Posts Tagged ‘redemption period’

How long after foreclosure do I have until I have to be out of my house?

October 22nd, 2009 by Jarad

Question: How long after foreclosure do I have until I have to be out of my house?

Answer: -Well it depends on your states laws as to how much time you have until you have to vacate your home. If you live in a trust deed state where the redemption period is before the auction, then you’ll have a few weeks to a month to leave your home. If you live in a state where foreclosure is filed judicially, typically the redemption period is after the auction so again depending on your states laws and redemption period after foreclosure, it could be a few months up to six months.

The best way to find out how long after foreclosure until you have to be out of your home is to call up a title company and ask them or you can visit your State Laws page and see when your redemption period is.

Usually you’ll receive a notice from the bank or the individual who purchased the home at auction. There is a small chance that if an investor picked it up, they may allow you to stay there and rent. I say small chance because they are going to question whether or not you have the means to pay them rent when you weren’t able to pay the bank mortgage. You will have to convince them that you are in a good enough situation where you can pay them a monthly rent or they will evict you.

Either way, you’ll know when you need to be out because you’ll see notices on your door or delivered in person. Until that point, you will want to make arrangements with finding another place to live because chances are high the property will go back to the bank and they will ask you to leave. So don’t sit around and wait for it to happen, I’d start looking now for another place and be ready.



After the bank forecloses and sells my house, can i get it back?

September 14th, 2009 by Jarad

Question: After the bank forecloses and sells my house, can i get it back?

Answer: -It depends on your states foreclosure procedures. Some states have a redemption period before the auction. Other states have their redemption period after the auction. If you live in a state where the redemption period is after the auction, then yes, you can get your home back.



I WAS A WINNING BIDDER AT A TRUSTEE SALE, BUT IT WAS A SECOND LIEN. WHAT SHOULD I DO NEXT?

April 30th, 2009 by Jarad

Question: I WAS A WINNING BIDDER AT A TRUSTEE SALE, BUT IT WAS A SECOND LIEN. WHAT SHOULD I DO NEXT?

Answer: – Pray there is not a first mortgage or any back taxes you have to pay…Ha Ha. Hopefully you did your research prior to the foreclosure auction and found the property to be worth a great deal more than what the 1st was owed and what you paid for the 2nd. If not, you may want to think hard about an exit strategy. But assuming you did all your due diligence, as the winning bidder your state and county will determine when you need to come up with money to pay for the property. It ranges from state to state anywhere from 24 hours after the foreclosure auction to 30 days. If you can’t get the money within that time, you lose any money you may have had to put down. Then you may still have to wait to do anything to it if there is a redemption period in your state.



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