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
If the foreclose sale is the 6th of April how long can I stay in the property, the home is in North Carolina. If I don't leave after the sale what can the mortgage company do to evict me?
Hi MBB,
As far as I know, in North Carolina a borrower is allowed a very short redemption period of 10 days after the foreclosure sale of the property. However, if the lender pursues a non-judicial foreclosure, you will not have any redemption period and you might have to vacate the property quickly after the sale of the home. Much depends on your individual lender as well. It is up to them how much time they give you to vacate the property once the property is auctioned.
As far as I know, in North Carolina a borrower is allowed a very short redemption period of 10 days after the foreclosure sale of the property. However, if the lender pursues a non-judicial foreclosure, you will not have any redemption period and you might have to vacate the property quickly after the sale of the home. Much depends on your individual lender as well. It is up to them how much time they give you to vacate the property once the property is auctioned.
my dad had a reverse mortgage that is in foreclosure i live in the house its going to foreclose sale 4/02/10 in missouri how long until i will need to move
To joein,
You will have to move out of the property soon after the property is sold at the auction and the ownership gets transferred to the new buyer. You may get a day or two to vacate the property, depending on your particular situation.
You will have to move out of the property soon after the property is sold at the auction and the ownership gets transferred to the new buyer. You may get a day or two to vacate the property, depending on your particular situation.
i live in florida and i am going in front of the judge soon for summary final judgment of foreclosure. One of my friends said that after this judgment i have ten days before the sheriff shows up and escorts me off the property. is this true? she worked for a attorney as a legal aid and was sure of what she told me.
thank you
russell
thank you
russell
i just posted my question but forgot to add that i surendered the house in a chapter 7 bankruptcy so now i am going in front of the judge for my summery of final judgment of foreclosure soon, a friend who was a legal aid for and attorney said that after this hearing i have ten days , then the sheriff escorts me off the property. is this true
thank you
stressed out
russell
thank you
stressed out
russell
Hi Russell,
Once the judge passes the summary judgment he will order a foreclosure auction. The court will then issue a certificate of title to the new buyer within 10 days after the auction. After the owner gets the certificate of title, he can start eviction proceedings against you. Thus, I believe what your friend said is correct.
Once the judge passes the summary judgment he will order a foreclosure auction. The court will then issue a certificate of title to the new buyer within 10 days after the auction. After the owner gets the certificate of title, he can start eviction proceedings against you. Thus, I believe what your friend said is correct.
We rent a home that was recently foreclosed upon. No one has bought the home and it is still owned by the bank. If the bank were to evict us, how long will the give us to move out. We live in Miami, FL.
Hi Brennan,
Did the lender pursue judicial foreclosure? Has the home been auctioned? A judicial foreclosure in Florida generally takes about 3-4 months to complete. But once the property has been sold off, you will hardly get about 10 days to vacate the property. If the property has been auctioned and the bank has bought it, they may ask you any time to leave the home.
Did the lender pursue judicial foreclosure? Has the home been auctioned? A judicial foreclosure in Florida generally takes about 3-4 months to complete. But once the property has been sold off, you will hardly get about 10 days to vacate the property. If the property has been auctioned and the bank has bought it, they may ask you any time to leave the home.
MY summary for final judgment of forclosure is April 9th how long after that do i have to get out.
Hi wilso,
In Florida after the judge grants Summary of Judgment, the foreclosure auction is set up. The new buyer gets a Certificate of Title within about 10 days after the foreclosure sale. Once the new buyer gets the title in his name, he can evict you from the property after serving you a 3-day Notice to Quit. Thus, you will get hardly about 15-20 days after the foreclosure sale to vacate the property.
In Florida after the judge grants Summary of Judgment, the foreclosure auction is set up. The new buyer gets a Certificate of Title within about 10 days after the foreclosure sale. Once the new buyer gets the title in his name, he can evict you from the property after serving you a 3-day Notice to Quit. Thus, you will get hardly about 15-20 days after the foreclosure sale to vacate the property.
I haven't paid my morgage for about 10 months, I have not recieved any paper work in the mail and they have not tried to call. How long can I stay in my house in Siloam Springs, AR, before they start the forclosure process? And can they kick me out on an moment notice?
To jmcfarland,
You can stay in your house till the time your lender decides to foreclose the property. There are many foreclosures happening all around. May be your lender is so busy with foreclosing other properties that they have hardly gotten any time to consider foreclosing your property. It is also possible that the value of your property has gone so down that the lender has postponed the foreclosure on your home.
The lender will not kick you out of the property without any notice. You will be served a foreclosure and an eviction notice before you are asked to vacate the property. But, in case the lender pursues a non-judicial foreclosure, you will not get much time to leave the house. Alternately, if your lender forecloses the house judicially, you are expected to get about 30 days at least before you are forced out of the home.
You can stay in your house till the time your lender decides to foreclose the property. There are many foreclosures happening all around. May be your lender is so busy with foreclosing other properties that they have hardly gotten any time to consider foreclosing your property. It is also possible that the value of your property has gone so down that the lender has postponed the foreclosure on your home.
The lender will not kick you out of the property without any notice. You will be served a foreclosure and an eviction notice before you are asked to vacate the property. But, in case the lender pursues a non-judicial foreclosure, you will not get much time to leave the house. Alternately, if your lender forecloses the house judicially, you are expected to get about 30 days at least before you are forced out of the home.
From Florida. Auction is scheduled for end of May.
How do you know if the property is bought? What happens if not?
Would want to be certain property is purchased before vacting but once sold want a smooth move w/o eviction. How can that be done? What do I do with the keys?
How do you know if the property is bought? What happens if not?
Would want to be certain property is purchased before vacting but once sold want a smooth move w/o eviction. How can that be done? What do I do with the keys?
To brook,
If the property is sold at the auction, you will be informed about it. You will receive a notice whereby you will be asked to leave the property. If the property is not sold at the auction at the first attempt, the court can schedule another foreclosure auction. However, in situations where the property does not sell at the auction, the bank purchases it to sell it off as real estate property. In any case, you will be given some time to vacate the property before the new owner takes possession of it.
If the property is sold at the auction, you will be informed about it. You will receive a notice whereby you will be asked to leave the property. If the property is not sold at the auction at the first attempt, the court can schedule another foreclosure auction. However, in situations where the property does not sell at the auction, the bank purchases it to sell it off as real estate property. In any case, you will be given some time to vacate the property before the new owner takes possession of it.