Sorry about the foreclosure. The notice can be delivered to you at anytime. The rest of the process varies depending upon what action, if any, you take. On the other hand, if you take the $3500 deal you can probably work out a precise move-out date in which case you would have more certainty. After the notice you are delivered expires, you can be served at anytime with an unlawful detainer (eviction) lawsuit. You have five days to answer that complaint. If you don't answer it, your default and default judgment will be entered, the new owner will obtain a writ, and deliver the writ to the sheriff. The Sheriff will then serve you with a Five Day Notice to Vacate the Property. At the end of the five day period, if you have not left you would be locked out of the premises. This entire process would generally take about 3 to 4 weeks, but it could move slower or faster depending upon the new owner's attorneys and how fast they work. In addition, if you were to answer the complaint, you could perhaps buy an additional several weeks. You would then weigh the foregoing against the advantages/disadvantages of working something out in terms of the $3500 offer. Best of luck during these difficult times.
THIS RESPONSE IS NOT LEGAL ADVICE. IT HAS BEEN PROVIDED FOR EDUCATION AND INFORMATION ONLY. Mr. Mann is licensed to practice in the State of California. There is no implied or actual attorney-client relationship arising from this educational exchange. Moreover, the facts provided by you were not sufficient to allow Mr. Mann to advise you specifically regarding what you should or should not do. You should speak with an attorney licensed in your state, to whom you have provided all the facts before you take steps that may impact your legal rights. Mr. Mann is under no obligation to answer subsequent emails or phone calls related to this matter, or to take any action whatsoever.
Notices to Vacate (also known as a Notice to Quit) must comply strictly to statutory requirements and many are deficient in service and form. If so, a Demurrer and Motion To Strike is often filed prior to filing an Answer in the eviction action (Unlawful Detainer). However, unless there was actual defect in the foreclosure process, you dont have much of a defense to the eviction and are likely just postponing the inevitable. I recommend you take the cash for keys offer. If you need more time (not to exceed 60 days) then FM is likely to give you the time. Though, they may reduce the payout amt. Also, we know non-profit investor groups that may offer to purchase the property from FM and allow you to rent it back from them.