Our neighbors house has been foreclosed. Official docs at City hall list as a resale to Countrywide. But they

Asked by Superocean, Hamden, CT Wed Aug 19, 2009

are still living there 6 months later and show no signs of leaving. Believe me, everyone on the street wants them to leave. They never lift a finger to do anything to their property like mow the lawn, pick up trash.
Question - is it common for a bank to turn around and rent to the former owners who have been foreclosed?

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Gerard Carney, Agent, Spring Hill, FL
Thu Jun 16, 2011
This is not an appropriate question, it is a forum for you to bash a neighbor, please don't do that here
0 votes
John Proto, Agent, Woodbridge, CT
Thu Jun 16, 2011
Hi Superocean,

If Countrywide has foreclosed on your neighbors, the loan is now owned by Bank Of America. The eviction process for these lenders is astronomical, in some cases they are 2 years out in the legal process. If the land records shows a resale to Countrywide, then the foreclosure process has been completed, no need to do any more research. A much easier way then to travel to city hall is to visit http://civilinquiry.jud.ct.gov/ which lists all foreclosure proceedings, this is all public information

There are several options that banks offer to foreclosed owners, one is called a DFR (or deed for rent). The lender takes the deed and rents back to the former owner until they can move the property into their active real estate owned portfolio. The former owner must pay rent and ensure the property is cared for during this period. This is a fairly new process (as of August 2010) and there are stringent financial guidelines the previous owners must have adhered to at the time of foreclosure.

The big question ... was the house previously listed with a realtor? If it was, then your neighbors may quite possibly be living in the property with a DFR. If not, then the bank just has not had a chance to evict the former owners.

Hope this helps and good luck!

John Proto, Calcagni Associates
Licensed in CT
Web Reference:  http://www.movewithjohn.com
0 votes
Dan Ross, Agent, Southington, CT
Wed Aug 19, 2009
The time Jim mentioned is called the Law Day. If you care to, you can go the the court and get that info, it is public information.
Web Reference:  http://www.danrossre.com
0 votes
Connie Erick…, Agent, Maple Grove, MN
Wed Aug 19, 2009
In CT, the homeowner would be given, at the courts discretion, a length of time for the right of redemption. They can stay on the property until that time expires.
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