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
Welcome anonymous,
Right of redemption is available in Tennessee. After a foreclosure, you'll get a time period of 730 days to redeem your property.
Right of redemption is available in Tennessee. After a foreclosure, you'll get a time period of 730 days to redeem your property.
I live in the state of Michigan. My home has gone through foreclosure and sheriffs sale. I have received a summons to report to court in a week. I am not ready to leave the house. Is it possible to enter into a renters agreement with whomever currently owns my home?
Hi anonymous!
Welcome to forums!
Once the property is sold off, you will have to leave it. However, you can contact the new owner and it will be his discretion whether or not he will be ready to let you rent the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Once the property is sold off, you will have to leave it. However, you can contact the new owner and it will be his discretion whether or not he will be ready to let you rent the property.
Feel free to ask if you've further queries.
Sussane
My sisters house is being auction on Oct 21 in the state of Mass. Is there help or someone they can get help from to find somewhere to live. Here husband is not currently working due to being let go from work. Can you give me some advice who they may contact for help.
Hi Guest,
Your sister and her husband can rent a property in order to live. Or else, they can contact their friends and relatives in order to get some help in this regard.
Thanks
Your sister and her husband can rent a property in order to live. Or else, they can contact their friends and relatives in order to get some help in this regard.
Thanks
A friend of mine owns a home that is rented out to a tenant on a verbal month to month lease. She has written a Certified letter to the tenant that he and his son have 30 days to move out. After the 30 days are up and he has not left she will go to the sheriff to file the correct paperwork to have a sheriff serve him with an eviction notice. How long after he is served does he have to vacate the property? We live in New Jersey. I understand there are different laws for different states!
Welcome Bonez,
The time period to leave the property will be mentioned in the eviction notice. The sheriff as well as your friend can give the tenant a notice period of 3 days to leave the property.
The time period to leave the property will be mentioned in the eviction notice. The sheriff as well as your friend can give the tenant a notice period of 3 days to leave the property.
hi jessica i wonder if you are able to help me please. I have received a possession order on my home although i made arramgements with the mortgage provider to pay higher repayments to clear off the arrears which was to be reviewed within three months. in the meantime it went to court but i was unaware i needed to attend and received nothing to complete before this process. is it possiblet o stop a possession order?
We live in a house that the ower let the house go in to preforeclosure we like to buy the house the house when they got the mortgage it was 250.000 and now the house is appraised at 100.000 .the Ower said he can't shortsale and we would buy house .The bank said that it will take a long time befor and i wait untill we are eviction..we still live in the house and have been aproved this house...please help
Hi rosedaleresidentialhome,
Your query has been answered in the given page:
http://www.mortgagefit.com/problems/possessionorder-repayment.html#184871
Take a look at it. Hope it helps you.
Hi george,
Unless the lender agrees to short sale the property, you won't be able to purchase it at a lower amount. However, when the lender forecloses the property, you can participate in the auction and place your request to buy the property. If the lender agrees to it, you'll be able to purchase it.
Thanks
Your query has been answered in the given page:
http://www.mortgagefit.com/problems/possessionorder-repayment.html#184871
Take a look at it. Hope it helps you.
Hi george,
Unless the lender agrees to short sale the property, you won't be able to purchase it at a lower amount. However, when the lender forecloses the property, you can participate in the auction and place your request to buy the property. If the lender agrees to it, you'll be able to purchase it.
Thanks
Our house is owner financed due to oil bussiness we have been un able to pay wegot a letter that it will be auctioned off on court house steps (Monahans, Tx) is says on tuesday the 4th dayof october, 2010 between 10 and 3 well the dates are wrong. But my question is how long will we have to get out thank you
Hi TK,
After the foreclosure sale is over, you'll receive an eviction notice. You'll have to leave the property within the time period as mentioned in the notice. Normally, the lender will give you 3 days time to leave the property.
Thanks,
Jerry
After the foreclosure sale is over, you'll receive an eviction notice. You'll have to leave the property within the time period as mentioned in the notice. Normally, the lender will give you 3 days time to leave the property.
Thanks,
Jerry
I just found out this morning the apartment I rent is going to auction this week. I live in New York state. The landlord didn't even tell me, a woman packing his belongings for him did. (he lives upstairs) I do not have a lease agreement. She said I have to move out this week. Is this how it works? Do I have to move out right now, or do I move out after the auction, when the new owner takes possession, or is there a chance I don't have to move out at all. Again, I have NO lease agreement, its been month to month without written confirmation. Please give me good news. I'm scared out of my wits here.
Hi Guest,
As you don't have any lease agreement, then things will be difficult for you. You'll have to leave the property as soon as the lender forecloses it. If you had the lease agreement, then you could have rented the property even though the lender foreclosed it.
Thanks
As you don't have any lease agreement, then things will be difficult for you. You'll have to leave the property as soon as the lender forecloses it. If you had the lease agreement, then you could have rented the property even though the lender foreclosed it.
Thanks
I have transfered grant to other person who is going to fiel bankruptsy, so can it stop the auction sale? please let me know and thank you very much in advance.