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Foreclosure process

Posted on: 24th Sep, 2012 12:54 pm
We are interested in a property that was foreclosed on by Fannie Mae in early August. The current owner is still living in the residence but a neighbor said that the current owner was given a notice to vacate over a week ago. We were curious about how long it takes from them to evict the previous owner or if the owner can get the house back now that it has been purchased by Fannie Mae? Any insight would be of great help! Thanks!
Hi FSUGRL,

The redemption period, if any, depends on the state the property is located in. If you live in a Mortgage state, or one that allows for Judicial foreclosure, then the person who was foreclosed on, may have up to a year to redeem the property. First check on your states laws for redemption. For your inquiry on how long it takes for an eviction, also depends on your state. For example, in CA, once the home is foreclosed, the new owner will introduce themselves to the now tenant. New owner will provide a 3-5 day notice to quit. Once the time period has elapsed and the tenant refuses to leave, then the new owner would have to initiate an unlawful detainer or eviction. The time frame for the unlawful detainer is a few weeks, as long as the tenant complies with the UD...The tenant can also challenge the UD action and respond to it, dragging out the process... I have seen them take up to 6 months with a smart tenant...Good luck
Posted on: 24th Sep, 2012 04:14 pm
Hi FSUgrl!

Welcome to forums!

I agree with Chris that redemption period will vary as per the state laws. However, if the state does not offer redemption right, then after the property is sold off in a foreclosure sale, the concerned person receives an eviction letter which will mention the time period within which the property needs to be vacated.

Feel free to ask if you've further queries.

Sussane
Posted on: 24th Sep, 2012 08:25 pm
Hello FSUgrl,

As far as I know, foreclosure is actually the last step of a long process where the lender tries to get their money. It starts with pre-foreclosure. Once a person misses the first payment, the lender will send a late payment notice.

:idea:
Posted on: 24th Sep, 2012 10:39 pm
See if you can identify the servicer from court records and/or the plaintiff's attorney. Then contact the servicer to tell them you're possibly interested in purchasing and hope sale to Fannie was with recourse. If the original mortgage sale was 'with recourse', things move more rapidly after any redemption period is over and sheriff's deed is filed – servicer, and future owner, handles everything. If non-recourse, deed will go to Fannie and initiation of resale attempt will take much looooooooooooooonger.
Posted on: 26th Sep, 2012 03:52 am
Thanks John, for sharing this with us!! :)
Posted on: 27th Sep, 2012 12:16 am
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