my home is in foreclosure…what is the notification I will recieve?

October 12th, 2011 by Jarad

Question:  my home is in foreclosure…what is the notification I will recieve to know that i have to move?

Answer:  – First you will receive a notice of default from the bank letting you know they are enforcing their rights in the contract to obtain the property in the event you don’t pay. Depending on your state and if it’s a judicial or non-judicial foreclosure process, you’ll either have your redemption period before or after the auction. If the redemption period is before the auction, then once the home forecloses you will receive a notice to vacate the premises. This is when you need to be out. If the redemption period is after the auction, then again you will be notified to vacate after the redemption period is over. The notice is usually posted on your door.

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