Nobody knows how long it will take for a mortgage bank to START the foreclosure process. When you receive the foreclosure documents they should have a date of sale or trial date on them. You can live there until after that date.
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If you are still going through the bankruptcy process the automatic stay will bar them from foreclosing unless they move to lift it. If you surrendered the home and the discharge has been issued, it is up to Wells Fargo to decide when they wish to start the process. I often have clients who are stuck paying HOA fees on homes they surrendered months ago because the bank didn't take possession of the property. You may wish to contact them and offer to pay rent on the property while you look for a new place. Otherwise, you can only wait until they start the foreclosure process which should take a month or two if they are really moving fast. Of course they may be in no rush to take possession of the house as they are already overwhelmed with foreclosed properties.
For informational purposes only. Not legal advice.
I would need a crystal ball to answer this question. There is no predicting when a lender will begin foreclosure, and once foreclosure starts, there can be many reasons for it to be delayed. You may wish to look into a short sale so you can come out with some cash and not have a foreclosure on your record. Hope this perspective helps!
I agree with attorneys Bunce and Gruber here. I have seen cases where the foreclosing party (lender and/or servicer) acts immediately to foreclose and I have seen cases where people have lived rent-free for a year, sometimes longer. Chapter 7 will buy you time until the foreclosing party (here, it looks like Wells Fargo) moves to lift the stay and gets it granted. If you do not have an attorney already, I highly recommend you get one now. Feel free to call me and schedule a free consultation. I'm about a 15-minute drive away from Novi.
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I am in WAshington state, so I don't know if my observations are of much help, but I have a large practice area and filed almost 400 cases last year and my practice area covers rural, suburban and urban areas.
I have noticed four trends (1) keep the place up and they will be slower in doing anything to start foreclosure (2) the more urban and the more desirable the neighborhood, then the more quickly they begin the foreclosure as they can turn the house around pretty quickly without much loss and (3) conversely, the more rural then often times the slower they are in beginning the foreclosure process and (4) the more forclosed or vacant property there is in your area, then the slower the commencement of the foreclosure process.
Most property here in Washington is foreclosed over a four month "nonjudicial" foreclosure process, and then they give a "20 day notice" to vacate, so that puts you at about minimum 140-150 days total from the beginning of foreclosure assuming they go pretty fast (e.g. posting a notice of default on your house) until you really would have to leave. You probably have a different process in your state, so check with a local lawyer.
You probably need a bankruptcy because even if your first mortgage is non-recourse like it would be in Washington (some states are non-recourse states as to the first mortgage - I have no idea whether your state is non-recourse) your second mortgage can probably still come after you post-bankruptcy, so I would definitely consult with a qualified attorney. I suggest that you find an attorney who is a member of NACBA - the National Association of Consumer Bankruptcy Attorneys or the American Bankruptcy Institute (ABI). But I prefer NACBA people for your kind of case.
Best of luck,
James H. MaGee
Washington Bankruptcy Attorney