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Regarding squatter's rights who has the right to property that has been maintained for years in a foreclosure sale?
Wiki User
∙ 14y ago
"Squatters" are a misunderstood group. Generally, in the United States they have no rights. They are trespassers during their period of trespass. They are people who use and improve another person's land openly and without permission. If the owner allows the situation to extend for a period of years (that period varies from state to state) they can file an action for "adverse possession" and obtain title to the premises. Until they do that and succeed they have no rights. The procedure varies in different states.
It sounds as though the party who maintained the property for years had someone's permission to do so. In that case they would not be considered "squatters". If they had an agreement to maintain the property while living there then they could sue the other party if they breached the agreement. However, they are using the property subject to the mortgage that the owner granted to a bank. The bank has the right to take possession of the property by a foreclosure. It can sell the property and apply the proceeds toward the unpaid balance on the mortgage.
Wiki User
∙ 14y ago
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My husband and I each purchased land in California. We live in another state. The properties are about to go into foreclosure. Which states foreclosure laws will apply?
Regardless of where you live, the state the property is located in will have law jurisdiction. If the property is in CA, then CA law will apply to the property when it goes into foreclosure.
Can you still stay in a foreclosed home?
Foreclosure doesn't happen immediately. Once you receive notice of foreclosure you will normally have a timeframe when you must vacate the property. If you do not vacate, then the bank/company/person who is seizing the property can have the authorites force you off the property- with or without your belongings.
How long after foreclosure do you have to vacate your home in California?
Generally, if you are the owner you should be prepared before the foreclosure sale. You will be given notice of the time and date of the foreclosure sale. When the foreclosure sale takes place and the property is sold you will no longer have the right to enter the premises. You should remove your personal belongings before the sale.
How can the homestead exemption help against foreclosure in a possible Chapter 13 dismissal?
It doesn't. The homestead exemption protects property from being seized in a bankruptcy procedure or by creditor judgment. The lender does not relinquish the right to foreclose on property regardless of the status of the bankruptcy filing. Bankruptcy only temporarily halts the foreclosure of secured property.
Are deficiency judgments allowed in Minnesota after foreclosure?
In certain cases, deficiency judgments are allowed in Minnesota after a foreclosure. While they may be allowed in a judicial foreclosure proceeding, the amount of the judgment may be limited by the fair market value of the property that was foreclosed on. Homeowners have the right to a jury trial to determine the fair market value of the property. If nonjudicial foreclosure is used with a power of sale clause in a deed of trust, and the six month redemption period is available to the homeowners after foreclosure, a deficiency judgment is not allowed. Minnesota statutes relating to foreclosure of real estate are located at the following place in the state laws: Minn. Stat. sections 580.01 to 580.30
How does Fannie Mae get rid of squatters in their homes?
Squatters are people who break into and set up housekeeping in abandoned properties. Fannie Mae has such an abundance of uninhabited properties due to the foreclosure crises that it cannot actively monitor all its properties. Generally, when a property has been inhabited by squatters and the owner is notified, it will re-secure the property, repair and replace locks and notify the police or a security company to patrol the premises.
Is the property at 119 amherst lane in Sebastian Florida in foreclosure?
Is this property in pre-foreclosure or just foreclosure May I please get all the details on this property
What are the consequences of friendly foreclosure of an investment property?
Foreclosure results in the buyer losing the property.
What are a squatters rights in Nevada?
As of 2014, squatters rights in Nevada state that squatters must reside in the home for 5 years to legal lay claim to the property. They also must pay taxes on the property for those 5 years.
What right does squatters have on privately owned property in the Philippines?
Nothing
What will happen if you stop making your mortgage payments?
The lender will take possession of your property by foreclosure and sell it to a new owner.The lender will take possession of your property by foreclosure and sell it to a new owner.The lender will take possession of your property by foreclosure and sell it to a new owner.The lender will take possession of your property by foreclosure and sell it to a new owner.
How can a person or group contest a foreclosure of their property?
A person or a group can contest the foreclosure of a piece of property by contacting an attorney. This is the best way to get information about property.
How Foreclosure works?
Foreclosure occurs when a person is unable to make payments on a property. The bank, which owns the rights to your property, can choose to overtake the property and kick you out.
What is the difference between preclosure and foreclosure?
Be aware that a pre-foreclosure property is not necessarily for sale. The pre-foreclosure stage is the period between the time in which a Notice of Default (in non-judicial foreclosure) or lis pendens (in judicial foreclosure) has been issued to the homeowner and after the property is sold at a foreclosure auction.
Can a property with easement can be foreclosure?
The easement does not affect the mortgage. Therefore, the foreclosure can continue.
Who is responsible for a property still in the foreclosure process once you vacate the premises?
You are responsible for the property during the foreclosure process up until the property is sold or auctioned.
Is property in foreclosure still considered property of estate?
Yes, until the foreclosure has been completed and the lender has taken possession of the property.Yes, until the foreclosure has been completed and the lender has taken possession of the property.Yes, until the foreclosure has been completed and the lender has taken possession of the property.Yes, until the foreclosure has been completed and the lender has taken possession of the property.
