I have a foreclosure question?
Question:
Answer:
Bet on it.
the foreclosure buyer will be entitled to possession as soon as the foreclosure buyer accepts delivery of the deed to the property.
You might negotiate something with the new owner; but I'd be looking for a place to live
Yeah you will probably have to leave once the city or the bank takes over the property. So start looking to buy it or start looking for another place to live. If the condo is being foreclosed this could be a good opportunity for you to purchase the condo cheap. Find out the details of the foreclosure (ie. who the mortgage holder is, who does the owners owe the city or the bank) and see if you can purchase it, trust me banks do not want the hassle of a foreclosure and will probably work with you. Realestate is always a good investment.
The REALITY is that you will be evicted, however, you can contact the bank and see if they can arrange a forebearence which simply means they will tack on an extra amount to your monthly payment for a set period until you get caught up. They do no necessarly want to foreclose, but they do want their money. If you are pre-foreclosure, then they may be willing to work with you. If there is a lot of equity in the home, you can try a foreclosure bail out refinance, but you need to have at least 25% to 30% of the house's worth in equity to be considered. You should call, and get a consult with an attorney (they usually consult for free). Your other option is to try to sell the home before auction happens, this way you will get money out of the proceeds of the sale, as opposed to just loosing the home in it's entirety. Best of luck. If you need any further help, email me.
You are considered a tenant no matter what the circumstances of the financial security of the property. The new owner will have to file an eviction through the courts in the county you live in to remove you from the property. First, they have to contact you with an agreement to move. That will be your first chance at contact. That's what I do, and we are work with the exisitng tenants to make sure they have time to move.
More Related Questions & Answers...