Move out ?

[Lacy]

(I am asking this question for a friend )

How long does it normally take once you stop making payments before you have to actually move out ?

[justbroke]

That question depends on so many factors. Would need to know the State, whether they already have a Notice of Deficiency or are in some installment plan or other forbearance agreement. Whether there State allows a foreclosure by Power of Sale and whether such is in their Mortgage/Note. Whether there's a redemption period in your State. What the rules are for the post-sale eviction.

Without the basic information, we can't answer the question. The minimum of which would be which State, and whether they are already in default or had defaulted before and are under some plan.

[Lacy]

That question depends on so many factors. Would need to know the State, whether they already have a Notice of Deficiency or are in some installment plan or other forbearance agreement. Whether there State allows a foreclosure by Power of Sale and whether such is in their Mortgage/Note. Whether there's a redemption period in your State. What the rules are for the post-sale eviction.

Without the basic information, we can't answer the question. The minimum of which would be which State, and whether they are already in default or had defaulted before and are under some plan.

Thanks justbroke for responding !


The state is Texas.... And no they are not in default or behind on payments as of yet... Its just they are having a very hard time making payments and was wondering how long the process would take before they actually had to move out.

[justbroke]

Unfortunately, Texas allows non-judicial foreclosures (power of sale) in as little as 60-days. While foreclosures are taking time to process these days, I would not bet on staying a long time.

Perhaps someone will come along from Texas to tell us how foreclosures are moving along in Texas.

[Lacy]

Thanks justbroke

I am trying to talk them into seeing if they can get their payments lowered under this new Obama Mortgage Relief Plan. I dont know much about it though but hopefully it may can help them.

[justbroke]

I am trying to talk them into seeing if they can get their payments lowered under this new Obama Mortgage Relief Plan. I dont know much about it though but hopefully it may can help them.

It isn't called the Obama Plan, by the way... it's HAMP (Home Affordable Modification Program). It can also be a very slow process, lender's are not required to participate, and some lenders will say that they will continue foreclosure action, while you are awaiting notice.

It is an avenue to pursue, along with the standard modification process offered by most lenders.

[Lacy]

It isn't called the Obama Plan, by the way... it's HAMP (Home Affordable Modification Program). It can also be a very slow process, lender's are not required to participate, and some lenders will say that they will continue foreclosure action, while you are awaiting notice.

It is an avenue to pursue, along with the standard modification process offered by most lenders.

LOL... Thanks for correcting me on the name of it.. Like I said I know nothing about it. They did get a letter from their lender about it though so I told them to CALL.. not sure if they will though.