Belt Auction

Auction date is here.. now what ?

I reside in the state of Florida. Hillsbrough County. Last week we found out the house we are renting was being forclosed on. The Auction Date of 08/02/10 came and went. We kept our rent money this month in our savings. A Man passed by to look at the home as he said he found out that home was being foreclosed on online and wanted to look at it before placing a bid. He left his bussiness card. I called him on the 2nd in the evening. He said the bidding price was too high and no one bid on the home. He informed us the home is now owned on the bank. My Question is what should I expect to happen next ? Will the bank come evict us ? Will they give us time to leave ? Should I be paying my rent to the bank ? Should I contact the bank or wait till they contact us ? I just don't want to come home and find my things on the street. Has anyone else been through this, some insight would be great ... :) Any help would be great! Thanks

Public Comments

1. You will receive a letter from the bank informing you where to mail your rent. No they will not evict you since they prefer having the house occupied. Make sure you have the full rent due when you receive the notice.
2. If your loan is owned by the federal government, you have 90 days to move but you must pay your rent on time and in full. Otherwise, you have to leave. Other loans have fewer restrictions. Some banks will let you stay until they decide what they want to do, but you have to pay. Others will want you out sooner and you have to be ready to go. You don't want an eviction on your record. The new owner did not rent to you and they are not happy that they probably lost $100,000 to your landlord. Try to introduce yourself to the bank. You can post a note on the front door with your contact information in case you are not home when the bank representative visits. Your things will not be put on the street.
3. The bank will send a rep by, it will be a real estate broker, not them personally. You may be offered money to move out right away, or permitted to rent from the bank for 3 months, after which you need to move out.