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 had just moved into a house 1 month ago. The local police department just sevred me with a final eviction.How long do I have to move. I live in Pinellas Park,Fl.I had not received the first eviction.I do have a lease. We did not even know that the property was being forclosed upon.
Hi jen,
As you've been served with a notice from the Police Department, it will mention the time period within which you'll have to move out of the property. It is quite surprising that your landlord had not informed you about the foreclosure. However, as you've received the final eviction notice, you'll have to leave the property within that time period.
Thanks
As you've been served with a notice from the Police Department, it will mention the time period within which you'll have to move out of the property. It is quite surprising that your landlord had not informed you about the foreclosure. However, as you've received the final eviction notice, you'll have to leave the property within that time period.
Thanks
I am renting and i just found out the house will go under forclosure July 27th. I have a security deposit of $1500, should i stop paying rent now to help recover my moving costs and deposit?
If you stop the rental payments, it will go against the agreement and the landlord may ask you to leave the property due to this. I don't think it is a good option to stop paying the rental dues.
We are proceeding with a nonjudicial foreclosure on property. We issued a notice of default, and are now wondering how we proceed with eviction. The property is now ours as the homeowner has made no contact with us as to how he intends to complete paying for the house. What is the next step?
Hi ryckiop,
The borrower needs to sign a quit claim deed and transfer the property to you. This will make you the owner of the property. You can then arrange for the sale of the property and recover your dues. You can even sue the borrower for the deficient amount that results from the sale of the property. You can contact an attorney and he will guide you in a better way in this regard.
Thanks
The borrower needs to sign a quit claim deed and transfer the property to you. This will make you the owner of the property. You can then arrange for the sale of the property and recover your dues. You can even sue the borrower for the deficient amount that results from the sale of the property. You can contact an attorney and he will guide you in a better way in this regard.
Thanks
I'm living in FL and I rent a house that has already been auctioned and the bank now owns it again. This is our second month living here without paying rent and no notices from the bank to leave. We just received a Motion To Vacate Certificate of Title but it has no deadline on it to leave. Does this just mean we will be getting that soon?
I am a tentant, renting my condo and received a notice that my condo i am currently rent has been foreclosed by the lender and has been sold to an investment company. How long do I have to live at this condo I am renting in south florida?
Thank You
Thank You
and do I have to keep paying rent??
Hi Dana,
The property has been sold off and thus the lender has the rights to ask you to leave the property. You can pay the rent as long as you stay in the property. However, in my opinion, it would be better if you could leave the property as soon as possible.
Hi Bill,
You will receive a Motion To Vacate Certificate from the lender. The time period to leave the property will be mentioned in the certificate. You will have to leave the property within that time period.
Take care.
The property has been sold off and thus the lender has the rights to ask you to leave the property. You can pay the rent as long as you stay in the property. However, in my opinion, it would be better if you could leave the property as soon as possible.
Hi Bill,
You will receive a Motion To Vacate Certificate from the lender. The time period to leave the property will be mentioned in the certificate. You will have to leave the property within that time period.
Take care.
Foreclosure eviction - When do you have to move out in thousand palms, California
Hi killerice,
I've given my suggestions in regards to your query at:
http://www.mortgagefit.com/predeal/about38585.html#164557
Take a look at it. Hope it helps you.
Thanks
I've given my suggestions in regards to your query at:
http://www.mortgagefit.com/predeal/about38585.html#164557
Take a look at it. Hope it helps you.
Thanks
I live in Illinois and I received a foreclosure notice for June 7th. When will I need to move?
Welcome Marksam,
Once your property is sold off by the lender at a foreclosure auction, he will send you a notice to vacate the property. The time period within which the property needs to be vacated will be mentioned in the notice. Normally lenders give 3 days notice to vacate the property.
Once your property is sold off by the lender at a foreclosure auction, he will send you a notice to vacate the property. The time period within which the property needs to be vacated will be mentioned in the notice. Normally lenders give 3 days notice to vacate the property.
My house is going to be forclosed May 27 how many days will they give me to move out of this house. im from Phoenix Arizona