You'll already have bad credit as a result of the foreclosure—and bankruptcy if you go that route—and many landlords subscribe to private databases that screen prospective tenants for being the subject of previous eviction lawsuits. That fact, above all others, can lead a potential landlord to turn down your application for a lease or rental agreement. In some states, the bank can include an eviction as part of a judicial foreclosure. When an eviction is an extension of the foreclosure action, it can happen quickly.
If the foreclosing bank is the purchaser at the foreclosure sale, the bank then asks the court for what's called a "writ of possession" or a "writ of assistance. Typically, the sheriff will post a notice on the front door giving you 24 hours to leave. If you don't move out by the deadline, the sheriff's crew may physically remove you and your belongings from the property. Foreclosure laws vary widely from state to state. To find out the eviction process after a foreclosure in your state, consider talking to a foreclosure attorney.
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In some states, the information on this website may be considered a lawyer referral service. I don't understand why we throw those with an eviction to the side, while welcoming those who owe several hundred thousand for a home they obviously stopped making payments on and are not-paying the loan back after the foreclosure. At the very least, perhaps an eviction is the lesser of two evils?
I welcome all opinions as I am trying to embrace a more fair, non classicist approach to this business. A person who entered into a residential rental agreement and then does not follow the terms of the rental agreement is a higher risk to me as a landlord. If they did not respond to the notice to "Pay Rent or Quit" or the notice to "Comply or Quit" and had to be taken to court to get them out of another landlord's property, it is highly significant.
If a person owes a landlord money and walks, the landlord will most often lose, as the security deposit is rarely enough and even court judgements are often uncollectible. We actually will consider a person with an eviction under some circumstances, but only if full restitution has been made to the landlord and they have not had multiple evictions.
A person who entered into a mortgage agreement with a large financial institution and later fell behind on their payments and the property went to foreclosure is indeed different, especially considering the shenanigans being pulled by the banks and other lenders in recent years. As with any situation, each case must be looked at independently. Most homeowners who lose their homes to foreclosure are not renting the home out to others. If a person did let a house go into foreclosure and continued to rent it out and pocket the money, I would not rent to them.
If they were still in arrears to a utility company, I also wouldn't rent to them. If a person loses their house to a bank, the bank will most likely still win because the bank will have established significant collateral But your point is well taken, rule breakers are rule breakers. Rule breakers do not make good tenants.
I want to rent to someone who can and will pay the rent on time, as well as take care of the property and follow all of the terms of the rental agreement. If they are personable as well, that's a bonus! My saying is look at every situation and understand the "true" story not the one people show you first! If it is what you can accept great! If you can't than don't.
Personally someone not paying their rent I have deep problems. If they have done one eviction, there is a huge possibility they will do it again. Where we are there have been a ton of short sales and foreclosures because of the circumstances in the area and bank. While I would not want to lend to them! They need a place to live and I "personally" have not seen this translate to bad tenant behavior. If that changes my attitude will probably change :. To me, banks loans mortgages are much kinder on the wallet than renting increases annually, where most mortgages are fixed.
Nevertheless, renters have no one to blame, just themselves. Excellent point, but the "economic"climate of an area affects both renters and buyers especially if they work in similar industries and have access to the same pool of jobs.
My point is, you seem to excuse the owners due to economics, but you offer no excuse for renters? We know that mortgage payments are often much lower than what renters have to pay for the same property, and if renters and owners both are affected by down turning economies, why is a foreclosure not just as bad or worse than an eviction? Both can lose their job, both can get sick, both can sustain injury, divorce, etc. What divides renters and owners when life happens, whats the difference?
Additionally, since mortgage payments are often substantially lower than what landlords charge for rent, you would think it would be easier for owner versus renter to keep up with payments, no? Some renters have paid tens of thousands if not more in their lifetimes, having one slip up is cause for alienation? Some may have withheld rent for JUST cause. Charging a higher deposit seems more fair, than just totally ignoring their application as completely ineligible.
