Does foreclosure put a homeowner at risk of eviction?
Question:
Answer:
You will be evicted if the bank forecloses on the property. If houses were free, more people would just let it foreclose.
Your best bet is to talk to the lender and see if they are willing to work with you until you get on your feet. If not, talk to a bankruptcy lawyer to see if you have any chance of staying in the property if you were to file bankruptcy.
Here are your eight options in a foreclosure:
1. Reinstatement: Come up with the money to make the loan current.
2. Redemption: Pay the loan off in full.
3. Deed in lieu of foreclosure: Surrender the deed to the lender. This will have a less impact on your credit.
4. Legal delay: If you can prove that the amount owed is incorrect, you can delay the foreclosure.
5. File bankruptcy: This will delay the foreclosure, but at the end there is a chance you will lose the property and ruin your credit.
6. Renegotiate with the lender: call the lender and renegotiate the loan. Maybe they can either refinance you or hold off on accepting payments for a short period of time.
7. Sell the property: Sell the property to either an investor or a buyer.
8. Do nothing: eventually get foreclosed on and evicted. Unfortunately, the majority fall into this category.
I wish you all the luck.
Regards
YES! That means the lender is taking the property back, so they are going to kick you out and sell it to someone else to get the money that was lent for the house in the first place.
umm.. yeah.
Yes! They will come to the house and escort you out the door without your stuff. So get out of there before they make you leave.
Yeah!!! The banks owns your house intil it is paided off.If you don't make your payments the bank can take the house away & you get evictied! Dumb ***!!!!
Hell, yeah!
Although the bank COULD rent it to the former owner, they almost certainly won't. Since the mortgatge payments weren't made as promised, they're not likely to take a chance on rent being paid by the same person.
Depending upon the laws of the state, further eviction proceedings may or may not be required to put the former owner out of the property. At any rate, the sheriff will be showing up soon to remove any personal property to the curb and escort the occupants out.
Anyone in this situation should make arrangements for housing and get out before they're put out.
Contract your government agencies there are some programs out there that can help you if you are a low income person or lost your job, check with your local churches to see if they can help you find these agencies, they should know they get enough grants. These are call rent grants. check with SBA.gov online for help just act quick you may not have much time. And you can file bankruptcy and keep your home talk to your attorney about chaptal 7 where they let you adjust your bills keeping the ones you can pay. I don,t advices this as an ease way out ok.
When you go on the site click on, Laws and Statutes... and then your state all you wish to know will be there...as well as questions on, Foreclosures
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