If your property was recently foreclosed, you may be wondering what’s next and what your rights are going forward. For homeowners who’ve been foreclosed, there may still be a few options left on the table. Here are some things to consider if your home has just sold at foreclosure:
Contesting the sale
Per Florida statute, homeowners are able to redeem (pay the past-due balance in full or reach an agreement with the lender) at any time prior to the foreclosure sale. Unfortunately, reclaiming your home is generally next to impossible once the foreclosure is final, as the court issues a Certificate of Sale and the redemption period ends.
Once the sale is final, homeowners have ten business days to contest the foreclosure on a legal basis. Having an experienced attorney can help you determine whether or not you have a valid complaint. Your attorney may, for example, file a complaint if the bank or the courts failed to give you proper notification of the foreclosure sale. After ten days however, if you have not contested the matter, the court issues a Certificate of Title to the new owner.
What happens after the court issues a Certificate of Title?
Once the new owner receives title to the property he is then able to legally begin the eviction process. However, this does not mean you must vacate immediately. The new owner of the property is not allowed, under any circumstances, without express consent from the courts or without a Sheriff present to forcefully remove you or your property from the premises. Technically, you are not required to leave until the buyer or the bank (whoever purchased the property at sale) serves you with proper notice of eviction.
Once the buyer receives title you automatically become tenant. In most cases, the bank or new owner may offer you a deal, such as Cash-for-Keys, in order to avoid hefty fees and a clunky eviction process through the court system. This can be a positive outcome that can help you move on. Staying informed and seeking the help of a knowledgeable real estate attorney can get you the outcome you deserve and ensure that your rights are being protected.
Stephen K. Hachey, a Florida real estate attorney can help your wade through this process and determine a positive solution. Contact him at 813-549-0096.
The opinions in this post are solely those of the author. The author takes full responsibility for the content. Like all blog posts, this is offered for general information purposes and does not constitute legal advice.