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
Hi nellie!
Welcome to forums!
As far as I know, there is no redemption period allowed to the borrowers in the state of Virginia.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as I know, there is no redemption period allowed to the borrowers in the state of Virginia.
Feel free to ask if you've further queries.
Sussane
I am living in a house that i am renting to own,but the owner has not paid a payment on the house since july,2010.And she has had letters coming to the house from the people she is buying the house from,but we can not open them to see what is going on.She keeps tell us that it is nothing.What do i do if the house is in forecloser,and how long do i have to get out?it is christmas and i am not wanting to move.The house is in Valley,Al.What am i suppose to do?
Hi Guest,
You should inform the lender about your situation. You can directly make the payments to your lender and try to purchase the property directly from him. Thus, you won't have to move out of the property.
You should inform the lender about your situation. You can directly make the payments to your lender and try to purchase the property directly from him. Thus, you won't have to move out of the property.
I live in a rental and the home I live in is being sold at Sheriff's sale on March 1st. How long do I have to live here?
Hi Guest,
You will get an eviction notice from the lender. This eviction notice will mention the time period within which you'll have to leave the property.
You will get an eviction notice from the lender. This eviction notice will mention the time period within which you'll have to leave the property.
i am in chapter 7 bankruptcy and havnt been released as yet..after the release i am sure the bank will be taking our home.what steps and how much time will i have before i will have to vacate my home..i live in ohio.
Hi roger!
Welcome to forums!
As you will be surrendering the property to your lender, he will want you to leave the property asap. Nevertheless, you should negotiate with the lender so that you get time to arrange for a new residence.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As you will be surrendering the property to your lender, he will want you to leave the property asap. Nevertheless, you should negotiate with the lender so that you get time to arrange for a new residence.
Feel free to ask if you've further queries.
Sussane
whats the legal time in the state of arizona being a renter to get out of the home once its been sold at auction?
Can I assume that my home will be bid upon and sold on my foreclosure date? What if it is not sold or bid upon. What happens after? I am in GA.
Can I assume that my home will be bid upon and sold on my foreclosure date? What if it is not sold or bid upon. What happens after? I am in GA.
Hi rents!
Welcome to forums!
The lender will send an eviction notice to the renter in order to leave the property. The eviction notice will mention the time period within which you'll have to leave the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
The lender will send an eviction notice to the renter in order to leave the property. The eviction notice will mention the time period within which you'll have to leave the property.
Feel free to ask if you've further queries.
Sussane
My children and I are still living in ower forclosed home! the home is in my exhusbands name not mine! Do I have rights as a family member living in a forclosed home? The morgage Co. offered me cash for keys to get out, how much should I ask for?
Hi Denise,
As you're not the owner, you won't be able to stay in the property. It is your ex-husband who can ask for any amount of money in order to give away the keys to get out because the property is in his name.
As you're not the owner, you won't be able to stay in the property. It is your ex-husband who can ask for any amount of money in order to give away the keys to get out because the property is in his name.
Hello. I rented a room in a home back in July from a family.We decided on a six month lease to see how it goes since they had never rented before. Bottom line is that pretty much within two weeks of my furniture arriving, they told me that the husband had a job offer 1000 miles away and they had to move. They were putting their house up for a short sale and would keep me posted. This was not something that they knew they were doing prior to renting to me, it's just they are a victim of the recession along with everyone else.
I figured that I would just return to my home state but I have nowhere to really go there and I would be giving up my job with benefits here. (I dont make a LOT of money but it is a job.)Anyway, my decision to go back to my home state was not a good idea (besides having a housing issue, I would not have a job either) and the landlords said if I wanted to stay in the house I could til the sale went through as someone did put an offer in in October. It was agreed that I would just pay the electric bill. So that is where it has been left, nothing much has gone on with this sale, the house has been listed as "contingent with no kick out" In the meantime I have been looking at my housing options which are not good given my salary. Renting rooms are tough as I have a small dog...
The landords (my friends now) have been keeping me posted and they have just told me that they got a "notice of foreclosure" So now I am not sure where this is going. I am hoping to stay here as long as possible to catch up on some old moving bills so my plate will not be as full when I have to start paying a rent again.
Can someone give me a timeline of sorts for either case scenario? Since rents here are unaffordable for me, I actually applied for a mortgage and was preapproved...seems like a mortgage payment on a little place for me would be significantly less than a rent. Problem is, I am still tossing around whether I want to stay in this state, as I have no one here, EXCEPT that job with benefits, which says a lot these days.Buying here would mean I am here to stay for a long time. :?
I figured that I would just return to my home state but I have nowhere to really go there and I would be giving up my job with benefits here. (I dont make a LOT of money but it is a job.)Anyway, my decision to go back to my home state was not a good idea (besides having a housing issue, I would not have a job either) and the landlords said if I wanted to stay in the house I could til the sale went through as someone did put an offer in in October. It was agreed that I would just pay the electric bill. So that is where it has been left, nothing much has gone on with this sale, the house has been listed as "contingent with no kick out" In the meantime I have been looking at my housing options which are not good given my salary. Renting rooms are tough as I have a small dog...
The landords (my friends now) have been keeping me posted and they have just told me that they got a "notice of foreclosure" So now I am not sure where this is going. I am hoping to stay here as long as possible to catch up on some old moving bills so my plate will not be as full when I have to start paying a rent again.
Can someone give me a timeline of sorts for either case scenario? Since rents here are unaffordable for me, I actually applied for a mortgage and was preapproved...seems like a mortgage payment on a little place for me would be significantly less than a rent. Problem is, I am still tossing around whether I want to stay in this state, as I have no one here, EXCEPT that job with benefits, which says a lot these days.Buying here would mean I am here to stay for a long time. :?
I have a foreclosure date in Tennessee of Jan. 24. I have been trying to get my loan from Bank of America looked at for modification for 6 months in which time I keep getting the answer that I will have an answer within 30 days. Of course I have not and so they now have me so far behind on my mortgage that now I am in foreclosure. I have sent all the documents and followed all the rules for this modification and today I was told I can do no more but wait. I have applied with the bank for a delay of sale so that I can find out the answer to my modification. How long do I have after the sale do I have to get out of my house if it does sell and what happens if it doesn't sell.?