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
Thank you Adonis!
I emailed my former bankruptcy attorney and he is saying they are suing us and our wages could be garnished. He would represent us at $300 an hour. If all I need to do is write them and tell them we are not contesting the eviction, then why would I need an attorney??
As these are legal matters, it is better to take the help of an attorney in dealing with the lender.
Adonis,
Thanks for the reply... Well, the plot thickens on this one. I found in a search that the occupants (at the last minute) filed a lawsuit against the Bank. Is this a trick that will let them occupy the house for a long time? Legal proceedings take many, many months to come to a judgement.... so they continue to live for free. They even got their court fees waived and volunteer lawyers from legal aid society to run the battle for them.
Why wouldn't everyone do this?
Joe
Hi Joe,
Your lender will send you an eviction letter mentioning the time period within which you'll have to leave the property. There is no reason to think that the bank would just sit on this property and let them stay there for an extended time.
Thanks for the reply... Well, the plot thickens on this one. I found in a search that the occupants (at the last minute) filed a lawsuit against the Bank. Is this a trick that will let them occupy the house for a long time? Legal proceedings take many, many months to come to a judgement.... so they continue to live for free. They even got their court fees waived and volunteer lawyers from legal aid society to run the battle for them.
Why wouldn't everyone do this?
Joe
Hi Joe,
Your lender will send you an eviction letter mentioning the time period within which you'll have to leave the property. There is no reason to think that the bank would just sit on this property and let them stay there for an extended time.
Hi Joe,
If the occupants have filed a lawsuit, then there are chances that they will be able to stay in the property for a long period of time unless the court gives a judgment on the lawsuit.
Thanks
If the occupants have filed a lawsuit, then there are chances that they will be able to stay in the property for a long period of time unless the court gives a judgment on the lawsuit.
Thanks
House was sold at auction, given 3 day notice to vacate and now received court date for forcible detainer hearing. How long will the judge give me to find a new place? Hearing is tomorrow. thanks
in texas
Hi keith!
Welcome to forums!
It will depend upon the judge's discretion as to how much time he will give you in order to move out of the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
It will depend upon the judge's discretion as to how much time he will give you in order to move out of the property.
Feel free to ask if you've further queries.
Sussane
The foreclosure sale was today Feb. 15th 2011 at 10:00 am . Husband just got out of the hospital and will not be able to work or lift anything heavy for 6 weeks. Today a man came to our house in the afternoon said that the house was sold and that we have 2-weeks to get out. New owner does not want to rent it to us, he hust wants to fix and sellthe property. What can I do?? please help
There is hardly anything that you can do in this regard as the property has been sold off at the foreclosure auction. You can try to negotiate with the new owner mentioning your problems and check out if he can consider you case and give you few more days to move out of the property.
i was told by my land lord that the house i am renting was sold, and that i would have 30 to 45 days to move. however even though he has told us that he is no longer the owner he is asking us for money and harrassing us. he has told us that he was going to give us a 3 day notice just one day after telling us we had 30 to 45 days to move what do i do? do we have to more in 3 days if he gives this notice. i am in california
You can directly make the payments to the lender if necessary and take his permission in case you need some extra time to leave the property.
i rent a condo from this person,who i think is in forcloser. i have ask,but no answer. how can i fine out. i dont wont to be left out in the cold.some one knock on my door and say i need to move.
After the foreclosure/sale of my home dated 2/1/2011, how long do I have to vacate the property if no letter of eviction have been served within the state of GA?
Hi Guest!
Welcome to forums!
You should vacate the property once you receive the eviction notice from the lender.
Sussane
Welcome to forums!
You should vacate the property once you receive the eviction notice from the lender.
Sussane