Posted on: 01st Feb, 2011 04:16 pm
My condo foreclosed 2 business days ago and I received a knock on my door from a realtor saying that I had to vacate in 2 weeks. What should I request from the realtor as proof that Fannie Mae bought the loan from Bank of America. Deed? I am not leaving my residence unless I receive written proof....but what written proof would you recommend he shows me.
Check with the courthouse where your foreclosure action was brought and settled; check with your state's Attorney General's office to find out the law that applies in this case. That ought to settle the issue - there is typically a specified timeframe in which you have to vacate. The specifics of your case will matter greatly, of course.
Usually you will receive a notice from a sheriff or the lender giving you x number of days to move out. Also checking the court documents are a good source, but you can also call the REO department of your lender and they can give you a date. Usually they give you at least 20- 30 days to move out, depending on the state. The Realtor is probably just being pushy and wants to move the property to try to sell it, you need to make sure you are not rushed out. If Fannie Mae owns you, you may have the option to rent it back from them for 1 year. Good luck!
I think I'd not call the REO department - something tells me they're not on the tip of that sort of information. A far better source is the court or a source who can cite the law in your area. Realtors might have some sort of a clue about the law, but I'd not rely on them either...it could have been a long time since this particular realtor had anything to do with a foreclosed property.