Question : What happens to tenets during a foreclosure?
The owners of our house told us today that we might have to move because they are going through foreclosure. They also said something about the bank giving us money to help us move. Is this true, and how does it work? Also, how long do you think we have to stay here? Any info would be helpful. I know we need to talk more with the owner, but this is just for now.
- asked by xoxo
All Answers:
Answer #1
you have 2 months..3 tops..take the money and getout
- answered by nickelrustler
Answer #2
nothing and since they informed you you cant suethem or take any kind of legal action and if urent then when the house gets taken away thenyou'll be put out on the streets since u dont ownthe house and i guess you should be looking foranother place
- answered by latin_runner963
Answer #3
Foreclosures usually take 90 days, but in thismarket they have been taking a lot longer. Thebank would give you the money necessary to moveinto a new place. A relocation fee. I'm not surehow much it would be. Ask your landlord how longyou have to stay in the home though. He might havegone into default a long time ago, and the bankcould be taking the home back soon.
- answered by takeme2thebnk
Answer #4
There is no law that states that the tenant mustmove during a foreclosure - the bank, however,usually wants the building empty. This is eventrue in large apartment buildings. Maybe youcould negotiate with the bank to buy the house. Good luck.
- answered by onparadisebeach
Answer #5
Ask them who the bank is and go talk to the bankyourself. Sometimes the bank would rather keepyou there paying rent (to them) than let it sitidel while they find a buyer for it.Although thebank is not obligated to pay you to move,sometimes they will do this. For example, if theyare just going to tear the building down and putup something else, then the sooner they have youout, the sooner they can do that. There are lawsabout evictions - they can't make you move for Xdays. But they might be willing to part with acouple thousand to get you to move out sooner(time is money).
- answered by Damocles
Answer #6
The bank forecloses the mortgage it holds andsells the house at a public auction. The highestbidder at the auction usually has 30 days tocomplete the purchase, and then they recieve goodtitle to the house.It sounds like the bankanticipates that it will be the high bidder at thepublic auction, or else your landlord has hasdiscussions with the bank about them giving thebank a Deed In Lieu of Foreclosure. In any event,the bank would prefer to re-sell the house free ofany tenants. That means that they will offer you acertain amount of money to leave voluntarily, andif you don't accept their offer then they willbegin legal proceedings to evict you.You mightwant to consult an attorney who has some knowledgeabout how much you can demand from this particularbank. A protracted legal proceeding will cost thebank time and money and delay the repair orimprovement and re-sale of the house. But it mayalso cost you a substatial amount of attorney'sfees to defend those eviction proceedings. So youshould seek a reasonable sum of money (in additionto negotiating the return of your security depositand/or last month's rent) that will allow you torent a comparable apartment in the area. Youshould also ask for the bank to reimburse yourmoving expenses or pay you a fixed sum of moneythat you can apply against your movingexpenses.Good luck. If you feel confused orintimidated by the bank, then consult an attorney.
- answered by TK
Answer #7
the foreclosure is public record so go to thecounty website to look it up.. i would startlooking for a place.. but this can mean taht yourpayments are not being credited... and you willnotget your deposit back.. try to find out theattorneys information to cover your self..
- answered by Hayley
Answer #8
You need to find out what part of the foreclosureprocess the house is in, and determine if there isa redemption period after the sheriff sale.Findout from the owners if a sheriff sale has beenscheduled. That will give you a good estimate ofwhen they will no longer be the owners of thehouse.Then, look up your state laws to find out ifthere is a redemption after the sale. If there isno redemption, then you have to move out soonafter the foreclosure auction, or you will beevicted.If there is a redemption period, you canstay living in the house until after theredemption. This is a period guaranteed by statelaw for homeowners to keep possession of the houseand attempt to pay it off or sell it. So the bankcan't evict you until after the period is over.Insome cases, the bank can offer to give you athousand dollars or so just to move out. It'scalled a "cash for keys" deal, but the amountoffered will not be very much. Banks do it as asign of good faith, and to persuade homeowners toleave without destroying anything or stealing allof the copper pipes to sell for moving expenses,etc.But how long you have depends on how much timehas already expired and what the state foreclosurelaws have to say.Good luck.ForeclosureFish
- answered by foreclosurefish_com
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