- The lender must go through several steps in order to complete the foreclosure action, including issuing a notice of default and beginning the court process. The court holds a hearing regarding the foreclosure to ensure legal processes have been followed correctly and then schedules a foreclosure sale. This is accompanied by a notice of foreclosure that is posted in local papers so interested investors or buyers will know the home will be auctioned off. In some cases, ownership is transferred directly to the lender in place of a court hearing.
- The notice of eviction is the legal document that shows the borrower the foreclosure is nearly complete and that the borrower must leave the house. Sometimes the notice of eviction is served when the foreclosure sale is announced, and sometimes the new owners of the property file it when they buy the property at auction. If the property reverts back to the lender, the lender issues this notice. State laws regarding how long the borrower has to actually vacate the property vary, but the time frame ranges from 10 to 45 days.
- The eviction notice specifies a date that can rarely be changed, except by court action --- for example, if the foreclosure is found to be illegal. If the borrower has not left the property by that date, a final warning will be given by the sheriff's department. Sometimes the sheriff will immediately force an eviction, but sometimes he will provide several extra days as a grace period. Either way, on the given date deputies arrive at the house and remove both personal property and the borrower if he is still living there.
- Some states have a redemption period during which borrowers can recover the house, even after the foreclosure sale, by paying off the entire mortgage. The redemption period exists separate from an eviction, but the eviction typically comes shortly after the end of the redemption period. This represents the borrower's last shot to keep the house.
Foreclosure Action
Notice of Eviction
Vacating Property
Redemption Period
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