What is the process for a bank kicking us out of our home due to payment defaults.?
I am months behind in repayments of my home loan. House now worth less than mortgage amount. I have received a letter from the bank asking us to move out in two weeks. Unable to manage that financially and was wondering how much time I have up my sleeve before we are ordered out. What is the process and likely time line ?
You should be swimming in money after months of free housing.
If this is not your eviction notice you have about 3 more weeks before you are forcibly removed by the sheriff.
Having an eviction, in addition to defaulting on your loan, will make finding any housing at all very difficult for the next decade.
You will eventually be evicted. Depending on your jurisdiction, you could squeeze out another month.
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You are being evicted and foreclosed in two weeks. They are not asking you anything–they are TELLING you what’s going to happen. At that point several large and apparently deaf sheriff’s deputies will move everything in the house onto the lawn and will padlock and seal all the doors. Depending on your locality, sooner or later the city will come along and move your stuff to the city dump if you don’t move it in a specified number of hours from the eviction.
Frankly, you do not have time to WONDER about anything–the sky is about to fall on you and you don’t have any sleeves, much less any secret "time" to stuff up them. They have given you the time line: two weeks, and then you’re out on the street. I suspect this laid-back attitude is what sunk your loan in the first place.
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You should be swimming in money after months of free housing.
If this is not your eviction notice you have about 3 more weeks before you are forcibly removed by the sheriff.
Having an eviction, in addition to defaulting on your loan, will make finding any housing at all very difficult for the next decade.
References :
Depends on the state. If you have not had a court date–you have some time left. If there was court date–there should have been several (depending on the state) you have only a few weeks left. Make a quick call to an atty. they can tell you the rules of the state. Make a call to your lender also. There still maybe time to work out a deal with them. They may also do a ‘cash for keys’ deal. Get to an atty quick-they may suggest ways to stop the foreclosure.
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