How Long is Left Before Moving Out?
So when should you move out of a foreclosure property? Typically a foreclosure auction will be taped to the door or garage stating the date of eviction, in which you must be moved out. You should move out a day before this date. The tenant does not need to leave early. It helps to stay to avoid vandalization of the house if it were empty (most likely the bank or lender would hold you liable for any damage). If the sale is delayed, then you will e able to stay until the sale or auction of the property, in which you will own it till that day.
You do have a few options after foreclosure has started. You can try getting your home out of foreclosure by
- Bringing it current
- Request a forbearance or loan modification to your mortgage
- Look into filing bankruptcy to delay the foreclosure process for about 30 days and create a repayment plan
- Refinancing your home if you have enough equity
- Selling your home via a short sale (many lenders would rather short sale than spend the money required to foreclose a property)
- Deed-in-lieu of foreclosure, which means to give the home “back”
If the tenant or homeowner stays after the foreclosure date, it will take the bank 30 days to evict you. You would want to avoid this as you will then have a foreclosure and an eviction on your record, making it hard for you to rent in the future. You will receive a legal notice to leave the premises within 72 hours and if you fail to leave, the new owner must bring the case before court. If the court orders eviction, they will issue a date that you must move out. The new owner then can issue an execution of eviction that will give you 48 hours from court ordered date. After this point, then the sheriff can physically remove you and play any items in storage. It’s best to vacate the property a day or so before auction to avoid emotional stress.
In some cases, the bank or lender may offer “Cash For Keys” and pay you to leave the house clean and empty if you drop off the keys and leave the property within a few days. You will need to call customer service to see if this is an available option.
It may seem in bad taste, but some homeowners that go through the foreclosure process end up not paying anything after foreclosure started. Depending on which state or city you live in and the number of foreclosures in your area, this can range from a few months to 9 months of free rent.
Although, each state has their own foreclosure process and you will need to check with your particular state on the foreclosure process details. States in which the judical foreclosure is the majority will vary in eviction laws even greater.
