Posted on: 12th Mar, 2007 01:33pm
If your home is sold through a foreclosure auction and the buyer gets full ownership to the property, there are chances that you may be evicted from the house. Read through the sections below to know about the various aspects of a foreclosure eviction.
Foreclosure eviction process - How long can you occupy the home?
The amount of time you can stay in the property after foreclosure varies from one state to another. It also depends on how long it takes to complete the foreclosure. Generally, the owner is first served with summons. At the hearing, if the owner is proved to be in default, the judge grants Summary Judgment and sets up a foreclosure auction. The court then issues a Certificate of Title to the new owner 10 days after the foreclosure sale. Once the new owner receives the Certificate of Title, he can start the eviction process and obtain an Order of Possession in about 2 weeks time. He can then serve you a 3-day Notice to Quit and have the Sheriff evict you from the property, unless you are entitled to a redemption period under the state laws.
Does the homeowner have a right to get back the property?
There are some states which offer a redemption period to the homeowners who wish to keep the property, but do not currently have the means to stop foreclosure. It gives them more time, during which they can buy back or redeem the property on payment of the mortgage dues plus the foreclosure costs. State laws regarding the redemption period vary. Some states provide lengthy redemption period (about 1 year), while others provide a short time period (approximately 6 months). However, a redemption period is allowed only in case of a judicial foreclosure.
Renter eviction after foreclosure - Is it possible?
In case you are renting a property and that property goes into foreclosure due to default by the owner, you do have certain rights. As long as you do not violate the terms of the lease agreement and you continue paying your rent, you cannot be asked to vacate the property until the lease term is over.
Certain states like Washington also have a Tenant Opportunity to Purchase Act (TOPA). Under this Act, if the owner is planning to sell the property, he has to offer the renter the right to purchase the property. Similarly in a foreclosure sale, if the lender purchases the property, he must provide the renter with a proper TOPA notice. However, if a third party buys the property, the renter is not entitled to a TOPA notice.
Under the Protecting Tenants at Foreclosure Act of 2009 (federal law foreclosure eviction), the purchaser of the property can ask the renter to leave the property if he intends to occupy the home as primary residence. But the new owner has to provide the tenant with at least a 90-day timeline to vacate the property.
Certain states like Washington also have a Tenant Opportunity to Purchase Act (TOPA). Under this Act, if the owner is planning to sell the property, he has to offer the renter the right to purchase the property. Similarly in a foreclosure sale, if the lender purchases the property, he must provide the renter with a proper TOPA notice. However, if a third party buys the property, the renter is not entitled to a TOPA notice.
Under the Protecting Tenants at Foreclosure Act of 2009 (federal law foreclosure eviction), the purchaser of the property can ask the renter to leave the property if he intends to occupy the home as primary residence. But the new owner has to provide the tenant with at least a 90-day timeline to vacate the property.
What is constructive eviction?
Tenants often ask "What is constructive eviction foreclosure?" Well, this is a situation where the owner might not formally ask the tenant to leave the property, but he can indirectly force the tenant to vacate the property (e.g. the owner turns off electricity, water or he changes locks, etc.). In such a situation the tenant can sue the owner on the basis that he was forced to leave the house through constructive eviction.
Related Readings
After the foreclosure sale on the 18th of March, how long will I have before I have to remove my possesions and vacate the property? The home is in Tampa, Florida.
Thank you.
Henry Murray
Thank you.
Henry Murray
if my house is forclosed how long will i have to get out, i live in peoria, az. also this just happened to my friends and they are getting something called cash for keys, will i recieve that too?
Hi noone,
It will depend upon the lender whether or not he will give you the offer of cash for keys. After the property is sold off at a foreclosure auction, the lender will send you an eviction notice. The time period to move out of the property will be mentioned in the notice.
Thanks
It will depend upon the lender whether or not he will give you the offer of cash for keys. After the property is sold off at a foreclosure auction, the lender will send you an eviction notice. The time period to move out of the property will be mentioned in the notice.
