I would like to know more about forclosure..how long can a person stay in the house once it has been in forclosure and is there a way they can continue to live there?
2006-09-03 17:07:33 · 6 answers · asked by ms2o2c 1 in Business & Finance ➔ Renting & Real Estate
State procedures vary somewhat, but in general:
After the foreclosure action is filed the owner has a period of time to respond. If s/he doesn't respond, a default judgment will be entered and a sale date will be set. The Court clerk will publish notice of the sale. At the sale, bids will be accepted, and the high bidder -- usually the mortgage lender -- will pay the bid & the clerk's fees, and after a certain number of days (to allow interested parties to attack the bid procedure, or sometimes to allow an owner a last chance to redeem) a clerk's deed will be issued and recorded. From that point the mortgagee will be the owner & can commence ejectment proceedings immediately. The time periods for each step vary widely. Normally the mortgagee will give the owner a reasonable time to move. Very often they will give the owner an opportunity to rent the house -- sometimes even long term. However, some have prior arrangements to re-sell them & will not grant any lease. In fact, in some jurisdictions, the foreclosure and ejectment proceedings are combined, giving very little time before the sheriff comes a knockin' with a ejectment order. Just call the bank or their attorneys & tell them what you want.
2006-09-03 17:29:35 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The only way a person could stay in the house after its been foreclosed on is if they were to make a rental agreement with the new owner. I would say that the chances of this are slim. Due to the poor record of payment with the lendor it is unlikely that an investor would take that risk.
2006-09-03 17:14:49 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It depends on the State you reside in. In Texas it is 21 days. Check your State. Foreclosures are bid for at the courthouse typically on the steps. Sheriff sales are advertised for sale typically when the courts decide on release and liquidation.
2006-09-03 17:12:57 · answer #3 · answered by mikey 4 · 0⤊ 0⤋
You must be out of the property when the foreclosure is completed. You will be evicted if you do not move. You can only continue to live there if the owner agrees to rent the property to you.
2006-09-03 19:15:53 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋
A copy of the deed is sent to the sheriffs office and when they come to evict its a done deal. ( that could take a couple of months) and they don't pack you up neatly so I would start on that. Good Luck
2006-09-03 17:09:57 · answer #5 · answered by Diamond in the Rough 6 · 0⤊ 0⤋
in the event that they capture you, in the event that they arrive to a decision to, they might could desire to write you an excellent (50 greenbacks probable) and could desire to close down your backyard sale. My city rates approximately $4.00 and materials 2 indications to apply. this is a reasonably sturdy deal. only pass get your enable and don't hardship approximately others that wreck the policies. in case you have crappy pals, considered one of them could desire to purely spitefully checklist you as not having the enable (it occurs). it is unlike law enforcement officers are actively finding out backyard sales without facilitates, yet while they desire to they rather provide you with a quotation. The facilitates are using fact: greater beneficial than typical crowds (hearth, police, EMT desires) so if a call is provided in from around your community they are going to be responsive to that their would be alot of persons close to. additionally, it facilitates keep your nieghborhood from having a gaggle of cheesy indications in each and every single place. Plus, might you like your around the corner pals to establish a junk sale interior the front backyard each and every weekend (it occurs)?
2016-10-01 07:01:44 · answer #6 · answered by ? 3 · 0⤊ 0⤋