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 lomckinney!
Welcome to forums!
After the sale you'll receive an eviction notice and the lender will mention the time period within which you'll have to leave the property. If the property doesn't sell, then you can stay in it and try to get a payment plan to pay off the dues.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
After the sale you'll receive an eviction notice and the lender will mention the time period within which you'll have to leave the property. If the property doesn't sell, then you can stay in it and try to get a payment plan to pay off the dues.
Feel free to ask if you've further queries.
Sussane
good afternoon jessica.
i am now in the process of modifying my loan i just send the paperwork on the 14th of january 2011 but i have received a letter that the property will be sold in a public action on the 24th of january 2011. is there a way that sale can be stop or put on hold until i find out if i qualify?
i am now in the process of modifying my loan i just send the paperwork on the 14th of january 2011 but i have received a letter that the property will be sold in a public action on the 24th of january 2011. is there a way that sale can be stop or put on hold until i find out if i qualify?
Welcome jestrada,
If the lender receives your loan modification request before the foreclosure sale date, then he will stop the sale of the property for the time being. He will go through your request and let you know whether or not you qualify for modification.
If the lender receives your loan modification request before the foreclosure sale date, then he will stop the sale of the property for the time being. He will go through your request and let you know whether or not you qualify for modification.
From a different perspective here... we have a nuisance neighbor (your worst nightmare, believe me) on our street who was finally foreclosed and it sold to the lender for the full amount. The 6-month redemption period is now up. I have seen no signs of movement from the house. I am getting concerned that there is some way they will be able to stay there. Is it possible that they could find a way to stay in the house?
Hi Joe!
Welcome to forums!
As the redemption period is over, the new owners of the property will take possession of the property. In that case, your neighbours will receive an eviction notice from the lender and they will have to move out of the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As the redemption period is over, the new owners of the property will take possession of the property. In that case, your neighbours will receive an eviction notice from the lender and they will have to move out of the property.
Feel free to ask if you've further queries.
Sussane
my home is set for auction on the 20th of jan, and wanted to know how long in indiana, do you have to vacate the house? Cant find another place yet and gettin worried. Didnt know if there was any kind of extension?
Thanks
Thanks
Hi ryane,
After the auction is over and the property is sold off, you'll receive an eviction notice from your lender. This notice will mention the time period within which you'll have to move out of the property. If you want an extension, then you'll have to inform the lender regarding the same.
Thanks
After the auction is over and the property is sold off, you'll receive an eviction notice from your lender. This notice will mention the time period within which you'll have to move out of the property. If you want an extension, then you'll have to inform the lender regarding the same.
Thanks
after foreclosure sale in colorado how long to i have to vacate the property
Hi Guest,
You will receive an eviction notice which will mention the time period in order to move out of the property.
You will receive an eviction notice which will mention the time period in order to move out of the property.
Hi. I'm no longer able to afford my mortgage payments. My lot rent is paid. My mortgage company told me today that I have to leave immediately. How long do I have until I'm legally evicted. I'm 72 years old and I need to know this so I can know what to do. Please respond quickly. Thank You. GOD Bless.
my florida home was foreclosed and now bank owned. I left personal property in the house. how long do I have to get my things out?
How will I be notified as to when I need to move out of my house? (I live in Michigan)
Hi!
Welcome to forums!
To Nick,
Your lender can legally evict you after the foreclosure sale by sending you an eviction notice. As you won't be able to move out of the property immediately, I'll suggest you to contact and negotiate with your lender and ask him to give you a certain time period to leave the property.
To lost1,
You should take out your personal property asap. I will suggest you to contact the lender and take his permission to take away your personal assets immediately from the property.
To Guest,
The lender will send you an eviction notice which 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!
To Nick,
Your lender can legally evict you after the foreclosure sale by sending you an eviction notice. As you won't be able to move out of the property immediately, I'll suggest you to contact and negotiate with your lender and ask him to give you a certain time period to leave the property.
To lost1,
You should take out your personal property asap. I will suggest you to contact the lender and take his permission to take away your personal assets immediately from the property.
To Guest,
The lender will send you an eviction notice which 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 home is in wa state aucton is set for feb.18 2011 how long do i have to vacate the property
my home is in wa state aucton is set for feb.18 2011 how long do i have to vacate the property