Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

George asks…

My house got put in foreclosure. What do I do when my house is put to auction by sherrif? Do I have to leave?

My house got put in foreclosure. It’s been about 6months of non payment. My house soon will be in auction by the sherrif, do I have to leave right away? How much time do I have before I leave? Please help!!!

Your Questions About Foreclosures

The Expert answers:

It really depends upon the state you are in. Usually you are not forced out of the home right after the foreclosure auction. The bank will become the new owner (most likely) and will give you notice to vacate the property. However, if you refuse to leave the bank will then have to go through the normal eviction process as if you were a tenant. This can take another 6 weeks to 6 months depending upon the state.

Have you considered trying a short sale? Good Luck!

Your Questions About Foreclosures

Joseph asks…

How long does a homeowner get to stay in the house after it has been sold at the foreclosure auction?

Your Questions About Foreclosures

The Expert answers:

Hi, I just went through this, and I had 2 weeks to get everything out. It depends on who purchased the house at auction. I got lucky cause the bank bought the house back, and they turned it over to a real estate agent to sell. They offered me “cash for keys” which is if you got out of the house by the date that they provided, they would cut you a check to help you relocate. I am not sure what the max amount for that program is, but I got a thousand dollars. The only catch to that is you have to have everything out of the house. I would suggest calling either your lender to see who purchased the house, or call city hall to see who purchased the house. Contact that person and go from there, I hope that this helps, and I wish you the best of luck. I just went through this last month and I am now renting a house. And just know that this is not the end of the world, even though you have lost your house it is just a house, and you still have your health, and life goes on, and you will be just fine….
Good luck and best wishes

Your Questions About Foreclosures

Helen asks…

Is there is difference between foreclosure and auctioning your house, after they auction your house off how…

many months or days do you get before they evict you?

Your Questions About Foreclosures

The Expert answers:

The foreclosure is the act of finding you in default of your loan and the lender assuming ownership of the property. You are evicted at that point.

At foreclosure the bank owns the house and you have no right to be in it unless some sort of deal was made prior.

The auction process is the lender’s method of selling the house in an effort to recoup some money for the house relative to the money you owed.

Let’s say you owed $100,000 when the bank foreclosed. At Auction the bank only realized $85,000. You could and probably will be held liable for the remaining $15,000.

Does that help?

Your Questions About Foreclosures

Charles asks…

My house was sold at a foreclosure auction a few weeks ago and the landlord is still trying to collect rent.?

He’s being sneaky and not telling the tenants at the property what is going on. I know about it from the Public Trustee site. What should I do??

Your Questions About Foreclosures

The Expert answers:

Tenants were supposed to be notified in writing who to pay the rent to. Actually, the auction of a foreclosed property is the result of a process over several months so that tenants should have been paying the rent to some other body for some time. Without such a notification, his action appears to be legitimate and maybe it is: he may have recovered his property following that auction, he may have bought it back.

Your Questions About Foreclosures

Susan asks…

how long can a previous owner stay in a house that was sold through auction or foreclosure?

Just wondering what the rights are for previous homeowners. I am looking into the foreclosure market and I don’t want to get trapped with previous owners who can stay up to three months and damage the home. What are their rights? and the new owner’s rights?

Your Questions About Foreclosures

The Expert answers:

Usually atleast 30 days prior to the auction and sale the previous owners already surrenderred title to the mortgage company/bank and have already left the property.

Some exceptions are 30 days from aunction sales date then the new buyers can move in, you shouldn’t have any issues with it the banks force them out.

If you go on your county auditors website you can see title transfer history. That way you can see the bank has right to title or not, and if they have title in their name the previous owners have NO right to the house.

Good luck, let me know if you have further questions.

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Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures

Your Questions About Foreclosures

Your Questions About Foreclosures