Foreclosure notice received, I have some questions on the notice I received. Date of auction is stated as 10AM of May 20. Do I have to be out on that date or do I have some additional time allowed after to find a new dwelling and sort affairs?
Received a foreclosure notification….i have some questions about it
byu/openedsquash728 inRealEstate
Posted by openedsquash728
2 Comments
I’m assuming you live in a non-judicial foreclosure state. You failed to pay the mortgage, and now they’re going to sell your property to satisfy the note.
After the sale, they have to tltle and deed the place to the new owners of your property. They may choose to rent it to you. Or they’ll have to evict/eject you. So you have some time.
That being said – start packing and start looking now. If you wait, you’ll be moving in periods when there’s less availability.
In my area, if you’re the property owner, you generally have 3 days after the auction to leave. If you’re a tenant, they’ll serve an eviction notice and give you 30 days to move.
I recommend calling the lender or phone number on the notice and ask what their policy is after the foreclosure has taken place.
It really depends on state and local foreclosure regulations and the lenders policy following a foreclosure.
The best thing you can do is call the lender and keep in touch- maybe they’ll work with you a little bit. The worst thing you can do is stay silent and do nothing.
I hope this helps.