In parts one (1) & two (2) of the post of the same titles, we are learning what happens to people who are facing foreclosure, what the Banks and investors are thinking and doing, and how the people that need to know all this are the last to know but....... are the first to get hurt.
So, here is what can happen to a owner who is caught in his own foreclosure regardless of how he got there.........and of course there are variations galore on this most miserable journey.
Investor will serve a three day notice to quit the premises right away. The notice will say something like this:
THREE DAY NOTICE TO QUIT.....Foreclosure holdover-C.C.P. 1161a)............ which happens to be in California. To the occupants and all others in possession.....This is the first step in a lawsuit against you. Failure to vacate the Real Property will result in a lawsuit being filed. The property has been sold in accordance with Section 2924 of the California Civil Code under a power of sale. The new owner seeks to recover possession of the property. You are then instructed to vacate and if you don't, you will be subject to damages, costs, and all known and unknown punishments.
If that is not enough, they threaten YOU further that the credit reporting agencies will be contacted if you fail to comply making it even worse for you in the years to come. You are not just cursed in this moment, but in the years to come.......all of us, marked so that it becomes harder to get ahead or even seek bread.
Take a moment to let the above trickle in your mind and emotions. THINK: Have you ever seen in a movie or real life when someone is down and injured or vulnerable and the assaulting party keeps attacking and attacking while the other fellow lies on the ground defenseless and suffering and wondering when the beating will stop? How about a child being beaten without mercy? Does this outrage you?
Next day...another notice is posted on your door. All your neighbors see it before you do. It says the new owner wants in and is offering you a chance to get out...before he launches World War 3 on you and your family. Here are the terms:
1. If you get out in twenty (20) days, all actions will be dismissed and you get $2000.00.
2. If you get out in thirteen (13) days, you get $2500.00
3. If you get out in seven (7) days, you get $3000.00
In addition, you may be told (by investors) to have a friend or a family member apply to repurchase the home back. Buy your own home back for what it is worth. Imagine that....will you? Your losses are your problem......
All of the above is subject to an inspection of the property which must be delivered in broom clean condition, minus any any repairs or damages and or the cost to replace fixtures or property that is removed. Their paperwork is submitted for your signature. It is at their total discretion in the end.
You may be allowed to stay in the property until it sells. The investor has the benefit of using your lived in home as staging for his sale and will pay you for these arrangements. All you are doing is turning lemons into lemonade and trying to make the best of a situation.
I will admit that I am quick to take the side of the underdog and the one who stands to lose. The one who cannot fight back or throw a good punch. The one who is holding on and is ready to drop....I am for that person.
My friends.....I do not have all the answers nor can I post a twenty (20) part series on this subject. It is full of too many variables. To some of us, THIS SUBJECT it is up there with a divorce, losing your job or death in the family. Don't despair.....Seek help until you find it. Look for help everywhere. If you can afford an attorney, this is very good. Usually a Real Estate attorney or bankruptcy attorney can not only comment here, but help you fight where and when necessary......until you find your solutions.
Always know that you can speak with a Real Estate agent and receive free consultation
REMEMBER THESE WORDS THAT HAVE BEEN UTTERED BY OUR LIKE KIND SINCE THE BEGINNING...............THIS TOO SHALL PASS
ALSO AVAILABLE AT MY ACTIVERAIN HOME PAGE BLOG PARTS 1...2....3
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