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Posted by missy on October 20, 2002 at 23:20:13:
We moved into this house in Indiana before closing because we needed to close on our old house. After moving in, the closing got pushed back because the seller owed way more than the house is worth(2nd morgage). We knew this before moving in, but were assured by our realtor that we would definitly close on Sept 13th that the 2nd morgage company would then have a promissory note for the seller for excess owed. We did not close. 4 days later we were served with foreclosure papers from morgage #1 ( as tenants). We have an approved morgage, we have sold our home. The seller owes 35,000 more than purchase price between 2 morgages. He has filed a deed in leiu of forclosure as requested by the forecloser. They said that we should sit tight, that they weren't going to ask us to leave in the next month(which we are three weeks into)that it was a long and lengthly process because the seller had a VA loan, but they cannot tell us if or when we could purchase or if they would consider our offer. We are just sitting here waiting for some morsel of information.I have three small children and I live in a small town. In order to get something similar I need to start building. What are the chances that the forclosers would decide to try to fix up the house and list it?It's in okay shape, but to get what they want they would have to do a lot of replacing. How soon could I be asked to leave? and who has the right to ask me to leave? My representative says I don't have to open the door. I am living here for free which is good, but if there is no hope I don't want to stick around. Also, do I have any right to recoop my losses ie. painting, cleaning, cleaning carpets, land survey, lost vacation time etc? Any advice would be appreciated. We love it and don't want to leave.
