I know it ruins your credit, but do they come after you, and how soon or what?
2007-02-23 13:34:37 · 9 answers · asked by TJ 4 in Business & Finance ➔ Renting & Real Estate
you will receive an eviction notice....you will need to be out of the house by that date...then they take it over and put the house to auction...they clear their debt and pay for any legal expenses and give the balance to you...
2007-02-23 13:37:25 · answer #1 · answered by askaway 6 · 1⤊ 1⤋
When a bank forecloses on your property it first depends if you are a lien trust theory or a deed theory state. Lets assume you are in Florida and you are a deed theory state. You get the notice of default, then the lis pendense and then it goes to foreclosure. If when the house is sold on the court house steps (no the city doesn't take it) and the final bid is paid, if the amount is less than you owe, the lender can come after you for a deficiantcy judgement (you still owe) or if it is sold for more, there is an overage, and you get the overage.
2007-02-23 15:12:10 · answer #2 · answered by batwanda 4 · 0⤊ 0⤋
depending on which state, you may be given an Act 90 notice. This is the start of the foreclosure proceedings. Typically, a bank can foreclose after 90 day of delinquency. It absolutely ruins your credit. Did you consider bankruptcy, which may or may not protect your primary residence from being foreclosed upon?
2007-02-24 02:57:37 · answer #3 · answered by Tracy F 1 · 0⤊ 0⤋
Yes it ruins your credit, there is nothing worse than being foreclosed on........Your home will be sold by the institution that held your loan. And yes you will be responsible for the remaining balance
2007-02-23 13:38:24 · answer #4 · answered by six_foot_2_midget 5 · 1⤊ 0⤋
They give you a notice, and you usually have to pay up... or get out. It ruins your credit and they usually give u 2 weeks to 6 weeks notice. Then they evict you, but usually most people just trash the house and leave.
But then it becomes property of the city again, and they hire people at really good wages to fix it up. Then its given all the appliances and such, and re-sold onto the market.
2007-02-23 13:43:27 · answer #5 · answered by Anonymous · 0⤊ 1⤋
It depends on your state.....I am in Texas, and we just purchased a home at auction....We have to give the previous owner's a 30 day notice to leave....If in 30 days they are still there, we file papers to the court and it goes before a judge...The judge then orders the sheriff's to remove the previous owners.....This process takes about 45 day, after the property has been sold at auction....
2007-02-23 15:28:15 · answer #6 · answered by Anonymous · 0⤊ 0⤋
They don't have to foreclose your house, contact me asap if you're interested.
2007-02-24 10:29:03 · answer #7 · answered by Phil H 2 · 0⤊ 0⤋
yes they can come after you if you dont move out, and its like a 2 month thing. sometimes as soon as like 1 month.
2007-02-23 13:36:46 · answer #8 · answered by Anthony 3 · 0⤊ 1⤋
they take your house and sell it to someone else, and you don't get your money back, you lose
2007-02-23 13:38:21 · answer #9 · answered by koleary388 2 · 1⤊ 0⤋