Posted on: 21st Feb, 2011 09:16 am
I filed for chapter 13 to save my houses. But I can no longer pay my mortgage on my 2nd home. My income is not sufficient for 2 house payment. I decided to give back the 2nd house to the bank which I know will ruin my credit score big time. How long should I start to move my belogings out of the house? My lawyer is no help, I ask the question to her and she told me it will take some time. Well, when is sometime? I dont want the bank to lock me out of the property with my furnitures and other importan stuff in it. Coupld you please help?
Distress homeower
Distress homeower
Hi chelsie,
You should immediately try and move out of the property. Once the lender forecloses the property, he will send you an eviction notice mentioning the time period to leave the property.
You should immediately try and move out of the property. Once the lender forecloses the property, he will send you an eviction notice mentioning the time period to leave the property.
Usually the lender has to give you notice to move out and that happens soon after the house goes to auction. Depending on the state you live in will determine how soon you will get the eviction notice. Since you do not want the property you can probably plan to move out soon. But let's say the auction date for the home is in March, you should have on average between 20 - 30 days to move out. You will receive notice, if you are giving the home back you maybe able to receive relocation assistance if it is your primary home. Call your lender and ask about a Home Affordable HAFA program Deed in Lieu. If you leave the home in salable condition for the lender you may receive a cash relocation assistance. Again this only applies to your primary home. If a tenant property the existing tenants maybe able to stay and rent the home from the lender up to a year depending if Fannie or Freddie own your mortgage.
Good Luck!
Good Luck!