our apartment was foreclosed on the 21st of december-will the bank offer us money to move?? how does the foreclosure work and whats the process??
2007-12-30 08:02:23 · 5 answers · asked by DEDRA 2 in Business & Finance ➔ Renting & Real Estate
The bank is the new owner of the property. It's unlikely they will want you to move out.
2007-12-30 08:23:30 · answer #1 · answered by Rithy 3 · 0⤊ 0⤋
In the US, the foreclosure process voids the lease you are currently on. Therefore, since you will have no lease they can ask you to leave immediately. This, as one can imagine, doesn't usually go over well with a tenant. Because of that they may offer you a cash incentive to move out so they don't have to file an eviction. If they offer and you don't accept they will evict you. It's totally up to the bank if they want to go for eviction first or cash offer to leave. Legally they don't have to offer you anything, just ask you to leave.
Good Luck!
2007-12-30 16:47:01 · answer #2 · answered by Patrick 5 · 0⤊ 0⤋
IN the UK, banks do not lend money. They sell it,at a very high pay-back rate.
2007-12-30 16:31:38 · answer #3 · answered by Anonymous · 0⤊ 0⤋
They will very possibly just let you stay and pay rent to them. They aren't going to keep the building, they are going to be trying to sell it.
2007-12-30 16:19:41 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
dont know.. probably
2007-12-30 16:05:54 · answer #5 · answered by greenday11 1 · 0⤊ 0⤋