When do I have to move out of my house after it was sold to the bank at a forclosure auction in denver,co?


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House was sold at a foreclosure auction back to the bank on jan 14, 2010 in denver,co? When will the bank send me a eviction letter? After I recieve the letter how long do I have to move out?


Banks in Denver, CO



Answer (3):

 
wizjp

New Federal Law says 90 days after the sale.

 
Paul in San Diego

The Tenants of Foreclosure Act of 2009 requires the bank and whoever buys the property from them to keep you on as a tenant at your current terms for up to 90 days after the house is sold to a buyer (someone buys it from the bank). You still have to pay your rent and not do anything that can get you evicted immediately (like illegal activity). But, once the house goes into escrow, the bank can notify you of the pending sale. Upon close of escrow, you then have 90 days until you have to move out.

Also, some states have laws that require the buyer of a property to honor an existing lease on a property they buy (either through foreclosure or conventional purchase), unless they plan on occupying the property themselves. And, if they do intend on occupying it, the 90-day law still applies for a foreclosure.

 
Realtoratheart

Just be prepared. They will let you know and most likely give you some days to move. Some lenders even offer cash for keys if you clean the place before leaving.