What happens to the owners of a foreclosed home? How soon do they have to vacate the home after foreclosue?

Asked by Xbox1950, Phoenix, AZ Tue Jan 13, 2009

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6
Cameron Piper, Agent, Forest Lake, MN
Tue Jan 13, 2009
xbox1950,

It really does differ from state to state and even depends on the type of foreclosure in some states. You will want to talk to an attorney or a good real estate agent in your locale to get an answer to your question.

Cameron Piper
Web Reference:  http://www.campiper.com
1 vote
., , Los Angeles, CA
Tue Jan 13, 2009
Carlos leaves no room for error. there you have it!
0 votes
Carlos Ramir…, Agent, Mesa, AZ
Tue Jan 13, 2009
They are supposed to move out by the date of the Trustee's Sale. That same day the ownership of the property passes to either the bank or whoever bought it at the auction. At that time the new owners could pursue eviction immediatele and the previous owners could be removed from the house after the process in completed, which might take a couple of weeks.

The notice of Trustee's Sale is provided at least 90 days prior to auction, and one of the reasons is to provide the owner time to make arrangements.

If for some reason the person can not move by the date of the auction, he/she should do it as soon as possible to avoid an actual eviction.
Web Reference:  http://www.SmartAZRealty.com
0 votes
Teri Ellis, Agent, Mesa, AZ
Tue Jan 13, 2009
Todd and Randy are correct; however, there have been occasions in this crazy time, that the actual sale is put off for a month or two or three, depending on the circumstances or how busy the attorney is that is handling the trustee's sale. After the trustee's sale and the new buyer has taken the property, the property technically belongs to the new owner. The foreclosed owners must leave immediately and remove their personal belongings else be subject to storage fees.
0 votes
Todd Lee, Agent, Phoenix, AZ
Tue Jan 13, 2009
It is going to depend upon the lender. Legally, the former owner has no rights to be in the home once it has been foreclosed on. Most lenders will serve you an eviction notice stating the date that the owner has to vacate.
0 votes
Randy Hooker, Agent, Chandler, AZ
Tue Jan 13, 2009
Cameron is correct ~ the foreclosure laws and process varies by state. In Arizona, the lender has to serve 90 days of the impending foreclosure (Trustee's Sale). Then, if the homeowner has not moved out by that date, most lenders, will pursue an immediate eviction process. Eviction can be accomplished in 2-4 weeks. But again, check with a local Realtor or attorney!

Best of luck!!

...randy
0 votes
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