0
How long does it typically take for a foreclosed property to be auctioned?
Wiki User
∙ 14y ago
This is a case where laws vary so widely from state to state that it's impossible to give a 'typical' timeline. In Georgia, with its relatively short process period and sale publication requirements and no redemption period, a sale may occur within two month after foreclosuress. In Indiana, the process can drag out for a year or more.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
How long can you live in a USDA foreclosed property?
It depends on your state foreclosure laws. They are so backed up with foreclosures right now that it can be quite a while. I have seen as long as 16 months in Florida.
How long do you have to wait to refinance after foreclosure?
If the mortgage on your property is foreclosed the bank takes possession and you lose the property. You can't refinance. I have heard that to take on a new loan is possible in as little as two years. However, if you own another property paid off or in good standing, the foreclosure could affect your ability to refinance that property. I've heard 3 years so 2 years is a plus!
How long can a second mortgage company try to collect on a foreclosed loan?
This answer will vary by state and depends on the situation. In one-action states such as California, if a lender foreclosed they cannot pursue the borrower further. If a first foreclosed the second is free to persue the borrower. In California the statute of limitations for collection of a debt is 7 years.
When the bank takes over a foreclosed home how long can the tenants or renters live there?
From what I understand they have to move immediately .
Does having a remortgage help to avoid repossession?
Yes. If you don't remortgage, you can almost be assured that your property will be auctioned off to the highest bidder. The goal is to delay the repossession as long as possible so you will be allowed to prepare for reminders about payments, solicitors, and--when the time comes--upcoming court dates.
How long can you stay on your property if your home has been foreclosed in the state of Tennessee?
Till the cops evict you.
Can my house be repossessed if my husband is madebankrupt but is not on the deeds?
Your husband's name is not on the deed, but is he on the loan? If yes, then it cannot be foreclosed and repossessed if the property is listed on his bankruptcy filing, and, as long as his bankruptcy payments are current. If he defaults on bankruptcy payments, then you can lose the property. If he is not on the loan, then your house can be foreclosed and repossessed.
How long can you stay on a property in Texas after it has foreclosed?
The foreclosure papers that you received should give you that information. If not, contact the foreclosing institution for the answer in your specific case.
How long can you live in an auctioned off home with a child?
Until the landlord who has legal control of the property asks you to leave. It doesn't matter whether you have a child.
How long can you live in a USDA foreclosed property?
It depends on your state foreclosure laws. They are so backed up with foreclosures right now that it can be quite a while. I have seen as long as 16 months in Florida.
How long do you have to move out of a foreclosed house in WA?
In Washington state, after a foreclosure sale, the new owner must provide written notice to the occupants to vacate the property. The occupants typically have 20 days to move out before the eviction process can begin. It is important to seek legal advice if you are facing foreclosure to understand your rights and options.
How to Find and Buy Foreclosed Homes in Your Area?
Purchasing a foreclosed home is often more complicated than it seems. Buyers must first locate a property, assess its value and determine whether the home is worth buying. Since foreclosed homes go quick, buyers are often forced to write multiple offers and go through a lot of paperwork. Fortunately, as long as you are willing to do the work, it is possible to get a great deal on a foreclosed home.Resources for Finding Foreclosed HomesOnce you have decided to purchase a foreclosed home, begin looking for homes in your area. You can find listings in the newspaper under Auction Sales, Sheriff's Sales or Foreclosure Notices. You can also find listings through the Department of Housing and Urban Development and the Federal Housing Administration. Browsing through listings in your area will give you a good idea of pricing and availability.Once you are ready to take the next step, contact a real estate agent who has experience with foreclosed properties. A good real estate agent will give you access to the newest listings and help you navigate the process of buying a foreclosure. Once you have chosen an agent, contact a lender. Unless you can pay cash, you will want to receive a preapproval for a loan. Because foreclosures go fast, you might miss out on the best opportunities if you wait to secure financing until after you find a property you like.How to Choose a Foreclosed PropertyWhile looking at foreclosed homes, remember that these properties are sold as-is. This means that any structural or cosmetic issues will be your responsibility. Before making an offer on a home, conduct a title search and determine if there are any liens against the property. Also inspect the property very closely to determine if any major repairs will need to be made.To determine the value of the property, ask your real estate agent to give you examples of comparable properties around the home. Consider comparable sales and the condition of the property. If necessary, seek the help of a home inspector or appraiser to help you determine value. This will help you choose the best property and get a great deal on a foreclosed home.
Tips for Purchasing a Foreclosed Property?
