once a house is foreclosed on,will you get a letter with a court date?

Question

im not sure what happens after a house is foreclosed on. Im a renter and the house im in is being foreclosed on. Will I get an eviction notice or will someone come to my house with a paper of eviction. Will I be able to plea my case in court to buy myself some time?

Answer 1

If you have a lease, you don't need to worry about it at all. The new owner -- probably the bank -- must honor your lease. Most likely they'll just turn it over to a property manager until your lease is up. Once your lease is up most likely you'll be given 30 days notice to vacate. There's nothing you can do about that, you'll have to move at that time.

If you don't have a lease, you will be notified by the new owner -- again most likely the bank -- that you have 30 days to move once the foreclosure is completed. Again, you can't do much about that.

Once you get your notice to vacate, you might contact the bank and see if they will give you more time to find a new place.

If the bank refuses to let you stay on past the end of your lease, and you fail to move once they notify you to do so, they can then start eviction proceedings. If that happens, you could try to fight it but almost certainly would lose.

OK, dirty trick time: If you don't have a lease and can get hold of your landlord, now would be a good time to sign one! The bank will be stuck with it once they foreclose and you'll be able to stay put for at least another year. Also, if your lease is nearly up, there's nothing to say that you couldn't sign a new one right now.