When purchasing foreclosed properties who is responsible for eviction processes?
I'm trying to learn as much as I can about foreclosures and there is a few questions I cant seem to get answered. 1. If I buy a "mortgage" at an auction and the redemption period is 6 months, will the house be occupied until those 6 months are up and I notify the occupants that they have to leave? 2. what if during those 6 months the occupants file for bankruptcy what happens to the mortgage I bought at the auction? Thanks for the help
- PlasmapuppyLv 71 decade agoFavorite Answer
The buyer. You may need to work with the county sheriff. It's a mess and not something for the casual investor.
- BarbaraLv 51 decade ago
In most cases, the occupants have already signed the deed back to the mortgage company at the time of sale. This is something you should check on before bidding on a property. The eviction is generally taken care of by the bank who foreclosed. If you bid safely, this will not be a problem.