Your Questions About Foreclosure Help
December 17, 2011 · Print This Article
Carol asks…
What happens to tenets during a foreclosure?
The owners of our house told us today that we might have to move because they are going through foreclosure. They also said something about the bank giving us money to help us move. Is this true, and how does it work?
Also, how long do you think we have to stay here?
Any info would be helpful. I know we need to talk more with the owner, but this is just for now.
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 70 acre Gold Mining Claim Fiddler Gulch Trib of Josephine Creek Oregon US $3,500.00 |
 PHOENIX AZ TURN KEY CASH FLOW SINGLE FAMILY RENTAL INVESTMENT PROPERTIES US $1.00 |
 Real Estate Investors Complete Turn key US $5,000.00 |
 10 ACRE NEVADA RANCH PARADISE VALLEY MINERAL RIGHTS $195 DOWN $100 MONTH 0 INT US $195.00 |
Landlord Specials answers:
You need to find out what part of the foreclosure process the house is in, and determine if there is a redemption period after the sheriff sale.
Find out from the owners if a sheriff sale has been scheduled. That will give you a good estimate of when they will no longer be the owners of the house.
Then, look up your state laws to find out if there is a redemption after the sale. If there is no redemption, then you have to move out soon after the foreclosure auction, or you will be evicted.
If there is a redemption period, you can stay living in the house until after the redemption. This is a period guaranteed by state law for homeowners to keep possession of the house and attempt to pay it off or sell it. So the bank can't evict you until after the period is over.
In some cases, the bank can offer to give you a thousand dollars or so just to move out. It's called a "cash for keys" deal, but the amount offered will not be very much. Banks do it as a sign of good faith, and to persuade homeowners to leave without destroying anything or stealing all of the copper pipes to sell for moving expenses, etc.
But how long you have depends on how much time has already expired and what the state foreclosure laws have to say.
Good luck.
ForeclosureFish
Sandra asks…
What is the advantage and disadvantage of buying a foreclosure home?
I live in Dallas, TX. Will you recommend buying a foreclosure home?
What is the advantage and disadvantage of buying a foreclosure home?
Please help. I’ll pick the best answer later.
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70 acre Gold Mining Claim Fiddler Gulch Trib of Josephine Creek Oregon US $3,500.00 |
PHOENIX AZ TURN KEY CASH FLOW SINGLE FAMILY RENTAL INVESTMENT PROPERTIES US $1.00 |
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Real Estate Investors Complete Turn key US $5,000.00 |
10 ACRE NEVADA RANCH PARADISE VALLEY MINERAL RIGHTS $195 DOWN $100 MONTH 0 INT US $195.00 |
Landlord Specials answers:
It depends where and who you buy the Foreclosure property from. Always close at a title company and write your good faith deposit check out to the tile company as well. You really donot know if you are getting a deal or not until you run a title search and get title insurance. A home may look like it has equity unitl you find a 50,000 tax lien attached to the property. So their are good deals if you know how to find them.
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Josh Dunaway has been a certfied Realtor in the suburban Chicagoland area for over 20 years. Aside from starting his own real estate company, he also owns a mortgage company as well.
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