If you do not, the case will proceed without you and you'll be evicted shortly. If you file, you can stay in your home until the court decides the case. A graduate of Oberlin College, Fraser Sherman began writing in Since then he's researched and written newspaper and magazine stories on city government, court cases, business, real estate and finance, the uses of new technologies and film history.
By Fraser Sherman. Related Articles. Types California offers lenders their choice of foreclosure methods. Upsolve Community Member Same here! Mention how long you've been a patient and have always paid your portion After the foreclosure sale, your timeline for moving out will depend on the laws of your state.
A redemption period is a set time under the law in which you can pay the debt, plus costs, to regain the legal right to your property. Generally, after a sale of a foreclosed home , a sheriff eventually evicts the former homeowners after a specific period of time.
There is a formal procedure for eviction. For example, in California, the new owner must give you a three-day notice telling you to move. After being formally served, you have a chance to respond to the claim and a right to trial. In California, that time to respond might only be 5 days, but there must be a court order before the locks may be changed on a foreclosed house. Some single-family homeowners will be able to postpone eviction because of Covidrelated holds on evictions.
Often, a mortgage company will buy the property at a foreclosure sale. Freddie Mac and Fannie Mae have previously announced such possibilities. In rare instances, a mortgage company might give you cash as an incentive to move out and hand over the keys. If your house is in foreclosure, bankruptcy can help you live in your house longer. The addition of time to your foreclosure timeline depends on when you file your bankruptcy petition and how far your foreclosure process has advanced. When you file a bankruptcy petition, you will benefit from the protections of an automatic stay.
That means that a stop is put in place on all collection activity, including foreclosures, generally until the bankruptcy case is resolved. If you file bankruptcy after an eviction notice has been served, you can add 30 more days to your foreclosure timeline. By contrast, if you file bankruptcy after the foreclosure sale, but before the eviction, your eviction will be put on hold when you file your bankruptcy petition because of the automatic stay. You will then have seven days to file an answer, but realistically very few people in this situation have a legal defense.
If an answer is filed, a hearing is normally set within a couple weeks. The Judge will hear the parties and issue a decision. This is not the time to complain about issues with your lender or even why the foreclosure was unfair. Do not get to this point! Once the Writ is entered, you will not know when the Sheriff will show up.
It could be as soon as the next day, or it could be a few days. The home goes to highest bidder at the foreclosure sale. Thirty-two states, including California, have an option for nonjudicial foreclosure. In these states, if you do not cure the default by the date set out in the breach letter, the lender can immediately arrange to sell the home at a foreclosure sale. They don't need to get a court order so the foreclosure happens much faster.
Even so, you don't have to vacate the property just yet. In California, there's a minimum day wait period between the notice of the foreclosure sale and the actual sale date.
The home is legally yours until it is sold to the new owner and you can live in it payment-free during this time. Once the home is sold, the new owner has the option of evicting anyone who remains in the home.
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