Eviction

questions & answers

Question: i just receive a letter that the bank bought my house im waiting on a eviction letter what is next? do i have to pay the balance on the house?

Answer:

It depends. Once you receive an eviction notice, you will have X days to vacate the residence (usually you are given 5 days). If you need a little bit more time, you can call the bank and tell them what you need. Some banks are willing to work with you on the move-out date, some are not.

 You do not need to pay the balance on the house, since you no longer own it. However, depending on whether you had a mortgage on your house or a deed of trust, it is possible that the bank will come after you for any funds that are outstanding over what they can recover on the house.

For example, if you had owed $200,000 to the bank, and they had a deed of trust, and the fair market value of your home is $150,000, the bank has 90 days from the date of trustee sale to sue you for the remaining $50,000 that you owe on the deed of trust.

If you have additional questions, I recommend calling your bank - they should have listed a phone number in the letter they sent you, or there should be numbers listed on your notice of foreclosure - and see if you can convince them to walk away.