Legal Question in Real Estate Law in Maryland
Foreclosure
In order to keep tis short, I must leave out the malicious corruptive intentional ordeal that lead me to this point.
Saying that, please be aware I have no other resourse left after much fight and effort I must face reality.
My question is, My home will be autioned in foreclosure process on June 1, 2004. Once this takes place in the morning hours of that day, and I am still residing with my two girls in my home of 13 years, how long until I must vacate the premises? I realize this is something I should be doing right now but, without any money, transportation or place to go, time is all I have to hope for more of. Between a rock and a hard place, without money, transportation, shelter or storage place for three floors of furnishings, etc. Will a notice be sent out giving me any time options?
I fear a truck load of strange people will bang down my door before the end of that day to throw me and my kids out onto the streets. I just found out about this foreclosure date five days ago. Since, I have been so over whelmed! I have searched for days just trying to get my question answered on: what happens after the foreclosure?
I couldn't get any ansers without paying for the answer first! Thanks for being here, hope you can help me
2 Answers from Attorneys
Re: Foreclosure
Upon the hammer of the auctioneer, the property and obligation to assume it are that of the winning bidder. Typically a 10-14 day period exists for performance on the auction purchase. Non-performance by the buyer may result in delay; early performance will bring the conveyance earlier. Your mortage company will be out of the picture at that point. As you are facing foreclosure, ejectment from the premises will soon follow. You should have received notice from the mortgage company and auctioneer as to the contract that is being offered for bid. Ejectment can occur at the time of sale depending upon the prior actions of the mortgate company. I wish you the best and hope our country can once again support working families.
Re: Foreclosure
Realistically, you probably have at least a couple of weeks, maybe more, to vacate the premises. But have you considered filing for bankruptcy? That will stop the foreclosure, and Chapter 13 can allow you to cure the mortgage arrearage and keep the house. But you have to file before the foreclosure sale (i.e., before June 1). We handle these cases (in MD, VA, and DC) regularly and can advise if a bankruptcy filing will work for you.
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