Full question:
I have been getting notices in the mail, that my landlord is getting foreclosed on. I have called him and he won't return my call, will we get kicked out of the house? It is supposed to go up for auction on June 5. Should we move out before then?
- Category: Landlord Tenant
- Date:
- State: Texas
Answer:
Foreclosure is the procedure by which a party who has loaned money secured by a mortgage or deed of trust on real property (or has an unpaid judgment), forces the sale of the real property to recover the money due, unpaid interest, plus the costs of foreclosure, after the debtor fails to make payment. The lender must serve a notice of default on the debtor after a certain time period from when the payment becomes past due, which varies by state. The notice will give the borrower a certain time period and amount necessary to be paid in order to "cure" the default and avoid foreclosure. If the delinquency and costs of foreclosure are not paid within this time, then the lender (or the trustee in states using deeds of trust) will set a foreclosure date for selling the property at public sale. The property may be redeemed by the borrower by paying all delinquencies and costs, up to the time of sale and in some state, for a period after sale.
If the property is forclosed upon and sold, then owner or tenants still occupying the property will have no more rights to use of the property. Eviction from the premises is likely and can occur in as little 24 hours to 30 days with proper legal notice.
See the following link http://www.brokeroutpost.com/reference/100047.htm and
consult an attorney in your local area if you have further questions.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.