By the way, I love hearing your points of view, this topic is something I've been debating with myself about for a while. Quite a head scratcher. Theo Carrazco. I don't excuse anyone : At the end of the day as long as our actions and your income are legal, you pay your rent on time, take care of my house so I can rerent it and follow the lease, we are cool.
While I feel that I am a very ethical person, its not my place to judge. I have not found a correlation to foreclosures and rent. If I did I wouldn't rent to them. So honestly pay your rent, I don't care : I found that foreclosure has little to do with the average of not paying.
Does that make sense? In California, state law allows the new owner to issue a three-day notice to quit the property. Foreclosure evictions vary from state to state, and depend on whether the foreclosure follows a judicial or nonjudicial path.
Judicial foreclosures have the eviction included in the same lawsuit, but the previous owner cannot be evicted until the redemption period—up to one year—ends. Nonjudicial foreclosures require a separate action to evict the previous owner. If the three-day notice expires and the occupants do not leave, the owner must file an unlawful detainer, the same action used to evict tenants.
Once the unlawful detainer lawsuit is filed, the occupant has five days to respond. If the occupant does not respond, the court can provide a judgment for possession within 10 days, which is then forwarded to the county sheriff for execution.
If the occupants do respond, a trial is scheduled within 20 days. If the court confirms the eviction, the order is then passed to the sheriff. If the foreclosure eviction is against a tenant, the law provides the tenant with extra protection.
Long-term solutions are available, and are under discussion now. Ideally, taking the delinquent portion of missed payments, unpaid insurance and taxes normally escrowed and placing this at the end of the mortgage may be the most beneficial. As this period ends, many people will face foreclosures and evictions at unprecedented levels. It is more important than ever to retain the services of an attorney who is knowledgeable in these areas. Most attorneys, including Christie D.
Arkovich, P. We are also knowledgeable about bankruptcy options to reduce or eliminated debt, allow time to cure missed payments. There may be a requirement for homeowners to prove the ability to pay and to prove prior hardship before a long-term solution will be offered and granted. Some of these moratoriums have already ceased or are scheduled to end very shortly. Each of our three attorneys have substantial experience in foreclosures and the HAMP and other loan modification processes having represented thousands of clients throughout the recession.
So how exactly does a foreclosure work and if you are facing an eviction, skip this part and head to the eviction section below? In Florida, we are known as a judicial foreclosure state. This is a good thing because a lawsuit must be filed against you and you have a right to assert defenses to the foreclosure. Once you are served with the legal papers which is a Complaint and Summons you have only 20 or sometimes 30 days to respond in writing to the Court.
In your answer, you need to detail all the defenses and counterclaims you have against your lender. If you do not state them in your answer, under Florida law you may lose these defenses and claims forever.
Now that many counties in Florida have implemented a mediation program, it is important to note that you must also respond to the allegations in the Complaint in addition to asking for mediation or you will be subject to a default judgment.
Although you most likely will have to pay your loan back, with a successful defense you can buy precious time and leverage to:.
You can try to negotiate a modification with the lender. If that fails or the lender is unresponsive, you can fight the foreclosure in litigation, hoping the lender made a mistake and the Court will prevent or delay the foreclosure.
Many loans in recent years were not properly documented and many strategies exist to derail the foreclosure. Lenders are submitting incomplete affidavits, fraudulent assignments, and unauthenticated endorsements of the note in an effort to obtain the foreclosure judgment.
Hire an attorney to fight back. This may buy you time and leverage to arrange a resolution to the foreclosure such as a modification, work-out, short sale, deed in lieu of foreclosure, refinancing, selling your home for a fair price under favorable market conditions, getting a job or a second job for additional funds, or filing bankruptcy.
Our law office offers low payment plans for bankruptcy and for foreclosure defense including flat fees so you know exactly what your fees will be. It will first and foremost stop the foreclosure.
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