Foreclosure: How long does the lender have before they have to get out?
Question:
This is for Ohio.
Answer:
If the house is not sold on that day, then it will become the property of the lender which is usually your mortgage company or the bank.
The bank is not int he busines of being landlords, so they will not allow you to stay there, but they will send you a letter or notice giving you time to leave and most times they will offer you money to move out by a certain day, you'll have to agree and sign some type of documents stating that you will move out by that day, if you're not out on the specified day, they will forfeit the money offer and then they will bring eviction proceedings against you..
If the house is sold to an investor then it's up to the investor if he wants you to stay and start paying rent or if thet need the property to resell to someone or even you.
Most likely you'll have about 30 days to gather your stuff and relocate with the money offer or about 60 to 90 days without the money offer. The house belongs to you until the sale day and the exact hour of sale...
Once the home has been sold at a sheriffs sale, you do have a "redemption period". During this time, you can re-purchase your home if you are able. If not, you will be notified when you must leave. In the state of Michigan, the redemption period is 6 months. You may live in the home during the redemption period for free, and do not have to pay the taxes. I am sure the redemption period will change, state to state, so check your paperwork over carefully.
Check out this website. You can file a chapter 13 even on the day of the sale to stop the sale. The foreclosure attorney will tell you how long you have to get out, just call them. Ususally 10 days. The mortgage co will bid so it will be sold.
http://www.foreclosurelaw.org/ohio_forec...
Once you find out this date make sure you get about 40 key of the house made and hand them out to the homeless once all your stuff is moved out.
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