questions & answers

Question: My home is scheduled for foreclosure and trustee sale on 4/19/11.I've requested a loan mod and attempting to do a short sale but time is running out.If my home is foreclosed, how much time do I have B4 I 'm evicted and if the shortsale goes through,do I have to pay taxes on the forgiven debt or do I qualify under the Mortgage Forgiveness Debt Relief Act

Answer: You may want to review the sections of this website titled Foreclosure and Eviction. To find out more about Loan Modifications, go to the U.S. Department Housing and Urban Development (HUD) website. After your home is sold your main option is to make arrangements to move. Please keep the following things in mind after the sale of your home: 1. After the Trustee's Sale, the home belongs to the lender or the person who bought the home at the sale. 2. The new owner has a right to have you move out so they can use the home. 3. See if you can get the new owner to agree to rent the home to you. Sometimes this is possible. 4. See if the new owner will agree to give you a little more time to arrange to move. There is no legal requirement that the owner do this; but sometimes it is possible, especially if you agree in writing to leave by a certain date and not require them to go to court to evict you. 5. Expect the new owner to give you a Notice to Vacate and then file a Forcible Entry and Detainer  action in court to have the court order you to move out. This increases costs for the new owner, who can ask that you be ordered to pay them.  If you receive this notice, we recommend that you go to court at the time set for the court hearing even if you already have moved out.  If possible, be sure that all of your belongings are moved before the court hearing or at the very latest before the date that the judge orders that the "writ will issue" (usually 5 days after the hearing).  If you have not moved by the date that the writ issues, the new owner can have the constable or sheriff come to remove you that day and is not required to give you any more time to move. If this happens, you may have additional difficulties and expense. For information regarding the Mortgage Forgiveness Debt Relief Act please begin by reviewing the article “The Mortgage Forgiveness Debt Relief Act and Debt Cancellation” and the questions listed (). Since property issues can be complex and challenging, you may want to seek advice from an attorney. See the article "Where to find an Attorney for Specific Legal Advice."