Posted on: 12th Mar, 2007 01:33pm
If your home is sold through a foreclosure auction and the buyer gets full ownership to the property, there are chances that you may be evicted from the house. Read through the sections below to know about the various aspects of a foreclosure eviction.
Foreclosure eviction process - How long can you occupy the home?
The amount of time you can stay in the property after foreclosure varies from one state to another. It also depends on how long it takes to complete the foreclosure. Generally, the owner is first served with summons. At the hearing, if the owner is proved to be in default, the judge grants Summary Judgment and sets up a foreclosure auction. The court then issues a Certificate of Title to the new owner 10 days after the foreclosure sale. Once the new owner receives the Certificate of Title, he can start the eviction process and obtain an Order of Possession in about 2 weeks time. He can then serve you a 3-day Notice to Quit and have the Sheriff evict you from the property, unless you are entitled to a redemption period under the state laws.
Does the homeowner have a right to get back the property?
There are some states which offer a redemption period to the homeowners who wish to keep the property, but do not currently have the means to stop foreclosure. It gives them more time, during which they can buy back or redeem the property on payment of the mortgage dues plus the foreclosure costs. State laws regarding the redemption period vary. Some states provide lengthy redemption period (about 1 year), while others provide a short time period (approximately 6 months). However, a redemption period is allowed only in case of a judicial foreclosure.
Renter eviction after foreclosure - Is it possible?
In case you are renting a property and that property goes into foreclosure due to default by the owner, you do have certain rights. As long as you do not violate the terms of the lease agreement and you continue paying your rent, you cannot be asked to vacate the property until the lease term is over.
Certain states like Washington also have a Tenant Opportunity to Purchase Act (TOPA). Under this Act, if the owner is planning to sell the property, he has to offer the renter the right to purchase the property. Similarly in a foreclosure sale, if the lender purchases the property, he must provide the renter with a proper TOPA notice. However, if a third party buys the property, the renter is not entitled to a TOPA notice.
Under the Protecting Tenants at Foreclosure Act of 2009 (federal law foreclosure eviction), the purchaser of the property can ask the renter to leave the property if he intends to occupy the home as primary residence. But the new owner has to provide the tenant with at least a 90-day timeline to vacate the property.
Certain states like Washington also have a Tenant Opportunity to Purchase Act (TOPA). Under this Act, if the owner is planning to sell the property, he has to offer the renter the right to purchase the property. Similarly in a foreclosure sale, if the lender purchases the property, he must provide the renter with a proper TOPA notice. However, if a third party buys the property, the renter is not entitled to a TOPA notice.
Under the Protecting Tenants at Foreclosure Act of 2009 (federal law foreclosure eviction), the purchaser of the property can ask the renter to leave the property if he intends to occupy the home as primary residence. But the new owner has to provide the tenant with at least a 90-day timeline to vacate the property.
What is constructive eviction?
Tenants often ask "What is constructive eviction foreclosure?" Well, this is a situation where the owner might not formally ask the tenant to leave the property, but he can indirectly force the tenant to vacate the property (e.g. the owner turns off electricity, water or he changes locks, etc.). In such a situation the tenant can sue the owner on the basis that he was forced to leave the house through constructive eviction.
Related Readings
After the foreclosure sale on the 18th of March, how long will I have before I have to remove my possesions and vacate the property? The home is in Tampa, Florida.
Thank you.
Henry Murray
Thank you.
Henry Murray
Hi Guest!
Welcome to forums!
After your property is sold off by the lender, he will send you an eviction notice which will mention the time period within which you need to move out of the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
After your property is sold off by the lender, he will send you an eviction notice which will mention the time period within which you need to move out of the property.
Feel free to ask if you've further queries.
Sussane
My home is scheduled for a Master's Sale in SC. I want to know how long after the sale do I have before I need to move out?
Will I be given a notice etc?
Will I be given a notice etc?
HOW LONG OF A NOTICE AM I ALLOWED TO GIVE THE THE FORECLOSED PREVIOUS OWNER TO LEAVE AND VACATE THE HOUSE UNDER THE LAW IN CALIFORNIA?
Hi GuitarDad,
You will receive a notice of eviction once the property is sold off. The time period within which you need to move out of the property will be mentioned in the notice. You'll have to leave the property within that time period.
Hi PURCHASER,
Normally, lenders and new owners give a 3 day notice period to the previous owner to leave the property.
Thanks,
Jerry
You will receive a notice of eviction once the property is sold off. The time period within which you need to move out of the property will be mentioned in the notice. You'll have to leave the property within that time period.
Hi PURCHASER,
Normally, lenders and new owners give a 3 day notice period to the previous owner to leave the property.
Thanks,
Jerry
after a foreclosed autioned house but before the closing,who is etitled to the rent?
Should I attend the foreclosure proceedings regarding land? What can I expect from the Bank? The hearings were postponed several months and are now scheduled for Aug. 10--far from where I live but not impossible to attend. I was told not to pay taxes and HOA. Can they require me to pay? Would being there valuable? Thank you.
Hi doegray,
If you rent the property after the lender has foreclosed it but haven't sold it off, then you may have to pay the rent to the lender.
Hi Guest,
As your property is being foreclosed by the lender, it's better to be present at the auction. This will help you know the amount at which your property was sold off. You will also be able to know whether or not you would have to pay the taxes and the HOA fees.
Take care.
If you rent the property after the lender has foreclosed it but haven't sold it off, then you may have to pay the rent to the lender.
Hi Guest,
As your property is being foreclosed by the lender, it's better to be present at the auction. This will help you know the amount at which your property was sold off. You will also be able to know whether or not you would have to pay the taxes and the HOA fees.
Take care.
what happens if you have been resident for 3 years as the buyer and the seller who has the mortage in their name has allowed house to end up at sheriff sale. my business is on the property and I have all my receipts. she has not lived in the home and did not notify the lender. how do I protect my self from losing my home and business?
Hi Guest!
Welcome to forums!
If the seller has a mortgage on the property and cannot pay the dues on time, then the lender will have the rights to foreclose the property though you've been a resident of that property. You need to contact an attorney and take his opinion in this matter in order to know whether or not you would be able to save the business or the home.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If the seller has a mortgage on the property and cannot pay the dues on time, then the lender will have the rights to foreclose the property though you've been a resident of that property. You need to contact an attorney and take his opinion in this matter in order to know whether or not you would be able to save the business or the home.
Feel free to ask if you've further queries.
Sussane
how do i get the property out of my name after chapter 7 bankruptcy and two sheriff sales foreclosures.
hi can you help me to find were or how can I . sumit quitclaim deed of the property thanks for your promt respond
Welcome Darryl,
If the sheriff's sale has already taken place, then you must have transferred the property to the lender or to the new buyer. In that case, the property is not in your name.
If the sheriff's sale has already taken place, then you must have transferred the property to the lender or to the new buyer. In that case, the property is not in your name.
after two sheriff sales there were no buyers and then we filed a chapter 7 bankruptcy. the property is still in our name. what can we do to get the property out of our name or when will it be taken out of our name?
Hi Darryl,
Unless you surrender the property to the lender who forecloses it to recover his dues, you won't be able to remove your name from the property.
Thanks,
Jerry
Unless you surrender the property to the lender who forecloses it to recover his dues, you won't be able to remove your name from the property.
Thanks,
Jerry
How do I go aboout surrendering the property and does the lender have to accept my surrendering the property? The lender was included in my chapter 7 bankruptcy. Is there ever time when it is to late in the process to surrender the property?