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Author Topic: Friend's House Auction This Tues....Now What?  (Read 6683 times)

Offline Rommel

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Friend's House Auction This Tues....Now What?
« on: February 29, 2004, 12:28:52 am »
Hello Everyone,

Well Ted Jr was right, back in Dec, about my friend's house not going up for auction until March. Thanks Ted Jr!

Now the house is up for auction this Tuesday...now what?

-How much time does my friend have before they have to move out?

-Can the winner of the house come by and do as he/she pleases?
 What can he/she do and not do?

-What rights does my friend still have with the house?

Any advice would be greatly appreciated!

Thanks to all in advance!

Offline Heather_Tx

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Re:Friend's House Auction This Tues....Now What?
« Reply #1 on: February 29, 2004, 02:38:47 am »
If they cannot make up all the moeny due to reinstate, they have little else to do but move out.  It would be a VERY good time for them to call investors that can move quickly.  Do they have much equity ???? If so they could get out with a little $$ in their pocket and at least keep a foreclosure off their record.  I am working on one now that is up for sell on the same date as your friends...  unforetunately I had to tell them to take any other offer they get, as I will attempt shortsell,  they are 9k in arrears and also have about 15K in repairs,   thats alot of out of pocket cash for a sub2..... I will have to pass.

Please email me or private message me if you'd like to discuss further.

713-201-2895
« Last Edit: March 02, 2004, 12:03:48 am by TRandle »

Offline WilliamGA

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Re:Friend's House Auction This Tues....Now What?
« Reply #2 on: February 29, 2004, 08:07:32 am »
No, the purchaser cannot come out and do whatever they please. Your friend has possession and the purchaser will have to abide by the law until they can get possession.

How long it will take them to get possession will depend on your local eviction laws. Here in GA, it takes about 3 weeks to get possession of the property providing the tenants do not contest and provide reason why they should not have to vacate.

I agree with Heather that your friend should contact a local investor about stopping the foreclosure and buying the property.

William Tingle
http://www.Sub2Deals.com
Everything u read on the net MUST be true....... Right?

Offline David Alexander

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Re:Friend's House Auction This Tues....Now What?
« Reply #3 on: February 29, 2004, 12:58:29 pm »
They can get your friend out Damn fast....

Who are the attorneys handling it... You basically have one day to talk to anyone.... Monday....  and get the cash together and to the attorneys or mortgage company....

So, the good thing is they probably don't wnat the house back... call them... the mortgage company and/or attorneys... sometimes the mortgage will not talk to you at this point....

Ge the reinstatement figures....  See if you do a work out.... depending on if you have the cash... or can up with probably half or more....

If they foreclose depending on how much equity... your friend will become a tenant at sufferance.....   they will serve a 3 notice to vacate... get a writ of possession and then set a court date....  Usually about 5 - 10 days... At that point a judge will decide how long... usually 3 - 5 days.... so, all in all... about 15 days or so.... and then a constable comes out and all the belongings and contents are removed from the house.... under court order.....  it's not pretty....

Had to do this a few times in my life... I didnt like any more than the people it was happening to...

David Alexander

Offline Rommel

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Re:Friend's House Auction This Tues....Now What?
« Reply #4 on: March 01, 2004, 04:56:50 pm »
So is it 15 days at most or at least , before they are forced to leave?

Will the "notice to vacate" tell them what date they must be out by?

I just want to make sure my friend's family has as much time possible to get their things out before things get messy. They just need to know how much time they have to work with.

Thanks!

Offline David Alexander

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Re:Friend's House Auction This Tues....Now What?
« Reply #5 on: March 01, 2004, 06:57:23 pm »
There is no set time....

It could happen faster....

Once the 3 day notice is served.... that could be close to it... if they (the foreclosing party) have filed and put up a bond with the court....

It also, depends on the courthouse, judges... etc... If I were them... I'd be packed and moving.... yesterday....  tommorrow is foreclosure tuesday for Texas..

David Alexander


Offline Rommel

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Re:Friend's House Auction This Tues....Now What?
« Reply #6 on: March 01, 2004, 07:20:24 pm »
Thanks for the info David! I appreciate it.

Is there anything they can do to buy some time? They just need more time to get things together.

Offline David Alexander

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Re:Friend's House Auction This Tues....Now What?
« Reply #7 on: March 01, 2004, 07:48:07 pm »
Bankruptcy...

Or some legal reason for the judge to stall it...

David Alexander

Offline tedjr

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Re:Friend's House Auction This Tues....Now What?
« Reply #8 on: March 01, 2004, 09:21:14 pm »
It is my opinion that the buyer or bank, but probably the bank since there is no equity in the deal if I remember correctly, will need to give a 30 day vacate notice since there is no lease agreement. I could be wrong am I am no attorney but I have seen foreclosed houses occupied for several months by the debtors for months. I moved out of the home I lost back in 88 a month at least before i had to  and it was maybe even more like several months before i would have been actually kicked out. You do not want to let it get that far as David said it can by ugly.

Usually after a sale the property if assigned to an assett manager who assigns it to a Realtor who will some day find that the house is in fact still occupied. The Realtor may hire an attorney to actually file the eviction. This could take a few weeks or months. I had a friend stay in a home over a year after the foreclosure back in 88 too. If the bank is on the ball and gets all their stuff done it will still take at least 3  weeks with a  3 day notice and 7 weeks with a 30 day notice. You can ask for a trial by jury that may slow down the court date. They could hire an attorney too but they probably have little defense. I had assumed by now that they had already moved. Is there anything i can do to help.

Good luck and thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas  78737
512-301-9171 home
512-
Ted P. Stokely Jr

San Antonio, Texas

Offline Guy G.

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Re:Friend's House Auction This Tues....Now What?
« Reply #9 on: March 02, 2004, 12:12:38 am »
Hate to sound cruel on this, but sounds like your friend is in a serious state of denial.  This has been coming his way for at least 2-6 months and now needs just a "little more time?"  Bad things really do happen to good people, but trying to push a rope seldom works.  Help him/her find a church or community group to lend a hand and help your friend move on with his/her life, minus the property.  
The best way to forget your own problems is to help someone else solve theirs.

 




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