What happens when a house is in foreclosure, what happens to the people who own the house?

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What happens when a house is in foreclosure, what happens to the people who own the house?

Mike M.

When the bank or mortgage co. forecloses it becomes their property. If you don't leave the home a sheriff will escort you out, put your belongings on the front yard and secure the home.

Kathleen M

The are given notice that the home is being foreclosed. Depending on what state you live in, you are given the option of redeeming the property from foreclosure (paying off what is due, plus attorneys fees, and other misc. charges due with filing the case). If not redeemed the property will go through court proceedings and end up being sold at a Sheriff's sale to a new buyer, usually the bank who holds the loan (and then will be sold to a new owner by the bank) The Owner is given a certain amount of time to get out of the property, and if they don't go they will be evicted (possibly by force) at the end of the allotted time.
Occasionally the bank foreclosing will also file a deficiency judgment against the current owner. This means they will file a lien against the owner which would affect any property the owner currently owns or would acquire after the foreclosure.

LISA S

a house goes into foreclosure for non payment..it no longer becomes their house,,its title is returned to the lender of the mortgage..the current occupant have i believe 15-20 days to move out so the lender can relist the home or sell through an auction....and any legal costs accrued during foreclosure must be paid by the previous owner!!

yeaaaah_right

It depend on the type of foreclosure. For more info go to http://en.wikipedia.org/wiki/Foreclosure

it happened to my niece she had to move out --- they sold her house in a Sheriff's auction this month ..

Edward W

The bank take over to gain there money back , and the people well they are own ther own.

Take My Advice

they could also be held responsible for the excess money that it owed from the home...for instance...if they owed 400,000. and the bank sold it for $250,000 guess whos pocket that $150,000 could end up coming out of.....it doesnt happen often but they have the option of doing it...they coud literally put a lien on your person ie on your social security number.

sweetangel

if in foreclosure usually the people in the house have to move and the bank that financed it take it over and sell it to pay back the money owed on it.

maamu

Well, if the house is foreclosed the people who own the house are actually the bank.
The people that formally owned the house will have been evicted.

boston857

They are forced to move out. But...some buyers who purchase these properties for investment purposes, may later go into a lease arrangement with the owners.....risky but doable since as a homeowner, you have more expenses...

emourelatos

They get the boot.

Bobbie

if the house is in forclosure and does not have a "sale date" yet,then there is still plenty of time to get out of it.the owner can file bankrupcy(chapter 13 ) and that would save thier house.also if the owner does that,even if there was a sale date the lawyer has right up until that day to file the bankrupcy.also there are companies that will " by out forclosure" and try to save the home.if none of these are a choice,then the owners would of course have to move by the auction or even try to sell it themselves.there are companies that will by houses fast from the owners.

kramerdnewf

Generally they have to move out and find somewhere else to live. I guess occasionally they could live in the house until it sells if they pay rent to the mortager.

getyoumovedrealty

Here is your answer ,depends on state . But if you are in foreclosure contact a Real Estate Broker who specializes in working out short sales with the bank, They will negotiate with the bank ,while you live there rent free and sell your house to someone then you''ll have to move out but you won't have a foreclosure on your credit just a couple of late payments, Don't hesitate call me for advice on who to contact Mike 763-742-7653

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