If you have officially received a foreclosure notice from you bank, you may several questions that need to be answered quickly. This article is to help people who are past pre-foreclosure and now in foreclosure. Here you will find answer to some of the most asked questions when in foreclosure.
I have received a foreclosure notice — how long until I lose my house?
If you don’t seek help and can’t come to an agreement with your lender to stop foreclosure, then the foreclosure may not be completed until six or more months after your first missed payment. It all comes down to what state you live in, as some will process the foreclosure quickly while others take more time. For instance, in Texas the process is completed in about 45 days. As soon as you miss a first payment, start looking up foreclosure laws in your state and see how much time you may have; also talk with your lender.
I’m in Foreclosure; do I have to move out of my house right away?
No, you don’t have to move out the day you get a foreclosure notice. This means you either have time to find either foreclosure solutions or other living arrangements. You actually don’t have to move out, until your house goes to auction and it is sold to the highest bidder. Then you must make arrangements to move out with the new owner, or the owner may just follow the legal procedure in your state for evicting you.
My house is has gone to auction and was sold. What is the typical foreclosure eviction process?
This will all vary on what state you live in, so you must check in with your state foreclosure laws. Some states will send you a legal notice to leave in 72 hours, so you must be ready to go. If you refuse to leave after the required time period in your state, then the new owner will go to court and present their case to the judge asking for you to be evicted. The judge will then decide if you are to be evicted and on what date you will have to move out. If you are not satisfied with what the judge rules, you may have 10 days to appeal.
If you are being evicted and you do not move out on the day the judge ruled, the court can rule to send a sheriff to your house and remove you from the premises. A sheriff will give you about 48 hours to move out and anything that you don’t remove will go into storage, if not just thrown away. For these items, you will have to pay some fees to get your items out.
I am being evicted. How long do I have left in my home?
The exact time period from the day you are given notice of eviction until a sheriff comes and legally removes you from the premise can vary. It can be anywhere from 6 weeks to 6 months; the average is 10 weeks though.
Hopefully this answered some of your foreclosure questions, if you have more feel free to leave a comment and I will answer them.
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