With both judicial and non-judicial foreclosures, you will still have some time between notification of the foreclosure and the actual sale. This time frame depends on the lender’s response to the Chapter 7 bankruptcy petition. Everything works according to the below scenario:
In fact, most tenants are likely to go towards the mortgage loans their landlords have for the rental property. Unfortunately, landlords sometimes see their rented property in foreclosure although federal and state laws dictate that tenants generally cannot be evicted before the lease expires. However, new owners of foreclosed leased properties may want tenants to leave early. In this case, tenants may benefit from a cash-for-the-keys offer. So, what should you know about the process? How to avail of it? And what pitfalls should you be aware of?
When consumers file for foreclosure, they usually want the process to be completed as quickly as possible. After all, the sooner you complete the target procedure, the sooner you can initiate the “financial recovery” and move forward. Unfortunately, filing for foreclosure does not mean that your problems will go away quickly. Even with Chapter 7 foreclosure, which is usually the faster form of personal filing, it will take some time.
Foreclosure is the process that lenders use to take property from borrowers. By taking legal action against a borrower who has stopped making payments, lenders are trying to get their money back. There is the whole process around it, and you need to know all the nuances to be 100% protected.