No. Regardless of whether or not you have stopped making the mortgage payments, the property is considered "yours" until after it is sold at the sheriff's sale. Depending on the state, there are also rights of redemption which allow you (if possible) to pay the outstanding balance off in full and keep your property.
If you are renting the property, and the owner has stopped making the payments, you would also still owe the owner the monthly rent - per your agreement. The fact that the owner is not using the money to pay the mortgage is irrelevant to your agreement.
State laws vary somewhat, so I would consult an attorney in your area to confirm any answers you receive here.
Before the sakle takes place the current owner can evict you for things such as non payment of rent. After the foreclosure sale, then deopending ion your state laws they may be able to evict you based on the foreclosure, some states will allow you to stay of you hve a valid lease and are paying your rent on time. goohle landlord tenant law for your state for more info... more
hi..the correct answer is no....i have copied part of an online legal brief for you to review...there is no redemtion in ohio like there is in other states...so the timeframe you are looking for is not definite.but...the interest in the property is absolute at the sheriff's sale.....eviction cannot and will not start until after that time..
the below listed information should help you...
1. How long can I stay in my home if it is in foreclosure?
If your residence is in foreclosure, it still belongs to you until the time it is sold at sheriff's sale and a confirmation entry is entered by the Court. So, in plain language, the house is still yours until it is sold at sheriff's sale. At that time, title to the property passes to the successful purcahser at the Sherriff's sale. However, it will typically be at least a few more weeks (maybe even two or three months) as a practical matter before the confirmation entry is entered by the Court and the successful purchaser at the sheriff's sale receives the deed. Because foreclosures are taking so long, in "real life", we are probably talking a year or more.
bob mcclure- first preferred mortgage
southfield, michigan...... more