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Old 01-06-2009, 06:58 AM
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Default I need some quick info on foreclosure please!?

OK, so for the past 3 months or so, I have been planning to rent my friend's house. The story was that she's been wanting to move out for a long time so we would be doing her a favor by renting it. She was giving us a low rent compared to what we would pay in that area, so it seemed like win win. We were just going to take over and pay the amount of her mortgage. She just told me today that she is thinking about letting the house go to foreclosure, but we can still rent it until we get settled in the area. She said, "You guys can have it for at least 2 months, and if it goes into foreclosure you may even have extra time." Now about the 2 months, that's what we had agreed on initially, like 2 or 3 months, because that's all we would need to get settled in to the city and find another place. This is the first she has mentioned of foreclosure, so I'm just wondering, what the heck is going on? She mentioned something about keeping the house until the bank notifies her or something.What could possibly happen to us? I was counting on having a little while to find a new place before we moved out. Is foreclosure like eviction? Will someone come, knock on the door, and say, "Get out!" I have 2 kids and I can't let that happen to me.This is cut and pasted from her e-mail to me. "We are going to let the house forclose, but it doesn't mean u can't stay here. Our plan was to stay here till the bank tells us to get out. Instead, I will let u stay there to rent until someone notifys us. This will give u time to get on your feet in CA. But the forcloser thing we are still thinking about.But for sure u guys can stay there, for at least 2 months until things r figured out, it might buy u more time if that happens. I hope it all make sense."
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