When do we need to leave?

[Jules04]

Hello everyone
Our house is scheduled to be sold at auction on May 28, 2008. Our mortgage was discharged through bankruptcy in April of 07. We have been living here and trying to save up some money. My question is this, What if no one buys the house at the auction? Will the deed then be transferred back to the bank that day? And how long from auction date would we have to get out? I am in New York. How will I know if the house sells? Thanks a bunch!
Jules

[2muchstress]

i think bank sends you a letter asking to move.. i guess, until then.
after home gets turned over to bank's, it's theirs... so to live in it, they'd probably go after you-
i'd find a room from craigslist.org or something... i just didnt feel at ease living at a condo where i knew some realtor would pop in with prospectives. besides they can come into your home, while your stuff laying there... well. when foreclosing, some ppl come into your home and put white sheet of papers with something written, and someone might change your locks, and you cant break in...

[BassBoy]

If no one bids on the home at auction, it would read something like "No Bid, No Sale" if the auction is done with the Sheriff and the home will be turned over to the bank/lender that has the mortgage.

Shortly after the sale date, the Sheriff will have to have the Deed work done and depending on how backed up they are, it could a month or longer. This is when the Deed is written in the name of the bank or purchaser. You can check county records to follow this so you know what to expect and when.

Sometime after the Deed is completed, you will receive an eviction notice from the Sheriff's Department and normally, it is a 30-day notice to vacate. Could be shorter though.

If you're concerned about how long you have, I usually suggest to anyone going through foreclosure to have a place lined up and be moving out of the house around the same date as the Sheriff's Sale.

Sorry I couldn't give you better timeframes. Each county is different and may have a greater number of foreclosures than another county, so it's hard to estimate how long you may have.

Good Luck and keep us posted.

[Jules04]

Thanks for all the info. I figured I had at least 30 days from the time of the auction. So thats good news! We are currently looking for a place to get out of here asap. Thanks again.
Jules