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
i am a renter of 2 yrs at aproperty that was sold at a foreclosure auction, although no notice or any communication from our landlord, we came home today to find the lock had been changed. we called the mortgage company and they said lets meet tommorrow. we were never given any notice, thehouse address is 4429, our apt is 4427. any suggestions.
To Darryl,
You will have to contact the lender and let him know about the surrender of the property. You can sign a quit claim deed and surrender the property to the lender. It is better to surrender the property as fast as possible once you file bankruptcy and decide not to keep the property.
To Jim,
It is mandatory for the lender to give you an eviction notice before they change the lock of the property. They should give you an eviction notice and a stipulated time period to move out of the property.
You will have to contact the lender and let him know about the surrender of the property. You can sign a quit claim deed and surrender the property to the lender. It is better to surrender the property as fast as possible once you file bankruptcy and decide not to keep the property.
To Jim,
It is mandatory for the lender to give you an eviction notice before they change the lock of the property. They should give you an eviction notice and a stipulated time period to move out of the property.
my grandmother's home was paid for when she got a deferred interest loan from the city of cincinnati,ohio; she later put the home in a living trust and when she died the home went to me, i did a quit claim deed to have the home put into my name. the place she got the loan from called and said if i wanted to stay in the home just continue making the escrow payments my grandmother was making. i did this for a few years until the city kept going up on the escrow payment amount and i couldn't afford it. i got a home equity loan to fix the house up to sell it, couldn't sell it. the second mortgage forclosed in 2007, which is when i moved out of the home. i also filed bankruptcy in january 2010, chaper 7. just recently have been receiving weed control notices and building violation notices from the city of cincinnati, because i just found out the home is still in my name. the house went up for auction in 2008 but did not sell, the home was also a part of the banktruptcy in 2010, shouldn't the bankruptcy have taken it out of my name by now, my discharge was in may 2010. if i need a lawyer to help with this situation what type of lawyer do i find. thank you for any help.
Hi Juanita!
Welcome to forums!
Though your bankruptcy was discharged, I guess you did not surrender the property to the lender. As a result, the property still remains in your name. Thus, the city of Cincinnati is sending you the weed control notices and building violation notices. You should surrender the property to the lender and ask him to sell off the property asap so that you don't remain liable for it.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Though your bankruptcy was discharged, I guess you did not surrender the property to the lender. As a result, the property still remains in your name. Thus, the city of Cincinnati is sending you the weed control notices and building violation notices. You should surrender the property to the lender and ask him to sell off the property asap so that you don't remain liable for it.
Feel free to ask if you've further queries.
Sussane
My mother has gone thru bankruptcy and her home foreclosed on and resold to bank at sherriff's sale. She has a rental home that will be available in 3 weeks but today she recieved a 10 day eviction notice.
There was no 3 day or 5 day notces issued just the 10 day. Is there any way to stretchthe time to leave. She was offered a ""cash for keys option by a real estate company that works with the bank. This offer had varying dates that extended up to six weeks if she cleaned up before leaving.
There was no 3 day or 5 day notces issued just the 10 day. Is there any way to stretchthe time to leave. She was offered a ""cash for keys option by a real estate company that works with the bank. This offer had varying dates that extended up to six weeks if she cleaned up before leaving.
Your mother can contact the lender and negotiate with him regarding the time period. There are chances that the lender will agree to her request and give her some extra time to stay in that property.
in 3 days my home is being auctioned off because of forcloure is it to late to do anything? and how long do i have before i have to move? ::im in missouri
Hi jeti,
If you want to save the property, you should immediately contact the lender and apply for a loan modification. It will be the lender's discretion whether or not he would consider your request in this stage.
If your property is sold off at the foreclosure auction, then you would get a eviction notice from the lender. You may have to leave the property within 3 days of the sale.
Thanks
If you want to save the property, you should immediately contact the lender and apply for a loan modification. It will be the lender's discretion whether or not he would consider your request in this stage.
If your property is sold off at the foreclosure auction, then you would get a eviction notice from the lender. You may have to leave the property within 3 days of the sale.
Thanks
If my house is being put up for foreclosure after the stay was lifted off the mortgage part of my bankruptcy, can I sue the bank for leaving me homeless without getting their facts straight?
Hi pr!
Welcome to forums!
If the mortgage lender does not receive his payments on time, then he has the rights to foreclose the property. If there was an automatic stay on the lender, then he wouldn't have foreclosed it. As the automatic stay has been lifted by the court, the lender can foreclose the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If the mortgage lender does not receive his payments on time, then he has the rights to foreclose the property. If there was an automatic stay on the lender, then he wouldn't have foreclosed it. As the automatic stay has been lifted by the court, the lender can foreclose the property.
Feel free to ask if you've further queries.
Sussane
my family and i rent a house in michigan, we are a month behind on the rent and may not be able to catch up on the payment, how long will we be able to stay in the house, we rent through a rental company..
Welcome lilly,
It will depend upon the landlord's discretion as to how long he will let you stay in the property.
It will depend upon the landlord's discretion as to how long he will let you stay in the property.
I was just foreclosed on Sept 3 2010 I live in Missouri how long do i have from the sale of my house do I have to move out
Welcome Guest,
You will receive an eviction notice from the lender. The time period to move out from the property will be mentioned in that notice.
You will receive an eviction notice from the lender. The time period to move out from the property will be mentioned in that notice.
On the docket I noticed for a foreclosed condo there is a notice of sale date listed as well as two additional dates prior to the sale date. What would these dates represent?