Comments on: How long does it take bank to put a bank owned sign on a home in foreclosure? http://www.sellmyhousefaster.org.uk/house-repossession/how-long-does-it-take-bank-to-put-a-bank-owned-sign-on-a-home-in-foreclosure.html We will buy your house Faster! Fri, 16 Jul 2010 13:05:40 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Vegas Agent http://www.sellmyhousefaster.org.uk/house-repossession/how-long-does-it-take-bank-to-put-a-bank-owned-sign-on-a-home-in-foreclosure.html/comment-page-1#comment-759 Vegas Agent Thu, 08 Jul 2010 08:53:19 +0000 http://www.sellmyhousefaster.org.uk/house-repossession/how-long-does-it-take-bank-to-put-a-bank-owned-sign-on-a-home-in-foreclosure.html#comment-759 They will know. You said you depend on the renter to cover the mortgage and it sounds like you still have renters in it - unless I'm misunderstanding something you're getting money that should be covering the mortgage...unless they're not paying their rent. Like it's been said in some of the other answers...notices get mailed to the property and when it finally gets to the point of the foreclosure, the bank will physically send an agent out to let the tenants know they have to leave. Why don't you trying selling it as a short-sale first before you let it go into foreclosure. It's the lesser of the two evils - even though it's still not the greatest. They will know. You said you depend on the renter to cover the mortgage and it sounds like you still have renters in it – unless I’m misunderstanding something you’re getting money that should be covering the mortgage…unless they’re not paying their rent. Like it’s been said in some of the other answers…notices get mailed to the property and when it finally gets to the point of the foreclosure, the bank will physically send an agent out to let the tenants know they have to leave. Why don’t you trying selling it as a short-sale first before you let it go into foreclosure. It’s the lesser of the two evils – even though it’s still not the greatest.

]]> By: Ed Atun http://www.sellmyhousefaster.org.uk/house-repossession/how-long-does-it-take-bank-to-put-a-bank-owned-sign-on-a-home-in-foreclosure.html/comment-page-1#comment-758 Ed Atun Sun, 04 Jul 2010 21:48:18 +0000 http://www.sellmyhousefaster.org.uk/house-repossession/how-long-does-it-take-bank-to-put-a-bank-owned-sign-on-a-home-in-foreclosure.html#comment-758 By law, the bank must "post" the property before they take ownership thru an auction. That means a paper is taped to the door or garage. That happens 2 months before the auction. Usually no one bids at the auction so the bank becomes the new owner. Then they go to evict the tenants. Then the For Sale sign will go up. This all happens 4-8 months after you miss your first payment. By law, the bank must “post” the property before they take ownership thru an auction. That means a paper is taped to the door or garage. That happens 2 months before the auction. Usually no one bids at the auction so the bank becomes the new owner. Then they go to evict the tenants. Then the For Sale sign will go up.
This all happens 4-8 months after you miss your first payment.

]]> By: rundown73 http://www.sellmyhousefaster.org.uk/house-repossession/how-long-does-it-take-bank-to-put-a-bank-owned-sign-on-a-home-in-foreclosure.html/comment-page-1#comment-757 rundown73 Thu, 01 Jul 2010 20:04:58 +0000 http://www.sellmyhousefaster.org.uk/house-repossession/how-long-does-it-take-bank-to-put-a-bank-owned-sign-on-a-home-in-foreclosure.html#comment-757 I haven't ever seen signs up saying that a home is bank owned. I don't think they like to advertise that fact. When the bank takes posession of the home, they will not allow people to continue to live there. The tenants would recieve legal notice. Don't be a jerk to your tenants. If you are going to let the property go into foreclosure, give the tenants a month notice so they can find another place to live. Don't be greedy. It doesn't seem right to keep collecting rent from them after you quit paying your mortgage and give up on owning the place. Don't shoot yourself in the foot. If you contact the "workout" department of the bank and explain to them that the property does not provide you with enough income to maintain the mortgage, they might be willing to rework the loan so that you can keep the property. Banks would much rather have a loan than a house. I haven’t ever seen signs up saying that a home is bank owned. I don’t think they like to advertise that fact.

When the bank takes posession of the home, they will not allow people to continue to live there. The tenants would recieve legal notice.

Don’t be a jerk to your tenants. If you are going to let the property go into foreclosure, give the tenants a month notice so they can find another place to live.

Don’t be greedy. It doesn’t seem right to keep collecting rent from them after you quit paying your mortgage and give up on owning the place.

Don’t shoot yourself in the foot. If you contact the “workout” department of the bank and explain to them that the property does not provide you with enough income to maintain the mortgage, they might be willing to rework the loan so that you can keep the property. Banks would much rather have a loan than a house.

]]> By: bud68 http://www.sellmyhousefaster.org.uk/house-repossession/how-long-does-it-take-bank-to-put-a-bank-owned-sign-on-a-home-in-foreclosure.html/comment-page-1#comment-756 bud68 Mon, 28 Jun 2010 18:03:01 +0000 http://www.sellmyhousefaster.org.uk/house-repossession/how-long-does-it-take-bank-to-put-a-bank-owned-sign-on-a-home-in-foreclosure.html#comment-756 They will know. Notices will be mailed to the property address as well as to you. They will know. Notices will be mailed to the property address as well as to you.

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