Thanks
I just received a foreclosure notice of action, which asked me to respond if i wanted to dispute, which i do not. How long typically from that point do i have before i will be asked to vacate the premises, this broward county, fl
Hi Knick!
Welcome to forums!
After the foreclosure sale is over, your lender will send you an eviction notice. The time period to move out of the property will be mentioned in that notice.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
After the foreclosure sale is over, your lender will send you an eviction notice. The time period to move out of the property will be mentioned in that notice.
Feel free to ask if you've further queries.
Sussane
After the Foreclosure sale is complete, you will get move out date for your property. It varies from state to state. Your will usually have at least 3 days. But another place you can get the information is through a foreclosure attorney, or your mortgage company's foreclosure attorney that oversaw the sale of your property at the foreclosure auction. Ask around, but don't count on staying there for any long period of time, that will take place before the foreclosure sale.
I live in GA. My house was supposed to be auctioned on 6/1. On 6/2 some local realter called explaining they were handling this forclosure for LPS Asset Mgmt Solutions for HSBC/Beneficial. the realter asked how long I needed in order to vacate. I said 90 days & he put it in writing and I signed it. Yesterday, 6/16 he called and said they HSBC or LPS agreed to only 7/7. I told him there was no way for me to do this. He asked again 9/7. He sent this in. If refused,what will happen next?
Hi Gay,
You've mentioned that when you said that you needed 90 days to move out of the property, the lender put it in writing and you signed it. Do you have a copy of that document? If yes, then the lender cannot evict you from the property before the completion of 90 days. However, if you do not have any written document, then the lender can evict you from the property.
Take care.
You've mentioned that when you said that you needed 90 days to move out of the property, the lender put it in writing and you signed it. Do you have a copy of that document? If yes, then the lender cannot evict you from the property before the completion of 90 days. However, if you do not have any written document, then the lender can evict you from the property.
Take care.
i pay mortgage on a condo in Hawaii but have to pay land lease and i am behind on payment on the land lease and maintenance. i was told that they are going to seek to foreclose the condo. how much time do i have before i have to move out?
Hi james,
After the foreclosure sale is over, your lender will send you an eviction notice. This notice will mention the date within which you will have to move out of the property.
Thanks,
Jerry
After the foreclosure sale is over, your lender will send you an eviction notice. This notice will mention the date within which you will have to move out of the property.
Thanks,
Jerry
I have a court date on 7/14/10. I am wondering how long do I have to vacate the premises after that? I am in Charlotte, N.C
Hi anonymous,
After your property is sold off at a foreclosure sale, the lender will send you an eviction notice. The time period to leave the property will be mentioned in that notice.
Thanks
After your property is sold off at a foreclosure sale, the lender will send you an eviction notice. The time period to leave the property will be mentioned in that notice.
Thanks
the foreclosure sale was 7-7-10. A realty co has come on 7-10 and changed locks & caused a lot of damage. This is in Indian river co florida(vero beach).I called cops/they wont do anything. I thot no1 cod do anything for 10 business days until the forclosure certificate of title is issued. I say i stil own the house and my stuff in inside. cops say they will arrest if i go insiide since realty co changed the locks. what recourse and rights do i have?
Hi suzy,
After the property is sold off at a foreclosure sale, the lender has to send you an eviction notice and ask you to leave the property. The time period to leave the property will be mentioned in that notice. I would suggest you to contact an attorney and take his opinion in this matter.
Take care.
After the property is sold off at a foreclosure sale, the lender has to send you an eviction notice and ask you to leave the property. The time period to leave the property will be mentioned in that notice. I would suggest you to contact an attorney and take his opinion in this matter.
Take care.
My property is set for foreclosure. The hearing is middle of August. Typically, how long from the hearing date do they set an auction date?
We live in arizona after the sale how long do we have to move out provided someone does buy the home.