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90 day notice

Discussion in 'Foreclosure, Repossession, Auctions, Short Sales' started by cvlolo, Jan 22, 2012.

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  1. cvlolo

    cvlolo Law Topic Starter New Member

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    we were in a depute with the lenders on our property and was trying to hold off the forecloser. the lender sold our loan many times some of the times we didn't even know about . anyway we have gotten a notice that the bank now owns our property and we have 90 days to move out. my question is what would happen if I don't move in the 90 days. I know alot of people who have moved out in the 90 day and 2 years later their place is still empty. we also have a high Mortgage so I don't see that too many people will be jumping to take it on.
     
  2. army judge

    army judge Super Moderator

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    If you don't move out in 90 days, the bank will have to evict you.

    A notice to vacate is not a legal order.

    It is simply the bank telling you they want you to leave.

    They aren't being nice guys, they're obeying the law.

    They have to give you 90 days to leave.

    What happens if you choose to ignore the notice?

    Then they will have to bring an eviction action before your local court.

    How long will that take?

    Generally, they will wait 30 days (or more) before filing an eviction action.

    Once the action is filed, it could take six to eight weeks (sometimes more) before a judge orders you to leave.

    So, the three month time limit could end up being six months (or more).

    I've heard of people sitting in foreclosed homes (these days) for 18-24 months.

    I read an article about a family that has been in their foreclosed home for 42 months!

    Some people will approach the bank during the 90 day grace period and negotiate a lease.

    Many of the larger banks like that arrangement, because it doesn't leave the property empty to be vandalized.

    Good luck!
     
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  3. disagreeable

    disagreeable Well-Known Member

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    My neighbors lost their house 2 years ago. Each time it comes up to the auction date, they renegotiate with their lender. Hopefully, in a few years, they will be able to get it back.
     
  4. jetliner2

    jetliner2 New Member

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    To the original poster - you don't have to move until you get the court order to move. That will come at the end of the foreclosure, and some are taking up to 2 years right now. But don't count on having that long. There is no way to know for sure. As army judge stated, there are cases of long, long waits, but not in all cases. You might get lucky, you might not. What I would do is start getting ready to move. You don't need to box everything up, but if you think you want to have a yard sale to thin things out before you move, then go ahead and have it. In the mean time start getting an idea of where you want to move to when you have to, and if you can, save up the money to do so. The idea is that you stay in your home for now, living comfortably as you always have, but when the court order comes, you are ready in fairly short order.
     

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