Ok..we have heard nothing until now about our house and we are 4 months late as of Sept 1st. This was a rental property and they could not afford it anymore. We were told by an agent that no one would work with us on a shortsale bc of the value of the house in the area that it is in. SO I didnt even bother. and the rent amount that we need per month was next to impossible in that city. so we got a letter from them saying that they will start forclosure proccess within the soon but no date was given..we still have stuff over there and I was curious as to when they usually come in and do this and can they take your stuff from you if its there when they put the papers on...I knwo in the past its been almost 12-18 months before they come in and take over..but not sure now..my friend told me we have 6 months from the last payment but not sure if she really knows. IF YOU HAVE ANY INFO that is fact please share..thanks
I don't know about times, but I am almost 100% positive that anything in the house stays with the house once they put it into foreclosure. So if there is anything important to you there, I would suggest going and getting it so it doesn't get sucked up with the rest of the house! So sorry to hear about this!
Many years ago I worked in a foreclosure department. When they come to "secure" the home at the time of foreclosure, the locks will be changed immediately and depending on the area, sometimes the windows are boarded over (but you really don't see this happening much with the windows now). According to the law, the bank will then own everything in the home including any personal belongings that are still in or own the property. Usually the mortgage company/bank will have those items set out by the road on that day for the next garbage truck to collect ... beds, toys, spare furniture .. etc., etc. So you will know exactly what you're looking at, go ahead and call the bank or mortgage lender and ask them at what point the foreclosure is in right now and tell them you are trying to make sure you have your personal belongings removed and don't lose them. Ask them specifically if they can give you a date they will reposses the house. They are dealing with this a bunch now. The more informed you are the better. Call them directly and ask.
Find another Realtor - and possibly consider an Auction company. See if your bank would consider a short sale - and what their process is. Banks are not in the business of owning property - and I'm sure given the opportunity they would rather you dispose of the property than it becoming another burden for them. I would get another job, or tenant or whatever it takes to keep it from going to forclosure and salvage what's left of your credit and / or equity if there is any. Good luck.
I don't know about how long it takes, but, yes, everything in the house belongs to them once they take over. They have "cleaning companies" that come and basically trash anything and everything in there. Pictures, clothes, personal papers, furniture, etc. I saw a special of one "cleaning company" that trashes about 3 houses a day on average. Very sad stuff.
Well I can't really give you facts, but I can share my experience. We were/are in a similar situation. We haven't made any payments since July of last year and we started getting letters a few months into it saying they were going to foreclose too, well they haven't yet but it's in a process of short sale right now, *crossing fingers* that it closes in a month or so. You can read an answer I just gave the other day regarding a short sale if you want. Do you have it on the market now? If not you may want to talk to a few other realtors about a short sale, the bank decides if they will take a short sale but it's a long process but then again so is a foreclosure. Good luck!
