Owning property, particularly residential property, is a big undertaking. There are many people who have a knack for providing the best lifestyle possible for local residents; however, there are some parts of the job that are easier than others. For instance, there are times when certain residents just don’t work out due to late or missed payments. More specifically, it’s difficult when new owners obtain property and have to evict former tenants.
The new owners will typically have a Writ of Possession built directly into the foreclosure proceedings, which means that the owner now has actual possession of the real property. Once these papers have been signed and certified, the current occupants are notified via mail. If the occupants still remain, the papers are delivered to the local sheriff’s office and depending on current volume, authorities will hand deliver the eviction notice. This can usually take up to a month depending on cooperating parties.
Generally within 3 days of the foreclosure sale the borrower specified on the loan would be sent a Notice to Quit. Within 90 days, all residents would be notified of the eviction. It is possible for tenants to remain on the property longer than 90 days if the following circumstances apply, the lease was renewed prior to the foreclosure, if the tenant is not the borrower, if the rent being paid is considered fair market value, or if the tenant continues to pay the rent specified in the lease.
This post was written by Stephen Hachey. Follow Stephen on Google, Facebook, Twitter & Linkedin.