October 22nd, 2009 by Jarad S.
Question: How long after foreclosure do I have until I have to be out of my house?
Answer: -Well it depends on your states laws as to how much time you have until you have to vacate your home. If you live in a trust deed state where the redemption period is before the auction, then you’ll have a few weeks to a month to leave your home. If you live in a state where foreclosure is filed judicially, typically the redemption period is after the auction so again depending on your states laws and redemption period after foreclosure, it could be a few months up to six months.
The best way to find out how long after foreclosure until you have to be out of your home is to call up a title company and ask them or you can visit your State Laws page and see when you redemption period is.
Tags: Foreclosure, redemption period
Posted in Foreclosure, Lien Priority, Redemption Period | No Comments »
September 14th, 2009 by Jarad S.
Question: After the bank forecloses and sells my house, can i get it back?
Answer: -It depends on your states foreclosure procedures. Some states have a redemption period before the auction. Other states have their redemption period after the auction. If you live in a state where the redemption period is after the auction, then yes, you can get your home back.
Tags: foreclosure procedures, redemption period
Posted in Foreclosure, Redemption Period | 1 Comment »
April 30th, 2009 by Jarad S.
Question: I WAS A WINNING BIDDER AT A TRUSTEE SALE, BUT IT WAS A SECOND LIEN. WHAT SHOULD I DO NEXT?
Answer: – Pray there is not a first mortgage or any back taxes you have to pay…Ha Ha. Hopefully you did your research prior to the foreclosure auction and found the property to be worth a great deal more than what the 1st was owed and what you paid for the 2nd. If not, you may want to think hard about an exit strategy. But assuming you did all your due diligence, as the winning bidder your state and county will determine when you need to come up with money to pay for the property. It ranges from state to state anywhere from 24 hours after the foreclosure auction to 30 days. If you can’t get the money within that time, you lose any money you may have had to put down. Then you may still have to wait to do anything to it if there is a redemption period in your state.
Tags: foreclosure auction, redemption period, trustee sale
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