The foreclosure process is a long, grueling ordeal for homeowners.
The question we ask is how long does it take to evict after foreclosure?
After the housing crisis of 2008, many people were not able to pay their mortgages. This led to foreclosure on homes all over America.
It can be difficult to keep up with the demands of the bank during this period, but it’s even more frustrating when you’re evicted after foreclosure without receiving any notice or warning.
Foreclosures are hard enough as it is, especially if they happen unexpectedly due to job loss or some other financial hardship that makes paying bills impossible.
If you are facing foreclosure on your home, you may be facing an eviction.
It’s not an easy process. If you’re not completely familiar with how it all works, you might be wondering how long it will take to get through the entire process.
Keep reading to find out more….
What is a Foreclosure
Imagine being in a time where you have to worry about money and not having any of it.
You start getting letters from your bank saying that they’re going through with the foreclosure procedure, which means everything will be sold off because there’s no other way for them to get what’s owed by law!
Foreclosure can happen at any time – even if someone has less money on their paycheck to pay the bills.
A foreclosure is when someone who owes money on their house can’t pay it, and the bank takes over.
This happens when the homeowner has missed too many payments and chooses to let the bank take control of the property so that the bank can recoup their loss.
This could be due to many reasons including a loss of a job or just never paying off what they owe.
How long does it take for eviction after foreclosure
The amount of time it takes for an eviction to take place after a foreclosure depends on the state you reside in.
Each state has a different set of eviction laws regarding the foreclosure process.
However, in many cases, there is a process that happens before the eviction is filed.
Typically when a home is foreclosed it means two things happened.
The home was auctioned off to someone who placed a bid on the home and then won the bid.
A trustee deed is then issued to the new owner of the property.
The new owner will send some type of notification via mail or give a phone call to let you know that they have bought the home and that they are now the new owner.
What you would have to do is talk to the new owner and negotiate with them a time frame that you can exit the property.
Make sure that you are in communication with the new owners. That is the key.
The actual time frame will again vary from state to state so you will need to consult with a Real Estate Attorney.
The second way, is when the home goes back to auction and the bank takes the property back after no other bidders.
From there the bank will reach out to an REO Agent to list the property.
The bank will require the Agent to do a 24-hour Occupancy check.
If you are in this scenario you must make sure that you answer the corresponded letter or phone call that you might receive.
Make sure that you are dealing with a legitimate representative of the bank. You can do this by verifying the agent’s license with the state commission such as Texas Real Estate Commission.
The bank or mortgage company will offer you cash for keys.
This is a process that allows you to receive compensation for leaving the property.
The goal is to avoid eviction. The bank wants to avoid the eviction process. This is the reason the cash for keys program makes more sense.
The amount negotiated is between you and the bank. The thing you must do is make sure that the property is in clean condition upon exiting the property.
The bank wants you to clear out all personal items and you must make sure that all appliances and bathrooms are clean.
This will be verified by the Real Estate Agent appointed by the bank.
The Real Estate Agent will have your check along with a Release that must be signed.
If for some reason you refuse to do this then the bank will start with the eviction process. Typically in my experience as an REO agent, most people will accept the cash for keys.
I can’t remember a time when a homeowner did not accept the cash for keys.
So if the bank is offering you cash for keys, you want to accept the cash for keys and avoid the eviction process.
Steps To Avoid Eviction After Foreclosure
What you want to do is make sure that you are more proactive than anything. You want to be very proactive about the foreclosure process.
The main thing you want to pay attention to is the Notice of Default. This notice is your first indication that you are headed into foreclosure.
If you are receiving these notices then it means you are in the foreclosure process.
From there you want to pay attention to the Notice of Acceleration. When this happens the bank is moving to set a foreclosure date.
In Texas, the foreclosure process typically happens very quickly. Normally 21 days from the time the notice is posted to the public.
Once you have a set foreclosure date. The Auction will happen. When the Auction happens this is where they sell the home at the courthouse steps.
So you want to be aware of this. If you want to avoid eviction you can start your moving process earlier before the expected foreclosure date.
If for some reason you are needing to wait until after the foreclosure date then you need to pay attention to your mailbox or notices that come from the bank.
Remember, the difference between a mortgage company that takes back the loan and an investor who buys the house at the court how steps is there is no guarantee that you will be offered cash for keys.
So make sure that you are prepared if there is no cash for keys offered.
How To Avoid Foreclosure Eviction
Foreclosure eviction is the term that refers to the legal process of evicting a mortgagor or tenant from the property they own, usually because of defaulting on a mortgage or rent.
A foreclosure eviction can affect homeowners and tenants.
The main difference is that in the case of homeowners, foreclosure is an involuntary process caused by defaulting on mortgages.
Whereas in tenants’ cases it happens when the tenant decides not to pay their rent. Foreclosure evictions can happen with or without notice depending on your state.
So how do you avoid foreclosure eviction all together? To avoid foreclosure eviction you would need to work to sell the property the moment that you receive the notice of default letter.
Because Texas is such a fast process it is always best to try to work to sell the home before the mortgage note is accelerated.
Can you work with a Real Estate Agent while in the foreclosure process?
The answer to this question is yes. If you are facing foreclosure and you need help with trying to sell your home. You can work with a Real Estate Agent while in the foreclosure process.
If you feel that you don’t have enough equity to sell the home outright we can list the property on a short sale.
What that means is we will sell the home for less than what you owe on the property.
Typically in a good market, you would be able to price the house accordingly to the market and be able to sell the home and cover the closing cost and the Realtor cost.
Conclusion
Always remember that there are no guarantees when you are dealing with the eviction process after foreclosure.
If you are facing foreclosure or you have received your Default Notice then you must act now to make sure that you do not have to deal with the eviction process of foreclosure.
Remember, that time is of the essence and you want to act to ensure you don’t wait until the sheriff or constable comes knocking on your door.
If you need any assistance feel free to contact me and I will be happy to assist you in any way that I can.
I am qualified and experienced enough to help you through it. There is no need to do it alone.