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 xian,
You will have to contact an attorney in this matter. The attorney will help you in filing the rights papers in the court.
Thanks
You will have to contact an attorney in this matter. The attorney will help you in filing the rights papers in the court.
Thanks
I am in NY and the sheriff came to evict me and I got a stay until the 12th. I am almost moved out but how long until they come back do I have after the 12th court date?
Hi Guest,
You have received a stay until the 12th of the month, you'll have to leave the property within that date. If you don't do so, the concerned people can take legal actions against you.
Thanks
You have received a stay until the 12th of the month, you'll have to leave the property within that date. If you don't do so, the concerned people can take legal actions against you.
Thanks
id live in boise idaho forclosure sale on 23rd of may how long will i have before i have to remove my possesions and vacate the poperty
what do you mean by a stay? what happens if the house does not sell at
Hi cwk!
Welcome to forums!
If the house does not sell, then you may live in it for the time being. However, if the property is sold off, then you'll receive an eviction notice from your lender and the time period to leave the property will be mentioned in it.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If the house does not sell, then you may live in it for the time being. However, if the property is sold off, then you'll receive an eviction notice from your lender and the time period to leave the property will be mentioned in it.
Feel free to ask if you've further queries.
Sussane
I live in Arizona my house sold on 5/11/11 how long do I have before i need to vacate, i was given notice on 5/12/11
George
George
Hi George!
Welcome to forums!
If you've received an eviction notice from the lender, then you need to check out that notice in order to find out 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!
If you've received an eviction notice from the lender, then you need to check out that notice in order to find out the time period within which you'll have to leave the property.
Feel free to ask if you've further queries.
Sussane
This isareversemortgage that the timeis up all extensions givin. Now on June 9,2011 the lender will start the foreclosure proceedings. How Long before we Have to Move Out
Hi anonymous,
After the property is sold off at a foreclosure auction, you will receive an eviction notice from the lender. This notice will mention the time period within which you'll have to leave the property.
Thanks
After the property is sold off at a foreclosure auction, you will receive an eviction notice from the lender. This notice will mention the time period within which you'll have to leave the property.
Thanks
does the fact that the foreclosre happened 2 months after my mom died and the bank is aware of the death hasten the forclosure and eviction process
My Mom died in December and the house went into default in February. We went into forclosure in March. We did not answer the bank calls since the house was not willed to us and we cannot afford probate. Since the bank knows of the death of the porperty owner does this change when we have to be out of the property.
Do we have to leave June 4th after the ruling or July 2nd after the auction.
I was renting the back unit from my Mom? Do I have nay rights to try and stay?
Do we have to leave June 4th after the ruling or July 2nd after the auction.
I was renting the back unit from my Mom? Do I have nay rights to try and stay?
HB, given the circumstances, I think you'd be wise to speak with a Housing Counselor; in particular, one who is on the HUD list. As a general rule, you can obtain free advice on how to handle your situation in this fashion.
You can check out the HUD website at hud(dot)gov, using that key word of "counseling." There are thousands in the country, and without doubt they'll show someone who's located in your general area.
That'll save you time and money, I believe, in trying to work out a comfortable solution to your housing problem.
Does the lender know you're in the home? They'll quite often provide you a stipend if you'll vacate within a certain timeframe ("cash for keys").
State laws vary, and the law is, of course, the determining factor in just when you must vacate the home.
You can check out the HUD website at hud(dot)gov, using that key word of "counseling." There are thousands in the country, and without doubt they'll show someone who's located in your general area.
That'll save you time and money, I believe, in trying to work out a comfortable solution to your housing problem.
Does the lender know you're in the home? They'll quite often provide you a stipend if you'll vacate within a certain timeframe ("cash for keys").
State laws vary, and the law is, of course, the determining factor in just when you must vacate the home.
Do I have a cetain time to move out if they state the home was sold to fannie?
Hi Guest,
I guess you're speaking about foreclosure here. After a foreclosure, you will get an eviction notice from your lender which will mention the time period within which you'll have to leave the property.
Thanks
I guess you're speaking about foreclosure here. After a foreclosure, you will get an eviction notice from your lender which will mention the time period within which you'll have to leave the property.
Thanks