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Neighbors home bank owned - but still living in the home?

Unfortunately, my neighbors home entered foreclosure April 2012 and was sold at auction (courthouse) May 2012. I attended the auction and I am positive that the home was sold. Moreover, another real estate site lists the home as "bank owned."

My question is how long can my neighbors remain in the home? They have made no indication that they plan to move? 

Thanks,

  • June 11 2012 - Austin
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Answers (5)

Texas has a redemption period only on HOA foreclosures and Sheriff's sales.

Naima
  • June 12 2012
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The bank or new owner will have to seek an eviction. In some states the previous owners will have a period of time to redeem their property
  • June 12 2012
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They may have done a deed in lieu and negotiated to stay in the home until the bank sells the house.  I'm seeing more of that lately.

Naima
  • June 11 2012
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Profile picture for wetdawgs
They can live there until the sheriff comes to kick them out and seals the property.

  • June 11 2012
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 Some States have a Redemtpion Period and that Redemption Period is different state by state. You would have to check with your Local Sherrif's Office or County Auditor to see what that is. Many Buyers are now keen to the fact that the Lenders will offer Relocations Assistance once the Deed has transferred to the Bank as Owner; and they will stay until they receive an Offer for relocation assistance from the Lender.
  • June 11 2012
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