Foreclosure?
January 21st, 2004 // 2:57 pm @ admin
Curious Girl asked:
I have a friend who lives in northern NJ and his house was foreclosed in May. He wants to stay in the house for as long as he can because he is renting the house and does not have much money since he is in his early 70s and he has 2 daughters in college. They are all trying to save money so they can rent an apartment later on. But right now he is just worried about how much time he has left to live in the house and if there will be any penalties or money that he has to pay. Does anyone know? or what else he can do?
He was the owner of the house.
I have a friend who lives in northern NJ and his house was foreclosed in May. He wants to stay in the house for as long as he can because he is renting the house and does not have much money since he is in his early 70s and he has 2 daughters in college. They are all trying to save money so they can rent an apartment later on. But right now he is just worried about how much time he has left to live in the house and if there will be any penalties or money that he has to pay. Does anyone know? or what else he can do?
He was the owner of the house.
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Category : Foreclosure Questions
Bob says
6 years ago
He can stay until they force him out and they will force him out. Things vary from state to state but generally he would receive an eviction notice giving him so long to vacate the property.
I’m not sure I completely follow the forclosure but he’s renting thing.
open4one
6 years ago
I take it that you mean he was renting a house from an owner, and the owner was foreclosed on, meaning either the bank or a buyer at auction now owns the house.
When the sale was finalized, the lease became void. Absent any agreement with the current owner, he can be removed by an order of the court.
Generally this will start with a “Notice to Quit”, which gives you a set time (3 days in most states), after which a lawsuit will be filed. If he does not immediately respond to the lawsuit, they can get the sheriff to remove everyone and everything from the property.
Best bet: call the new owner and work out a deal of some kind.
John Rosa
6 years ago
Is there equity in the house? He could refinance and get a reverse mortgage so he gets paid on the equity. Also the time span of an auction and the final judgment is roughly 8-12 months. In other words, if his loan goes into default, there’s still some months before he ultimately has to move. That’s not necessarily a pleasant picture to see, but at least there’s some time. Also if you want more reference information on foreclosures and how it works exactly, please see the book below.