Belt Auction

how long can I stay in my home after the bank buys it the auction?

my home is going to auction on the 6th 0f July. We owe 200K more that the current market value. so the bank will be taking it. How do they handle making us move out??

Public Comments

1. 24 to 48 hours. When the bank acquires a certificate of ownership, the court will issues a writ of possession. That will be served by the sheriff and you will have 24 hours after receipt to vacate. realtor.sailor
2. Usually if you have children or elderly residing there, you can make a plea for a 60-90 day extension. Otherwise you're pretty much screwed in the law's eyes.
3. Each bank is different. Most banks have set rules and policies that won't allow the former owner to remain in the home. However, some banks understand that it is easier to resell a foreclosed home if it is occupied and will therefore let you live there until it's sold -- if you pay rent and take good care of the property. Of course, you will have to cooperate with the realtors who are showing the home to potential buyers. Why don't you call your loan officer at the bank or the attorney who handled the foreclosure for the bank and ask what their policy is? Perhaps all they need is a suggestion from you that it will sell quicker if occupied. Also, the insurance on an unoccupied house is very expensive which might be another point in your favor when asking to remain as a renter. Good luck !
4. Depends on the state, whether you used a mortgage or trust deed as the security instrument for your loan, and whether the house is being sold through a trustee sale or a judicially-ordered sheriff's sale. If the house is auctioned at a trustee's sale, then you would basically be required to move out as soon as the house sold (as stated in realtor.sailor's post). If the house is auctioned at a sheriff's sale, some states allow you a redemption period of long as one year, during which time you can remain in the house, but I believe you would be required to pay rent to the buyer. (I'm a bit rusty on the details of redemption rights, since my state almost exclusively does trustee sales, for which there are no redemption rights once the sale goes through.)
5. it depends on the state but they have to give you a legal eviction notice and notify you in writing of when to leave the home but also depending on the state it could be very short notice.
6. You will gat a 24-48 hour notice posted on the property by the Sheriff. But call your mortgage company see if they will do a modifiaction for you like the Home Affordable Modification Program. Some call it the Obama modification.