Foreclosure?

Question

I have a friend who lives in northern NJ and his house was foreclosed in May. He wants to stay in the house for as long as he can because he is renting the house and does not have much money since he is in his early 70s and he has 2 daughters in college. They are all trying to save money so they can rent an apartment later on. But right now he is just worried about how much time he has left to live in the house and if there will be any penalties or money that he has to pay. Does anyone know? or what else he can do?

He was the owner of the house.

Answer 1

Is there equity in the house? He could refinance and get a reverse mortgage so he gets paid on the equity. Also the time span of an auction and the final judgment is roughly 8-12 months. In other words, if his loan goes into default, there's still some months before he ultimately has to move. That's not necessarily a pleasant picture to see, but at least there's some time. Also if you want more reference information on foreclosures and how it works exactly, please see the book below.

Answer 2

I take it that you mean he was renting a house from an owner, and the owner was foreclosed on, meaning either the bank or a buyer at auction now owns the house.

When the sale was finalized, the lease became void. Absent any agreement with the current owner, he can be removed by an order of the court.

Generally this will start with a "Notice to Quit", which gives you a set time (3 days in most states), after which a lawsuit will be filed. If he does not immediately respond to the lawsuit, they can get the sheriff to remove everyone and everything from the property.

Best bet: call the new owner and work out a deal of some kind.

Answer 3

Finally a query in my wheel residence. REO or Real Estate Owned by way of the Bank isn't a well funding. The truth is that banks aren't dull. You are not able to simply stroll into the financial institution and ask them for a record in their foreclosure. Although banks aren't within the truly property industry they don't seem to be going to permit their backside line get certainly destroyed by way of comfortably giving those residences away. Banks will regularly rent a realtor and try to get retail for the estate, which commonly they are going to get beautiful virtually generally. When making an investment in foreclosures the pleasant option to do it's to get a record of folks who're in preforeclosure or whose estate goes up for sheriff sale (in Pennsylvania). Once you might have this record you have got to get in touch with the landlord and ask their permission to visit the financial institution and talk on their behalf. It is right here in which you're capable to get very well offers on houses. You will then move and negotiate the fee with the financial institution. Once you achieve an contract with the financial institution there are then many go out suggestions you'll be able to comply with. You can speedy turn the residence by way of assigning or wholesaling the agreement to one more investor. Or you'll be able to do all of the rehab and fix paintings youself and hire it out for a per month coins glide. So while handling foreclosure don't watch for the financial institution to take manipulate of the estate, you have got to get to the present occupants and that's in which the truly earnings and a laugh starts.

Answer 4

He can stay until they force him out and they will force him out. Things vary from state to state but generally he would receive an eviction notice giving him so long to vacate the property.

I'm not sure I completely follow the forclosure but he's renting thing.