Due to the high rate of mortgage defaults over the past few years, most commercial banks and mortgage lenders are dealing with an unprecedented amount of foreclosures.� Since these are assets that they do not want to keep on their balance sheets, most banks are always looking for ways to sell off the foreclosed properties.� Because of this, most people could end up getting a great deal if they purchase a foreclosed property from a bank.� While it can end up being a great investment, purchasing a foreclosure comes with a lot of different risks.� Due to the risks, there are several tips that you should follow when purchasing a foreclosure. � When purchasing a foreclosed property, the first thing that you should do is have a title search completed. While these are typically required if you are taking out a mortgage, it is something that could be overlooked if you were going to purchase the property in cash for a quick close. A title search will verify whether there are any existing liens against the property.� While this is important for any property purchase, it is extremely important for a foreclosed property because it will determine whether the previous owner was behind on their tax, association, or any maintenance payments.� After purchasing the home, you will be responsible to pay off any liens against the property. � Prior to closing on the purchase of a foreclosed property, you should also have a property inspection completed.� Foreclosed homes often end up being unlived in and neglected for a long period of time.� Because of this, a significant amount of deferred maintenance could be needed after you purchase it.� A property inspection will go through the home and determine if there is any evidence of mold or termites and whether you are going to need to spend any money on any capital repairs in the near future.� Having the inspection completed will give you a better picture of how much the home purchase will truly cost.� � Most importantly, when purchasing a foreclosed home, you need to ensure that the home is unoccupied.� While banks may have sent foreclosure notices, the previous owners could still technically be living in the home.� While they may not legally be able to live there, it could take some time and significant legal fees to have the previous owners legally removed from the premises.� In many jurisdictions, the previous owners could have up to 90 days to move after you have legally requested them to move. �
What happens if your landlord's house is foreclosed?
As long as your landlord has control of the property he still has the right to collect rent: whether the house is foreclosed is between your Landlord and his mortgage lender. If the property is taken over by the mortgage lender they may ask you to leave. There may be some form of protection available for you, the Tenant, before you are forced to leave. Get legal assistance as soon as you learn about the foreclosure so that you can be prepared for what's next. You may or may not be required to leave soon.
How long can you stay in home after foreclosure in TEXAS?
After a home is foreclosed in Texas, the former owner generally has to vacate the property. The exact timeline can vary based on the specific circumstances of the foreclosure, but typically the former owner has a few days to move out after the foreclosure sale or auction. It's best to consult with a real estate attorney for specific advice relevant to your situation.
How long do you have to wait to refinance after foreclosure?
If the mortgage on your property is foreclosed the bank takes possession and you lose the property. You can't refinance. I have heard that to take on a new loan is possible in as little as two years. However, if you own another property paid off or in good standing, the foreclosure could affect your ability to refinance that property. I've heard 3 years so 2 years is a plus!
How do you control ownership of a foreclosed property and than transfer ownership to an auctioneer?
Ownership of a property that is being foreclosed is perfected in the mortgagee as long as it has taken possession according to law.Ownership is not transferred to the auctioneer. Generally, under state laws, a licensed auctioneer is authorized to sell the property on behalf of the mortgagee.If you have questions about conducting a foreclosure in your state you should consult with a local attorney who does foreclosures. If any errors are made in the foreclosure process the results can be very expensive. If the foreclosure was done by an attorney, they would be responsible.Ownership of a property that is being foreclosed is perfected in the mortgagee as long as it has taken possession according to law.Ownership is not transferred to the auctioneer. Generally, under state laws, a licensed auctioneer is authorized to sell the property on behalf of the mortgagee.If you have questions about conducting a foreclosure in your state you should consult with a local attorney who does foreclosures. If any errors are made in the foreclosure process the results can be very expensive. If the foreclosure was done by an attorney, they would be responsible.Ownership of a property that is being foreclosed is perfected in the mortgagee as long as it has taken possession according to law.Ownership is not transferred to the auctioneer. Generally, under state laws, a licensed auctioneer is authorized to sell the property on behalf of the mortgagee.If you have questions about conducting a foreclosure in your state you should consult with a local attorney who does foreclosures. If any errors are made in the foreclosure process the results can be very expensive. If the foreclosure was done by an attorney, they would be responsible.Ownership of a property that is being foreclosed is perfected in the mortgagee as long as it has taken possession according to law.Ownership is not transferred to the auctioneer. Generally, under state laws, a licensed auctioneer is authorized to sell the property on behalf of the mortgagee.If you have questions about conducting a foreclosure in your state you should consult with a local attorney who does foreclosures. If any errors are made in the foreclosure process the results can be very expensive. If the foreclosure was done by an attorney, they would be responsible.
