What are the rules about foreclosure and eviction?

Answer by  patti (29325)

Foreclosure and eviction are two separate matters. Both are handled per the laws of the state as well as the details contained in the financial contract or rental agreement. The individual who owns the property is notified of foreclosure proceedings. Tenants of a rental property often are not. They are, however, advised of eviction proceedings.

Answer by  flamiss22 (5081)

After you have been served foreclosure papers you have a certain time to acknowledge the summons. If not the lender can get a default judgement against you. If you do not come to any agreement you will go to court and if you lose you have 30 days to vacate

Answer by  phine1966 (70)

Foreclosed property can be redeemed by the owner himself. Foreclosure may be done by Notary Public or by the Judiciary. Eviction will follow if the foreclosed property is not redeemed by the owner, but it will be filed first in the Court since the Sheriff and the Process Server will have to serve the eviction process.

Answer by  Roland27 (16334)

It depends. If you're renting from a place that is being foreclosed on you may get to stay, sometimes you do not. Generally when the home or apartment building is foreclosed on it gets taken by the bank. Sometimes the bank will keep the tenants in order to make money.

Answer by  SammyScooter (136)

Foreclosure and eviction rules vary state by state, and one should consult a local attorney for legal assistance. This is not an easy process as their are laws to protect both the tenant and landlord.

Answer by  tml (538)

Every jurisdiction has extensive laws and regulations on foreclosure and eviction. These are referred to as landlord and tenant law. They may vary from city to city and location, so it's best to look at the local laws in your area.