Foreclosure in Eastside>Question Details

Marz, Both Buyer and Seller in Syracuse, NY

The bank bought back the home in foreclosure, at the auction and there was no other bidders. The bank bought

Asked by Marz, Syracuse, NY Fri Jun 20, 2008

it back for the minimum that they (the bank) STARTED the bid at! The house needs much work and is not worth even the minimum bid! I know because i live in the house. I was told by the foreclosure judge that i would get a contact at the bank with their attorneys. After leaving serveral voice mails with a contact at the attorneys office, i've had NO return phone calls! Now that the bank bought back the house, will i be evicted and what time frame should i expect before i must leave?

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Answers

2
Hello Marz,

Since the bank now owns the home you no longer have any right of possession. The bank can immediately commence a holdover proceeding in landlord-tenant court (most likely Nassau District Court in Hempstead) against you to recover possession of the property. Once in landlord-tenant court, the proceeding can take anywhere from a couple of months to several months before a judgment and warrant of eviction are issued. You can possibly stay the proceeding by filing for bankruptcy, but that would have been a better option while the foreclosure action was pending and not necessarily now.

Tony L. D'Anzica, Esq.
0 votes Thank Flag Link Fri Sep 26, 2008
Once the court issues a judgment of foreclosure, title devolves from you to the referee. The auction and transfer of the deed make that final. Unfortunately, you no longer own the hone but are just in possession. Depending upon the laws of your area concerning eviction, it could take 60 days or several months for the process.
The bank will often "buy" the house back at the upset price (the amount of their liens) because of the belief that at least they have their collateral - the money is already invested.
0 votes Thank Flag Link Fri Jun 20, 2008
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