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What does it mean when you receive a notice stating that your foreclosure is in the hands of the sheriff's office?
Wiki User
∙ 12y ago
That mean pack your stuff or hurry up and file bankruptcy which wil start the whole process over again, and give you Tim e to pay or restructure your loan
Wiki User
∙ 12y ago
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How do you know that foreclosure is done?
Usually you will either receive a notice vacate the premises, or the Sheriff will show up at your door to evict you. Sometimes, both.
What is NOD in a foreclosure notice?
NOD stands for "Notice of Default".
When does a bank issue a foreclosure notice?
Usually after 3 months of not making payments on your mortgage or rent, you will get a foreclosure notice. If you are renting its usually sooner.
How much time are you given for moving out when the lender forecloses on your home?
You may have up to a month depending on the speed of the legal system. You will receive a notice of default then a foreclosure notice. This whole process can sometimes drag out 6 months.
What happens to homes in foreclosure?
The homes in foreclosure are sold at auction after notice and publication of the date, time and place.
Can you still stay in a foreclosed home?
Once a property has been foreclosed upon, the new owner takes possession and you generally cannot continue to stay in the home. It is important to vacate the property before any legal action is taken against you.
Why would someone get a foreclosure notice?
Foreclosure notices are served on those who have not been able to keep up with their mortgage payments on their home. They are akin to an eviction notice, as the bank is claiming their property.
What are the step taken in a foreclosure process?
There are multiple steps that a lender must complete in order to initiate foreclosure. These steps include providing the homeowner a notice of default, a notice of acceleration, a notice of sale and finally inclusion in a public auction.
What is the law concerning foreclosure in New York City?
The holder of the loan must file foreclosure notice with the supreme court AND give the tenant of the property notice that they are doing so giving you a specific day that the faulted ampunt must be paid. Then they receive a date to go to court. Then when/if the foreclosure is finalized the residents MUST vacate because a Marshall will come with the court order to escort you out. So it is best to try to sell the property before it goes into active foreclosure. It will save your credit rating and alot of strife from having to go to court.
What does sheriffs return on a bench warrant mean?
A sheriff's return on a bench warrant means that a return notice has been filed stating that a warrant was served. It also means that if the person is in jail at the time the warrant is served when they are released, they are to be transferred to the jail in the jurisdiction where the warrant was issued.
What are some good ways to avoid foreclosure?
The best way to avoid foreclosure is to prevent the filing of a Notice of Default. Lenders do not want to foreclose but will file a Notice of Default to protect their interests, if necessary.
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.
