Foreclosure Eviction Process

Foreclosure Eviction Process

foreclosure eviction process

One of the most difficult aspects about foreclosure is the foreclosure eviction process. Because the real estate market is so depressed, many property owners are falling behind on their mortgage payments, and when the banks foreclose on homes they are legally required to take these homeowners through the entire foreclosure eviction process. This means that the home owner finds himself or herself on the road to being homeless. Fortunately, there are things that can be done to stop this from happening. Foreclosure Eviction Process First, the actual foreclosure eviction process begins after the notice of default has been received by the county recorder. After this notice has been received, you’ll be notified by the county clerk’s office as to how long you’ll have to meet with the bank to work out an agreement for repayment of your loan (this period of time is known as a reinstatement period). The bank doesn’t want to foreclose on a home; it wants to collect on the loan, and if the late payments continue, they may be forced to do so. However, the foreclosure process does not end there.

next step in the foreclosure eviction process

After the expiration of your reinstatement period, the foreclosure eviction process moves to the next level. The bank will then notify your tenants that they have just been served with a complaint for failure to pay rent. Because many people have rental leases with their tenants, they may need to come down to the property to remove their belongings and meet with the bank representatives who will be coming to the property to begin the eviction process. Moving trucks are used to transport your possessions to the new owner’s property. In some states, however, you won’t know the name of the new owner (the person who is responsible for repossessing your house) until the foreclosure eviction process has begun. That’s why your company needs to provide a proof of ownership form for all of its clients, which it can provide to the tenants as well. This form should contain the address of the property, the date the property changed hands, the new owner’s name, and a phone number where the new owner can be reached. If the tenants still aren’t aware of the new owner, or the former owner has moved out, the company will need to provide a method of retrieving your belongings.

Once your belongings have been removed from the property, it will be time for redemption. At this point, the sheriff will auction the home to recoup what it can. The redemption period is typically three months after foreclosure eviction process, though this can vary depending on the county in question. During the redemption period, you will still have to meet with the bank representatives who are working with the lender to try and get you to agree to a deed in lieu of foreclosure sale. Once the lender agrees to deed in lieu of foreclosure, the foreclosure eviction process will officially end. You will be given the opportunity to move out of the property by the sheriff with no worries about a new lease being put in place, your late fees being paid, or other legal problems. The lender will require you to turn over all of your assets (including cars, electronics, jewelry, furniture, etc) to the new owner immediately following the sheriff sale. If you are going through the process get foreclosure help now by calling us toll free.

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