What Happens After Foreclosure ?
If you are not successful in postponing the foreclosure action, it would be in most cases, very difficult for homeowners to stop the process by the time of sheriff sale.
After the foreclosure process is over, the state foreclosure law will define how long the victims will be eligible to stay in the home before shifting out.
Sometimes, they would give the permission of a few weeks before the people can find an alternate accommodation. In other cases, they would still be given sometime before which they can arrange for funds to pay off the loan and still gain the ownership.
Once the sheriff sale occurs, the homeowners lose the ownership and the bidder who has won in the auction becomes the new owner. Once the sale is confirmed within a few days or weeks depending on the sale, the foreclosure process is complete and the eviction process would start.
The new owners now demonstrate their ownership of the property and the court would grant possession of the house by giving the authority to the sheriff to evict the former owners and remove all the property pertaining to the old owner from the house.
If the former owners do not shift from the house within the allotted time, they may be forcefully evicted unless they can buy back the property from the new owners by paying the entire amount. This situation is quite rare.
If the state allows a period of redemption, the owners are granted sometime to pay back the overdue amount and still retain their ownership.
More Articles :