Home foreclosure is one of the greatest fears of families due to debt. Even though this is true we often take our bills for granted in favor of our credit cards. Before we know it bills have easily stacked up and we end up not knowing who to pay first to stop the calls, and the current economy is not making this situation any easier.
Even though your house is being foreclosed there are still legal procedures to follow. Your lender can't just kick you out of the house. There are laws that protect homeowners from these situations. Here are some of the important facts you need to know when facing a foreclosure.
If I fail to pay my mortgage can I get kicked out of my house?
Simply put: No. The mortgage lender/bank can only kick you out of the house with a court order. Before they can do that they also have to follow a set of legal procedures.
How long does the foreclosure take before they take my house?
Depending on the state and county the house is in, it can take as long as 6 months. In some cases the lender/bank may push for a faster foreclosure however, this is only when they have a new buyer in mind normally.
After the foreclosure, do I have to leave the house?
No you don't have to. After the foreclosure auction ends the ownership will be transferred from you to the highest bidder. You will become a tenant of the house. The new owner must also follow legal procedures before he or she can evict you out of the house.
In some cases you can become just a "renter" to the new owner. (this is dependent on the new owner of course)
What happens when I get evicted?
Normally, the new owner of the house will send you a notice to leave the premises. The notice usually gives you 72 hours. If you fail to follow the notice the new owner must present his case to the court before a judge to get an order for you to be evicted. The judge will be the one to decide if you should be evicted or grant you more time. If you fail to follow the court order the new owner may procure an execution of the eviction order. this is when the sheriff shows up and escorts you from the property.
The sheriff will give you a notice of the execution and give you 48 hours to pack and leave. If you fail to follow the notice this is the time when the sheriff can physically move you out of the premises. - 29969
Even though your house is being foreclosed there are still legal procedures to follow. Your lender can't just kick you out of the house. There are laws that protect homeowners from these situations. Here are some of the important facts you need to know when facing a foreclosure.
If I fail to pay my mortgage can I get kicked out of my house?
Simply put: No. The mortgage lender/bank can only kick you out of the house with a court order. Before they can do that they also have to follow a set of legal procedures.
How long does the foreclosure take before they take my house?
Depending on the state and county the house is in, it can take as long as 6 months. In some cases the lender/bank may push for a faster foreclosure however, this is only when they have a new buyer in mind normally.
After the foreclosure, do I have to leave the house?
No you don't have to. After the foreclosure auction ends the ownership will be transferred from you to the highest bidder. You will become a tenant of the house. The new owner must also follow legal procedures before he or she can evict you out of the house.
In some cases you can become just a "renter" to the new owner. (this is dependent on the new owner of course)
What happens when I get evicted?
Normally, the new owner of the house will send you a notice to leave the premises. The notice usually gives you 72 hours. If you fail to follow the notice the new owner must present his case to the court before a judge to get an order for you to be evicted. The judge will be the one to decide if you should be evicted or grant you more time. If you fail to follow the court order the new owner may procure an execution of the eviction order. this is when the sheriff shows up and escorts you from the property.
The sheriff will give you a notice of the execution and give you 48 hours to pack and leave. If you fail to follow the notice this is the time when the sheriff can physically move you out of the premises. - 29969
About the Author:
Doc Schmyz has worked with investors all over the US. He owns a free website that shares Real estate investing information for all over the US. Find real estate information by state
