Monday, March 4, 2013

How Does the Bank Evict Holdover Tenants following a Foreclosure?

Question: We received a notice to quit after our home was sold at an auction due to a foreclosure. We did not vacate the property within the three days. What happens next? We are looking for a place to live, but have not moved yet because we need additional time to find a place. A neighbor claimed that since we received a notice to quit the Sheriff could come any day and physically remove us or lock us out. If an unlawful detainer notice is filed, shouldn't we be served with a copy and given the opportunity to respond before the Sheriff can do this? Shouldn't the Sheriff have a judgment?

Response: Once the property is foreclosed upon and you remain on the premises, you become a holdover tenant and if you don't leave voluntarily, the bank will have to bring a Landlord/Tenant action against you to get you evicted. You have to be served with the papers and you should have an opportunity to appear in court. Since evictions can be quite a lengthy process, banks often tend to offer some money to holdover tenants just for them to agree to leave and save the time and expenses on Landlord/Tenant process.

In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics.

The information contained in the legal blog of Attorney Svetlana Kaplun is for informational purposes only, and should not be construed as a legal advice on any subject matter. Please read our full disclaimer or contact the Law Office of Svetlana Kaplun, P.C. by telephone at 718-444-1115 for more information.
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