When Do I Have to Leave My House?
After foreclosure on your home, you have a certain amount of time to vacate the premises. After your house is sold at auction, the title will be transferred to the new owner within 10 days of the sale in a certificate of title. After the title is transferred, you are essentially an occupant and must be evicted. In order to lawfully remove you from your home, an eviction notice must be filed and executed. Once it is approved by the court, the sheriff will arrive to remove you from the property. However, given the current back-up of cases burdening the court, this process could take days or months. After eviction, the court will issue a Writ of Eviction and the eviction will be posted. Once the Writ of Eviction is posted, you have 24 hours to vacate the premises. If you live in a rental property, certain exemptions apply and you may be able to stay up to 90 days.
Can the Bank change the Locks on the Door?
At any time during the foreclosure process, the bank cannot change the locks on your house and forcibly remove you from your home. A bank may try to tell you that you have to leave after they've initiated foreclosure proceedings. However, until the home is sold at auction and the title of the home transferred to the new owner, the bank can't evict you from your house.
The Bank offered to Pay Me to Leave - Is this Legal?
Often referred to as "cash for keys," it is lawful for a bank to offer to pay for some of your moving expenses in exchange for you willingly vacating the premises of your home or executing a "deed of property" back to the lender. If you agree to a cash for keys arrangement, make sure you get everything in writing, including the amount you'll be paid, when it will be paid, and the starting and end times involved in your move.
Loan Modifications and Foreclosures
At any time prior to the sale of your house at auction, you can still ask your lender for a loan modification. If a bank believes it stands to make more money off of a loan modification than off a foreclosure, it will often modify a homeowner's loan. However, you may need to submit a hardship letter, tax returns, and pay stubs in order to convince your lender that a loan modification is justified.
Contact Orlando, Florida Home Foreclosure Attorneys
Regardless of whether you're facing foreclosure or thinking of filing for bankruptcy, it's important to contact a lawyer in order to understand your rights and the options available to you. For more information regarding our practice and how we can help you, contact bankruptcy and foreclosure attorneys at the Kramer Law Firm today.
