do neighbors know you are getting foreclosed?

[tropolis]

i drove by the other day and saw a huge foreclosed bank owned sign on a yellow home 5-10 houses down.

i dont remember ever seeing that on the lawn when they lived there, and had no idea it was foreclosed until they started marketing it, obviously nobody is there now.

just curious though, do they put anything on your lawn, like a foreclosure sign. or do they just do that once they know you are out.

many would be embarrased to have a foreclosure sign on the property while they are still there.

how exactly does that work?

[dmitchell]

i drove by the other day and saw a huge foreclosed bank owned sign on a yellow home 5-10 houses down.

i dont remember ever seeing that on the lawn when they lived there, and had no idea it was foreclosed until they started marketing it, obviously nobody is there now.

just curious though, do they put anything on your lawn, like a foreclosure sign. or do they just do that once they know you are out.

many would be embarrased to have a foreclosure sign on the property while they are still there.

how exactly does that work?

I am in FL so I can only speak from what I see (I am in the real estate biz). As an owner, you most likely would know. The bank sens a "Notice of Default" (or similar) that gives you 30 days to cure the late payments or they will foreclose. Unless you are out of town or somehow dodge being served the foreclsure suite, you will be served with a civil action and (in Florida) have 20 days to respond. If you do not respond, you pretty much will be foreclosed on. The process is maintained at the clerk of the court. In Florida, this is public info available by anyone who has access to the internet.

I heard a few months ago (from a friend of a friend) that worked at the clerks office....word is, if you do not fight, it is taking about 11 months from filing to courthouse auction. That said, I know people who di some minimal ProSe figthing and have managed to stay for 3 years with no payments....notice, I didn't say it was free, just no house payments. The time line in many cases will be dictated by how fast the lender/lender's atty proceeds.

You can always tell the distressed homes. The exterior (grass, landscape) usually goes to pot.

If there are any "signs" placed on the property by a lender prior to foreclosure (they SHOULD know better), the owner (I assume you) has the right to own it. They only have a pledged security instrument in the home that you signed as part of the mortgage. They do not own it, you do. When the own it, they can put whatever signes they want up but that does not happen until they own it....AFTER the sale at the courthouse steps. The only exception I have seen is changing of locks. The lender can not just come onto your property...that is trespassing BUT, if they have an insdication the proeprty is vacant, abandoned or otherwise in jeopardy, their mortgage gives them the right to protect their interests to secure the property.

But no, if you are in foreclosure and the sale is not passed, there will not be a sign put on the property. If there is, remove it and look to file trespassing charges (or whatever).

[justbroke]

My HOA doesn't permit such signs. However, the bank (or owner) is usually entitled to put up one "for sale" sign on the property. Generally, they will have the "Foreclosure" signage as part of the sign, including the realtor who is listing the home for the creditor.

[dmitchell]

My HOA doesn't permit such signs. However, the bank (or owner) is usually entitled to put up one "for sale" sign on the property. Generally, they will have the "Foreclosure" signage as part of the sign, including the realtor who is listing the home for the creditor.

Yes, the the owner can allow any type of signage permitted by code, rules etc. If they want "Foreclosure", "Short Sale", "Motivate Seller", "Bring all Offers", they can do what they want.

I thought the point was could the BANK, pre foreclosure, put signage up. The answer is, they have no more a right to put a sign up as a neighbor does.

Good luck!

[BCA2009]

My HOA doesn't permit such signs. However, the bank (or owner) is usually entitled to put up one "for sale" sign on the property. Generally, they will have the "Foreclosure" signage as part of the sign, including the realtor who is listing the home for the creditor.

Just to be clear, you are saying the bank can put up a for sale sign after the court auction, correct?

It can't be listed by a realtor until the bank owns it and then contracts with the realtor.

[justbroke]

Just to be clear, you are saying the bank can put up a for sale sign after the court auction, correct?

It can't be listed by a realtor until the bank owns it and then contracts with the realtor.

Yes and no. First, the title would actually need to be recorded. In some States, this period of time is the redemption period and can be 10 days or 1 day. Whatever time it takes to record the new title.

Until the title changes, you are the owner. They can't put things on YOUR property.

[LoadedGuns]

Yes and no. First, the title would actually need to be recorded. In some States, this period of time is the redemption period and can be 10 days or 1 day. Whatever time it takes to record the new title.

Until the title changes, you are the owner. They can't put things on YOUR property.

Totally 100% concur.