Foreclosure in Canarsie>Question Details

bnnttderrick2, Other/Just Looking in Brooklyn, NY

I have a home that was sold at a forecloure auction yesterday.

Asked by bnnttderrick2, Brooklyn, NY Fri Jun 20, 2008

The attorney for the the lender claims that they sent notices to the address of the property regarding the foreclosure, but they knew that this is not my home address for they have contacted me at my home addres previously. I was totally unaware of their intentions until a prior buyer for the house contacted me and made me aware that the property was sold. Is this legal? Also I have a tenant at the house and I would like to know how long does the tenant have before having to vacate and how long before the new owner takes possesion with the completion of paperwork and all. Is there anything I can do?

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The reason your property was sold at auction is that you didnt pay your mortgage! You knew this! Your house was repo'd And you knew this would happen!
3 votes Thank Flag Link Tue Jul 8, 2008
Hi bnnttderri,

I am really sorry to hear about the outcome of your home.

New York State does not permit property owners the right to redemption, or put another way, the right to re-purchase the home from them after it was sold at a courthouse auction.

As for the tenant, if the buyer was the bank that repurchased, they will begin eviction proceedings. If the buyer was an individual or other entity, they will also begin eviction proceedings against JOHN and or JANE DOE.

Absent an executed lease agreement, they are subject to the legality of the lease agreement in the eyes of the court.
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1 vote Thank Flag Link Tue Jul 8, 2008
If there was a lawsuit filed to foreclose on the property (the usual practice in New York) and you were not properly served notice of the lawsuit, then you have grounds for the court to vacate any default judgment against you.

By the way, it's generally a bad idea to ask for legal advice on an internet forum.
0 votes Thank Flag Link Mon Jun 15, 2009

Tough to hear about situations like yours. You mentioned you were totally unaware of their intentions, were you also unaware the payments were not being made on the property? This may seem like a silly question, however I do know of property managers that handle such finances (Mortgage Payments) for Landlords; we are not exactly clear on why they foreclosed on your home other than the obvious. Can you please offer any other explanation?
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0 votes Thank Flag Link Wed Jul 9, 2008
Under the 2007 Mortgage Reform Act, the new owner must honor the existing rental agreement with your former tenant. As long as the tenant makes rent payments to the new landlord in accordance with the contract he/she cannot be evicted until the contract expires.

Some states have a redemption period in whcih a foreclosed owner may buy back the property. Only an attorney can advise you how your state's laws would apply to your situation.
0 votes Thank Flag Link Fri Jun 20, 2008
Obviously, if they foreclosed on you, that means you weren't paying them money that was rightfully theirs. I'm pretty sure you knew that you weren't paying them so this foreclosure shouldn't have been a surprise. If you dont pay, the mortgage contract states that they get the house. You broke the contract - they got the house. You're too late to do anything now unless your state has a redeption period and you have cash on hand to pay back everything you owe including late charges and lawyer fees.

Your tenant has probably about 30 days since they/you could force the new owner to formally evict them in court. Your tenant might also make some money off this ordeal if the new owner offers them cash to get out now, which is becoming customary.

I really hope you weren't taking money from the tenant and not forwarding it to the bank to pay the mortgage...I wonder if your tenant would have a legal claim against you if this were the case...
0 votes Thank Flag Link Fri Jun 20, 2008
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