Posted on: 02nd Apr, 2009 03:04 pm
How long can I occupy the property after filing a deed of lieu, and how will I be notified of my mandatory move out date.
Hi John,
It depends on how willing the lender is to do a deed in lieu and how promptly the lender goes with the whole process. Generally, it is better to vacate the property a day or two before the auction. If you occupy the property even after the sale, an eviction process can be initiated by new owner. You will receive a legal notice an will be asked to leave the property within 3 days. If you still occupy the property the owner can take the case to court.
It depends on how willing the lender is to do a deed in lieu and how promptly the lender goes with the whole process. Generally, it is better to vacate the property a day or two before the auction. If you occupy the property even after the sale, an eviction process can be initiated by new owner. You will receive a legal notice an will be asked to leave the property within 3 days. If you still occupy the property the owner can take the case to court.