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Do you have to be out of your property by the foreclosure auction date?
Wiki User
∙ 11y ago
No, you do not. State laws vary, of course, with some requiring formal eviction proceedings and others just giving you notice when you have to leave. Some banks will offer you the chance to stay in the property as long as you pay the equivalent in rent (technically, payment in lieu of rent). Some will offer you money to help with moving and finding a rental. Call whoever is handling the foreclosure or consult a local attorney.
Wiki User
∙ 11y ago
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How do you know if a foreclosure proceeding on your home has been initiated?
Generally you will be given notice by certified mail that a foreclosure action has been initiated. In most jurisdictions the notice will be published in your local newspaper for successive weeks and will include the date of the auction. Once the property has been sold at auction it is no longer your property. You should already know of the impending foreclosure by the late notices you will have received from the bank.
Can you file bankruptcy on day set for foreclosure?
As long as the date and time stamp on your bankruptcy petition is prior to the time of the auction on the date for the auction, yes you can.
What's the difference between a foreclosure auction and a regular auction?
A foreclosure auction is a forced auction. The person who used to own the property being auctioned owed either the bank or the government money. For not paying the money back, their property is sold at auction to satisfy their debt. A regular auction could be anything and isn't necessarily to pay off debt, but usually to make a profit.
How long does foreclosure take?
This varies depending on which state you live in. It is typically around 6 months from beginning of foreclosure to the end (when the property is sold at auction).
What is the foreclosure sale date?
it means giving date by court to lender property is going to sell or date is given by when property is going to bet
What happens to homes in foreclosure?
The homes in foreclosure are sold at auction after notice and publication of the date, time and place.
How do you know if a foreclosure proceeding on your home has been initiated?
Generally you will be given notice by certified mail that a foreclosure action has been initiated. In most jurisdictions the notice will be published in your local newspaper for successive weeks and will include the date of the auction. Once the property has been sold at auction it is no longer your property. You should already know of the impending foreclosure by the late notices you will have received from the bank.
What is the difference between preclosure and foreclosure?
Be aware that a pre-foreclosure property is not necessarily for sale. The pre-foreclosure stage is the period between the time in which a Notice of Default (in non-judicial foreclosure) or lis pendens (in judicial foreclosure) has been issued to the homeowner and after the property is sold at a foreclosure auction.
In a foreclosure if a property does not sell at the auction and the auction date has passed who is the official owner of the property and does the foreclosee still have some tie to that property?
The mortgage company will buy the property if no one else does, but if the auction is cancelled so even a representative of the mortgage holder does not show up for the auction, you may still be the owner. Check the registry of deeds for your area for a foreclosure deed, usually filed within 30 days of the auction. If you remain on the property, you may be asked to pay the same amount "in lieu of rent" that you were paying on the mortgage and stay on the property until another buyer is found. You may be offered money to help find a new place.
Can you file bankruptcy on day set for foreclosure?
As long as the date and time stamp on your bankruptcy petition is prior to the time of the auction on the date for the auction, yes you can.
What's the difference between a foreclosure auction and a regular auction?
A foreclosure auction is a forced auction. The person who used to own the property being auctioned owed either the bank or the government money. For not paying the money back, their property is sold at auction to satisfy their debt. A regular auction could be anything and isn't necessarily to pay off debt, but usually to make a profit.
Can a foreigner buy a property in an auction for foreclosure?
Yes. A person does not have to provide proof of citizenship to purchase real property in the US.
How long does foreclosure take?
This varies depending on which state you live in. It is typically around 6 months from beginning of foreclosure to the end (when the property is sold at auction).
How does a foreclosure affect an investor purchasing a property at auction?
the person could go into a lifetime of debt....NOT GOOD!
What is the foreclosure sale date?
it means giving date by court to lender property is going to sell or date is given by when property is going to bet
If I have a foreclosure date and notice of courthse. auction, and am not trying to stop the action, what do I need to know about evacuating the premises?
You need to know that as of the date of auction, you are to be out of the home and as of that date, you have no legal rights to the home any longer
What happens if the home fails to sell at the foreclosure auction?
by definition, a foreclosed property has to have someone file the foreclosure usually due to them being owed money and the property is security on the property. This is not cheap or free. Hence, there is always a "buyer" out there which is often the lender.
