When a lender forecloses on a home it is assumed that the homeowner vacates the property, right? Not in the real world – actual eviction can take months or years, even after a lender repossessed a home.
RealtyTrac – a company that specalizes in foreclosed and defaulted homes estimates that 47% of the nation’s foreclosed homes are currently occupied. The percentage actually tops 60% in some hot housing markets, like Miami and Los Angeles.
Locally in Wallingford the foreclosure rate stands at 3% for the first 10 months of 2013. There have been 5 foreclosure sales out of 166 total sales for that period.
Even when occupants leave voluntarily, old owners typically take about two months to vacate. With renters, it can take a year or more, when there is a vaild rental agreement that the lender must abide by.
The time it takes to evict a homeowner can vary from state to state, and much depends upon the legal process in place within the state. The timing also varies widely based on the backlog of foreclosure related cases in the courts.
Some states, like Alabama and Utah, have so-called redemption periods of up to a year during which former owners can get their home back if they can find the means to pay off their mortgages.
Lenders are sometimes in no hurry to push people out the front door. They will take their time in markets with a lot of homes for sale and depressed prices. They also see a benefit in allowing homeowners to stick around to help protect homes from abuse, and limit the potential for vandalism.
Wallingford PA Real Estate – Wallingford PA 19086
