Profile picture for emehazel

my home was foreclosed and redemption period is over by April6th. what happens if i dont move out

if i dont move out by end of redemption period what happens? im in the process of short sale and offer expires by march31. what if short dont go before redemption perion, what happens then? i have installed new kitchen cabinets 2 years ago, can i take them when i move out. how soon does Bank of America want me out of property? can i stay until they sell it? sorry so many questions.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 21 2010
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (6)

Your Realtor will be able to help communicate with your lender to hopefully buy some time for you to bring the short sale to fruition.

Taking kitchen cabinets out of the house is akin to taking the copper pipes (any deficiency in your mortgage payoff could be perused by the lender after foreclosure/resale of the property), however by then your credit has taken the hit and you could in all likelihood vacate any judgement against you with a bankruptcy. Your at risk of additional headaches including theft & vandalism (though I've never seen lenders pursue those things).

BOA is typically very slow on all counts... having said that, they have the right to be swift if they choose.

At the end of the day they all require a court order to remove you (you have the right to be heard in front of a judge to argue your case!)... this could at times take many months for a lender to get through, which is why the smart lenders in most cases would offer up "cash for keys" before going that course.

Best of luck!   
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 02
Profile picture for dcapoccia
if i buy a house from the lender for $ 10000.was foreclosed for $41000.how much needed to be able to redeem the house.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 01
Profile picture for wetdawgs
You cannot legally remove the fixtures in the home (kitchen cabinets etc).     Some people do so, but not legally.   Don't add vandalism, theft to your current heart ache.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 21 2010
In some case (not all) if the lender wants you out in a timely fashion, they might do 'cash for keys' where they will pay you to leave.

If they are less inclined to move you out, you might have some leeway with the lender regarding when you need to leave. But of course, you will eventually need to move out. Keep the lines of communication open with the lender. Once the property passes the redemption period and becomes the property of the bank, another department will be handling the foreclosure. So the folks that are handling the short sale will not be your contact persons once the redemption period ends.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 21 2010
Don't be sorry about the amount of questions. The bank will have to evict you to gain possession of the house. This can happen any time after the redemption period expires. It can also take several months. Keep communication open with them. Let them know you are trying to sell the property and that you are maintaining it! Offer to send pictures and a copy of the listing to prove you are trying to sell the house. You might be able to get an extra six months.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 21 2010
Hi, sometimes the bank will extend redemption period, if you are trying to do the short sale and it has not been completed. They should give you a specified time frame that you are supposed to be out by. By law, you have 6 mos after the date of the Sheriff Sale. You are not supposed to take any fixtures attached to the home, as it becomes part of the Real Estate once it is attached.  I hope you have a professional helping you with the short sale, as it is very difficult and time comsuming process.
Please call me anytime
Lorrie Bailey
[Content removed by moderator due to self-promotion]
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 21 2010
 
Related Questions
I want a vacation home but..
Profile picture for Lori Kirkland
Latest answer by Lori Kirkland
3 hours ago | 7 answers
Appraisal
Profile picture for Jared Thom
Latest answer by Jared Thom
3 hours ago | 2 answers
Who's responsible for a retaining wall?
Profile picture for Jared Thom
Latest answer by Jared Thom
4 hours ago | 2 answers
Title Insurance. Has anyone else faced these challenges? Looking to hear about your experience.
Profile picture for Hamp Yonce
Latest answer by Hamp Yonce
4 hours ago | 2 answers
Zoning
Profile picture for wetdawgs
Latest answer by wetdawgs
18 hours ago | 1 answers
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

 
 
 
Sign in with Google