What should I do! forclosure on house!

lvjay702

lvjay702

Well-Known Member
Heres the situation, my girlfriend and I are renting a house from her dad and recently her dads wife lost her job which was their main source of income for them. So now they're totally in debt and cant afford to pay the mortgages on this house or the house they're in. My question is do you think I should try to get 1 more grow in before the house goes into forclosure in hopes that they dont show up to kick us out or should I play it safe and call it quits for now? Any advice?
 
Seamaiden

Seamaiden

Well-Known Member
Wow... damn, this is fucked. It takes a LONG time for the bank to come in to repossess. How far into foreclosure are you guys? They're not going to try for a short sale or anything like that to preserve their credit?
 
SimpleSimon

SimpleSimon

Well-Known Member
Well i don't know how things work where you are but here's how it is here:

If the bank is foreclosing, and they accelerate the mortgage, and your GF's parents can't pay, and they put the house up for sale. This all takes MONTHS.

If the house sells for more then they owe on it. Your GF's parents get the rest of the cash. If they owe more then its worth, they owe. If the house is found to have a grow op in it, the price of it goes WAY down. Here there is lots of legality's tied to house's with grow ops.

It would be a shame to cost your GF parents money (potentially) if there in a tough spot.

If they owe money on it, they have nothing to loose, and neither do you.

I think it would depend on how much time YOU have. And the risk assessment on their part :)
 
K

korvette1977

Well-Known Member
90 days and the Sheriff will be at the door with the papers .. but you can sometimes work out something with the lender .. Try .. If not cook the place and reap the rewards of insurance Fraud ......................................................JAIL
 
lvjay702

lvjay702

Well-Known Member
As of right now they're current on everything but they told us that they're gonna stop paying so we dont have to pay rent anymore. They've taken out too many 2nd mortgages on both houses and even if they did sell they'd still be in debt.
 
K

korvette1977

Well-Known Member
SimpleSimon said:
Well i don't know how things work where you are but here's how it is here:

If the bank is foreclosing, and they accelerate the mortgage, and your GF's parents can't pay, and they put the house up for sale. This all takes MONTHS.

If the house sells for more then they owe on it. Your GF's parents get the rest of the cash. If they owe more then its worth, they owe. If the house is found to have a grow op in it, the price of it goes WAY down. Here there is lots of legality's tied to house's with grow ops.

It would be a shame to cost your GF parents money (potentially) if there in a tough spot.

If they owe money on it, they have nothing to loose, and neither do you.

I think it would depend on how much time YOU have. And the risk assessment on their part :)
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If you list the house NOW its called a short sale . yes you keep any loot left over ... Its like the bank forcing you to do something ... Its done up here alot .. we have alot of SHady builders and real estate scams going down .
 
KAOSOWNER

KAOSOWNER

Well-Known Member
Cant they sell one of the houses and try to keep up with the payments of just one house. Or maybe tell them to do a grow to get out of debt. Just a one time op to get caught up
 
panhead

panhead

Well-Known Member
lvjay702 said:
As of right now they're current on everything but they told us that they're gonna stop paying so we dont have to pay rent anymore. They've taken out too many 2nd mortgages on both houses and even if they did sell they'd still be in debt.
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If their current on their payments you have atleast 6 months but closer to one year before the bank forecloses,then you will receive a notice of foreclosure in the mail to the address of the home,the letter of foreclosure will be from the lenders attorney.

Within 1 to 2 weeks after you receive the letter of foreclosure you'll receive a notice to appear in court of a summons,the persons name that is on the homes title will be listed in the summons along with "Mr & or MR/S tennant & ALL OTHER OCCUPANTS,you'll get a time & day to show up in court,DO NOT MISS THIS COURT DATE even though you are not on the title,if you do not show up in court the judge will grant the request for immediate possesion from the lenders attorney & you'll then have 10 days to vacate,on the morning of the 11th day a deputy sheriff along with 4 or 5 moving men will show up,make you open the door or kick the door down if your not home or refuse to answer,then they'll proceed to take egvery last thing you own & put it in a heap at the curb.

Ok now about the court date,when you show up in court bring the notice of foreclosure with you,the lenders attorney will ask if anybody from the property is present in the court room,this is where you stand up & say yes,the lawyer will ask to meet with you in private,take him up on his offer,the lender wants you to leaqve of your own accord,angry people trash houses,the attorney will inform you that he has an offer,the offer is a standard offer,either you agree to leave within 30 days & sign paperwork to that effect or you go before the judge & let the judge decide,depending on your state laws governing forclosure & eviction the maximum a tennant can have is 30 days to vacate,it is at the judge's discretion to give you 30 days or less to vacate,normally a judge will grant the lenders request for immediate possesion of the property & you'll then have 10 days to vacate.

So the moral of the story is this,if their current on their house payments you have a bare minimum of 7 months,you get 6 months (minimum) before the bank forecloses then another month to vacate if you show up in court.

A word of advice,do not take their word that the house payments are 100% current,make them show you the payment book,worst case scenario is this,they are not being honest with you & are very near foreclosure or have allready been foreclosed on,take this one step further & what if they have allready been served a notice to evict,a sheriff can show up at your door,bust in & discover your grow ,which he will surely report to the locals,only start another grow in that home if your sure the home owner is being truthfull with you about being up to date.

What state is the home in ?



 
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