Every state has a process for homes in foreclosure. What a lot of people don’t tend think about is where will they live after the foreclosure is final. The foreclosure process consists of court hearings, bank meetings, and an auction to sell the property. The title is still in the owner’s name until the final sale of the property, but how long can an occupant remain on the property once a new title is issued?
Depending on how much you are willing to fight for your home, you have 10 days after the auction to object before the court will issue a title. The foreclosure is final when the property is sold "on the courthouse steps" to the highest bidder. The sale usually takes place between 28-35 days after the entry of the final judgment of foreclosure. Many judges will give you 60 to 90 days if you attend the hearing. The amount of time you have left on the property will primarily depend on the motivation of the new property owner.
There are a few things the new property owners will do. The first one is known as keys for cash. Typically you will see offers from $1500 to $5000 to help with relocation, but this will depend on the owner. The second option for new property owners will be to keep you on as a tenant. Some buyers invest in foreclosed properties, but don’t need to have them as a primary dwelling. Finally, the new property owner will ask you to leave within a certain amount of time.
If you have foreclosure questions Stephen K. Hachey, a Florida real estate attorney, can help. Contact him at 813-549-0096.