Our Townhome is in foreclosure and is going to be auctioned on the courtroom steps dec 1 i live in Georgia USA. Do they enter the house Dec 1 after someone buys it? or do they give you time to leave the home? I still have some Furniture there do i need to remove it by Dec 1?
ben l
Favorite Answer
you are out dec 1 and the home has a new owner that day, . period
Faith
It actually depends on the lender and the foreclosure process in your state. Please check your foreclosure process in your state.
The foreclosure process varies in every state and it's imperative that homeowners understand this process The first thing you will need to do is understand the foreclosure timeline.
Day 1 - Borrower misses first payment by a day. No penalties assessed at this time
Day 16-30 - A late charge is assessed to the borrower’s payment.
The lender or mortgage servicer will attempt to make contact with the borrower for an explanation.
Day 45-60 - The servicer sends "demand" or "breach" letter to the borrower stating the mortgage terms that have been.
The borrower is given only 30 days to resolve the delinquent amount.
Day 90-105 -The servicer refers the loan to its loss mitigation department / foreclosure department and retains an attorney or other firm to handle the foreclosure proceedings. Depending on the state where the home is located, the servicer's representative may record a notice of default at the local courthouse and it will be published in the local newspaper
Day 150-415 – A notice of trustee Sale is filed and the home is scheduled to be soldat foreclosure sale or auction. This time range varies due to individual state laws and requirements.
States with judicial foreclosures / where foreclosures are done via the court system, can sometimes extend this period to a year or more
Foreclosure is a legal event and there are benchmarks that must be met. Once the case is turned over to attorneys, the impending foreclosure must be advertised, usually in both the local papers and in the largest and closest metropolitan daily. The entire process can take a very long time from initial default to the actual public auction of the property. If a member of the military is an owner of the property, there are additional safeguards required by federal and in some cases state laws From the beginning of the process, however, the meter is running. The longer the foreclosure takes, the greater the debt that accrues and the larger the liability the homeowner has, something that will become critical down the road.
Nonjudicial foreclosure states can foreclose in as little as two months.
Day 150-415 – Some states offer what is called a redemption period after the foreclosure sale in order to give the borrower time to purchase the property if they have the ability. However, most will be forced out of their home by the local sheriff’s department.
It also depends on the new owner, they may give you 30 days, or 2 weeks or matbe 5 days. The one that I saw on tv was only given 1 day by the Sheriff to move out but he was living in the house for 1 year rent free. I suggest that you prepare to put in boxes all your belongings just in case they only give a day or two or rent a storage to put your belongings which is probably around $145 a month.
Hope this helps.