Does foreclosure put a homeowner at risk of eviction?

Answer 1

You will be evicted if the bank forecloses on the property. If houses were free, more people would just let it foreclose.

Your best bet is to talk to the lender and see if they are willing to work with you until you get on your feet. If not, talk to a bankruptcy lawyer to see if you have any chance of staying in the property if you were to file bankruptcy.

Here are your eight options in a foreclosure:
1. Reinstatement: Come up with the money to make the loan current.
2. Redemption: Pay the loan off in full.
3. Deed in lieu of foreclosure: Surrender the deed to the lender. This will have a less impact on your credit.
4. Legal delay: If you can prove that the amount owed is incorrect, you can delay the foreclosure.
5. File bankruptcy: This will delay the foreclosure, but at the end there is a chance you will lose the property and ruin your credit.
6. Renegotiate with the lender: call the lender and renegotiate the loan. Maybe they can either refinance you or hold off on accepting payments for a short period of time.
7. Sell the property: Sell the property to either an investor or a buyer.
8. Do nothing: eventually get foreclosed on and evicted. Unfortunately, the majority fall into this category.

I wish you all the luck.

Regards

Answer 2

Hell, yeah!

Although the bank COULD rent it to the former owner, they almost certainly won't. Since the mortgatge payments weren't made as promised, they're not likely to take a chance on rent being paid by the same person.

Depending upon the laws of the state, further eviction proceedings may or may not be required to put the former owner out of the property. At any rate, the sheriff will be showing up soon to remove any personal property to the curb and escort the occupants out.

Anyone in this situation should make arrangements for housing and get out before they're put out.

Answer 3

Contract your government agencies there are some programs out there that can help you if you are a low income person or lost your job, check with your local churches to see if they can help you find these agencies, they should know they get enough grants. These are call rent grants. check with SBA.gov online for help just act quick you may not have much time. And you can file bankruptcy and keep your home talk to your attorney about chaptal 7 where they let you adjust your bills keeping the ones you can pay. I don,t advices this as an ease way out ok.

Answer 4

The $seven hundred billion is for the large banks and the different persons and businesses that the U. S. Treasury deems worth of receiving the money. The bailout kit will impression the middle type and sources vendors in probability of foreclosures by technique of creating it better in all probability they're going to lose their homes. the authorities is going to create the $seven hundred billion out of skinny air, borrowing it from the Federal Reserve and diluting the provision of money contained in the monetary equipment. this may inevitably reason inflation andcontinual up the prices for most products and facilities because the price of the dollar is debased. therefore, sources vendors already battling their month-to-month costs can ought to pay even better for gasoline, foodstuff, and some thing else they pick to purchase because their money will be properly worth a lot less. With money even tighter, there's a a procedures larger probability they're going to fall behind on their costs. in spite of the indisputable fact that the similar old American may also take convenience contained in the undeniable reality that, no matter if or not they do fall behind on their loan or charge playing cards, the banks they owe the money to will be secure by technique of the authorities bailout kit. Many better human beings will likely voluntarily default because their money has already been stolen from then to bail out the banks. in the different case, noble center type human beings can carry their heads extreme, understanding that they are making a sacrifice to bail out wide banks even as giving up their personal credit rankings and fiscal futures by technique of defaulting on charge playing cards, motor vehicle loans, and mortgages because their money isn't any longer properly worth adequate to pay those costs. desire that explains it. ForeclosureFish

Answer 5

YES!!! That means the lender is taking the property back, so they are going to kick you out and sell it to someone else to get the money that was lent for the house in the first place.

Answer 6

When you go on the site click on, Laws and Statutes... and then your state all you wish to know will be there...as well as questions on, Foreclosures

Answer 7

Yes! They will come to the house and escort you out the door without your stuff. So get out of there before they make you leave.

Answer 8

Yeah!!!!! The banks owns your house intil it is paided off.If you don't make your payments the bank can take the house away & you get evictied!!! Dumb ***!!!!!!!!!!

Answer 9

umm.. yeah.