instructed him to leave..
Fri 7/08 Bank Attorney delivered Cash for keys Offer to me (very fair offer)
Update 1st round of rescores
Lender Pull 7/1/2011: TU 610 EX598 EQ 601
Lender pull 7/8/2011: TU 622 EX 612 EQ 598
My EQ dropped 3 points 601-598 due to me having an emergency cc usage from 9.00 Bal to 150.00 balance..
I paid it down yesterday..2.80 Bal ..got balance letter from cc company verifying new balance...
Now we are awaiting a rescore for this as well as AU additions and a letter of deletion from creditor...
With the help of god My Goal to get 1 more score above 620 in the next Week
Target scores for now 620+(home ownership)
Future 700+ (just to do it)
