There is a new law in California. If you are the previous owner then you have 30 days to remain after foreclosure. If you are a tenant in the property then it used to be 90 days. However, if you have a lease with the previous owner then the bank has to honor your lease agreement for 1 year or more depending on what you have in writing. Good luck!
How are you today? I hope that every thing is going well for you. I feel sorry that you are going into foreclosure. Hope things will change for you. The process of foreclosing before get evacuated most of times takes around six months. First three months of default you donâ€™t get evacuated. After three months of defaulting the bank files for notice of default and takes about three month to be foreclosed. Most of times they send a notice one month ahead of evacuation. I hope that I have answered your question. If you need assistant of selling your home please let me know. I will help you do so.
This can vary widely depending on the bank. Typically you will receive a written notice that will give you 30 days to vacate the property. When you receive this notice is what can vary widely. There are some banks that are offering money to help assist buyers in moving out of the property (keys for cash), but this can also vary bank to bank.
Typically the Real Estate Agent who has been hired by the bank to help sell the property will contact you regarding moving.
Good luck to you!
Alain Pinel Realtors
It all depends on the bank. If the property is assigned to an agent right away, it will take the agent 14 to days to offer you something to move out. Another way for the bank to ask you to move out is through the eviction process. I am not sure how long does this one take. But once the property is foreclosed, moving out is inevitable no matter how long.
It really depends on the ultimate buyer. I have heard of people who were visited by the Marshalls and the new owners on the same day as the auction, and escorted out of the property. I have also heard of people who remained in the property 30 - 90 days after the foreclosure.
Of course, if you are tenant and not the owner, then local and state rent laws protect you. Proper eviction procedures must be undertaken to remove a tenant from the property (although there are some banks and new owners that appear to bully tenants into moving sooner than the law requires).
My recommendation, check with a lawyer who specializes in foreclosures and tenant rights and get an understanding of what your rights are under the law.
Hope you come through this process with minimal stress and damage, and Dare to Dream.
Real Estate Consultant
RE/MAX Palos Verdes Realty