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
ok, had a yr left on my lease, house i rented from, it went to notice of sale, from there i talk to a agent from fannie mae assigned real estate agent, giving me 3 months to move out, then i get a letter yesterday from my previous property management agent to move out in 30 days. i dont get it, is it because of my security deposit from previous rental agent, if i get it back, if i move out sooner. thank you for your time, your lost tenant
Hi anonymous,
You will have to leave the property within the 30 days time period. You should speak to your lender regarding the refund of the security deposit.
Thanks
You will have to leave the property within the 30 days time period. You should speak to your lender regarding the refund of the security deposit.
Thanks
ON Aug. 1, 2011 they are going to aution off my house. How long do I have to take out my personel stuff. This house is in AZ.
Thank you,
Rose
Thank you,
Rose
hellon i have a ouestion i lived in my home for to years and a half i think any how i lost my onwers name and number he has not been over to collect any rent for over a year and a half what should i do
Hi!
Welcome to forums!
To misspineappleatt,
You'll receive an eviction notice from the lender which will mention the time period within which you'll have to remove your personal stuffs from the property.
To bgood,
This is a strange situation. You can have a word with an attorney in this regard and check out if he can suggest you a way to contact your property owner.
Sussane
Welcome to forums!
To misspineappleatt,
You'll receive an eviction notice from the lender which will mention the time period within which you'll have to remove your personal stuffs from the property.
To bgood,
This is a strange situation. You can have a word with an attorney in this regard and check out if he can suggest you a way to contact your property owner.
Sussane
my house went on foreclosure and I filed for banruptcy and surrendered my house. The bankruptcy is gone through but then I got a letter from the court which says my foreclosure was dismiss because of none activities. Last week I got a letter saying my house was sold to another investor. Well I called the clerk of court to see if my house has been auction off and they said that case has been dismissed. What does this mean?
Hi cstewart!
Welcome to forums!
Your query has been replied to in the given page:
http://www.mortgagefit.com/Mortgage-Basics/bankrupt-but-foreclosure-case-has-been-dismissed.html
Please take a look at it. I hope it will help you.
Sussane
Welcome to forums!
Your query has been replied to in the given page:
http://www.mortgagefit.com/Mortgage-Basics/bankrupt-but-foreclosure-case-has-been-dismissed.html
Please take a look at it. I hope it will help you.
Sussane
We do not live in house , we rent out. But the house is going in foreclosure. what is are time limted to get renters out and get the rest of our stuff out of house ? We are in Florida .
Welcome mc,
After the foreclosure, the lender will send you an eviction notice to move out of the property. You will have to move out of the property within that time period. You should contact the renters and ask them to leave the property asap. This will give you some time to move your belongings from the property.
After the foreclosure, the lender will send you an eviction notice to move out of the property. You will have to move out of the property within that time period. You should contact the renters and ask them to leave the property asap. This will give you some time to move your belongings from the property.
i recived certificate of title,lien holders and owners mentioned as defandents in certifcate of title,is the mortgages wiped out or do i responseble for any other expenses.
Hi davut,
The mortgage is not wiped out. The lender will come after you in order to recover the mortgage dues resulting from the sale of the property.
Thanks
The mortgage is not wiped out. The lender will come after you in order to recover the mortgage dues resulting from the sale of the property.
Thanks
I live in Florida and my home has been foreclosed by Fannie Mae who bought the the house at auction. I want to stay here as long as I can as I am going throgh financial hardship. The foreclosure was part of a bankruptcy. Does that negate the possibility of exercising a right to redemption??
Hi Guest,
As far as I know, as the property is being foreclosed as a part of bankruptcy, I don't think you will get the right of redemption. Nevertheless, you can contact your bankruptcy attorney as well as the lender and check out whether or not you can exercise your right to redemption.
As far as I know, as the property is being foreclosed as a part of bankruptcy, I don't think you will get the right of redemption. Nevertheless, you can contact your bankruptcy attorney as well as the lender and check out whether or not you can exercise your right to redemption.
I recently recieved a Third party notice of Seizure on October, the home we live in has gone into foreclosure, how long do we have before we have to vacat the premises? We was told one week? is that true?
Welcome Guest,
Once the property is foreclosed by your lender, you will receive an eviction notice. This notice will mention the time period within which you will have to leave the property. It can be week or even 3 days.
Once the property is foreclosed by your lender, you will receive an eviction notice. This notice will mention the time period within which you will have to leave the property. It can be week or even 3 days.