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
I do not live there it is investment property.
Hi cdmoranville,
As far as I know, there's no statutory period of redemption allowed in judicial foreclosures in Rhode Island.
Hi Guest,
If the property is not used as your primary residence, you will not get any redemption period.
As far as I know, there's no statutory period of redemption allowed in judicial foreclosures in Rhode Island.
Hi Guest,
If the property is not used as your primary residence, you will not get any redemption period.
after the 90-day foreclosure is up do i hvae any more rights as a tenant,how long does it take for a lender to get a court ordered eviction after 90 days is up.
there is a federal regulation that prohibits lenders from evicting tenants from foreclosured properties for a specified time. contact your local attorney general's office or a legal aid attorney for the exact terms of the regulation to see if you have protection beyond the 90 days.
you might.
you might.
House has been sold at auction. We had no lease agreement but were care taking the property for owner, the new owner bought the house on the courthouse steps on Feb. 3rd and hasn't dealt with the IRS lien, about 50K. What do we do? How long can we stay? we need as much time as we can get. The house in question is in Wasilla, Alaska we need the laws to help us.
Dear Jessica my house is in a forclosure on March 8, 2010, how long do I have until I have to move out of my home?
Hi Rebecca,
It depends on your state laws how amount of time you are allowed to have before moving out of the property. Generally, you are supposed to vacate the property as soon as it has been sold and the ownership has changed. But certain states do allow you a redemption period during which you can use the property. Check your state foreclosure laws regarding redemption period and consult a foreclosure attorney to know if the laws apply in your situation.
It depends on your state laws how amount of time you are allowed to have before moving out of the property. Generally, you are supposed to vacate the property as soon as it has been sold and the ownership has changed. But certain states do allow you a redemption period during which you can use the property. Check your state foreclosure laws regarding redemption period and consult a foreclosure attorney to know if the laws apply in your situation.
To skulldugg,
" House has been sold at auction. We had no lease agreement but were care taking the property for owner, the new owner bought the house on the courthouse steps on Feb. 3rd"
Was the house sold at a foreclosure auction? Was it a judicial foreclosure? As far as I know, a borrower is entitled to a redemption period of 365 days in Alaska, if the house was judicially foreclosed. During the redemption period the borrower is allowed to use the property and purchase it back on payment of a particular amount of money. However, the redemption period is allowed the main borrower who occupies the property as primary residence. Since you are not the original borrower and have only been taking care of the property, you are unlikely to be eligible for the right of redemption.
" House has been sold at auction. We had no lease agreement but were care taking the property for owner, the new owner bought the house on the courthouse steps on Feb. 3rd"
Was the house sold at a foreclosure auction? Was it a judicial foreclosure? As far as I know, a borrower is entitled to a redemption period of 365 days in Alaska, if the house was judicially foreclosed. During the redemption period the borrower is allowed to use the property and purchase it back on payment of a particular amount of money. However, the redemption period is allowed the main borrower who occupies the property as primary residence. Since you are not the original borrower and have only been taking care of the property, you are unlikely to be eligible for the right of redemption.
does the new owner have to pay for us to move? this house is in california
i live in nevada, how long do i have until i have to move after a forcloser sale. so far all iv ever recieved is a 3 day notice to vacate taped to my door. never got a forcloser notice or anything. what should i do?
Hi Jacque,
Has your house been foreclosed and sold at an auction? If it has been and someone has purchased your property, the new owner is not required to pay anything for you to move.
Hi peggy,
"so far all iv ever recieved is a 3 day notice to vacate taped to my door. never got a forcloser notice or anything."
It seems that your lender pursued a non-judicial foreclosure. In such a case, you can be served a short notice and asked to vacate the property. Had it been a judicial foreclosure, you would have received foreclosure notice from the court. In that case, you could also have been allowed a redemption period, during which you could buy the property back even after the foreclosure sale, on paying a specific amount of money.
But since it seems to be a non-judicial foreclosure and you have been given a notice to vacate the property within 3 days, you will have to move out of the property. Else, you may be evicted from the house.
Thanks,
Jerry
Has your house been foreclosed and sold at an auction? If it has been and someone has purchased your property, the new owner is not required to pay anything for you to move.
Hi peggy,
"so far all iv ever recieved is a 3 day notice to vacate taped to my door. never got a forcloser notice or anything."
It seems that your lender pursued a non-judicial foreclosure. In such a case, you can be served a short notice and asked to vacate the property. Had it been a judicial foreclosure, you would have received foreclosure notice from the court. In that case, you could also have been allowed a redemption period, during which you could buy the property back even after the foreclosure sale, on paying a specific amount of money.
But since it seems to be a non-judicial foreclosure and you have been given a notice to vacate the property within 3 days, you will have to move out of the property. Else, you may be evicted from the house.
Thanks,
Jerry
I rent from propety management who has a 2nd on the house but the owner has went into forclosure. I am in a 2 year lease can I start looking for a place to live and not wait till the whole forclosure is complete or will I be held to the lease up to that point. It is not easy to find a place in 2 weeks.
jacque: no, you won't get compensated for moving expenses. a new owner is under no obligation to assist you.
peggy, you can contact your state's attorney general and get information about how long you have to vacate. they can also school you on why you've only received a notice to vacate without a foreclosure notice.
alh, it would seem to make sense that you can begin to search for a new place to live, but at the same time the foreclosure ought not to cause you to be displaced or give you any other problems per se. if you're able to discuss this with the lender, by all means do so.
peggy, you can contact your state's attorney general and get information about how long you have to vacate. they can also school you on why you've only received a notice to vacate without a foreclosure notice.
alh, it would seem to make sense that you can begin to search for a new place to live, but at the same time the foreclosure ought not to cause you to be displaced or give you any other problems per se. if you're able to discuss this with the lender, by all means do so.
I just bought a property and I believe there may be a tenant or owner in the home. If it is a tenant is there any way to get them legally out of the home?
Also if they do not provide a valid lease?
How do you verify and prove that the lease amount that it is on the lease is fair market value for the area and if it is not can you call the lease invalid and evict them?
Any other way to get the tenant out if I am not planning on living in the home? State is Florida Thank You
Also if they do not provide a valid lease?
How do you verify and prove that the lease amount that it is on the lease is fair market value for the area and if it is not can you call the lease invalid and evict them?
Any other way to get the tenant out if I am not planning on living in the home? State is Florida Thank You
chene, you seem to be more worried about the existing tenant in that property than might be necessary. you would have been wise to have learned all about tenants' rights before you became a landlord by purchasing this property, but that, i suppose, is water over the dam.
how will you determine whether or not their lease is valid? in order to evict anyone, you must do so throught the court system, i'm sure...what would be your basis for that - you don't know them? as for fair market rent, how would you plan to establish a rental as a new landlord if there was nobody currently there? okay, then, that'll be the way you establish if they're paying a market rent as well.
you have a bit of homework to do - if you don't have a lawyer you can count on, you can get a bit of information from the state attorney general's office, i'm certain.
how will you determine whether or not their lease is valid? in order to evict anyone, you must do so throught the court system, i'm sure...what would be your basis for that - you don't know them? as for fair market rent, how would you plan to establish a rental as a new landlord if there was nobody currently there? okay, then, that'll be the way you establish if they're paying a market rent as well.
you have a bit of homework to do - if you don't have a lawyer you can count on, you can get a bit of information from the state attorney general's office, i'm certain.