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socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 37837
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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once the bank owns your house, are you forced out on that date

Resolved Question:

once the bank owns your house, are you forced out on that date or do they give you 3o days to get out? I live in Bridgeport,CT
Submitted: 7 years ago.
Category: Bankruptcy Law
Customer: replied 7 years ago.

BRIDGEPORT, Connecticut
Expert:  socrateaser replied 7 years ago.

Three days. Connecticut Statutes 47a-23 (




Customer: replied 7 years ago.
so if the bank owns the house on the 5th then you only have 3days to leave? what happens to your stuff if that's not enough time?
Expert:  socrateaser replied 7 years ago.

The bank still must file an action for possession with the court, and you're entitled to answer the complaint and request a trial, etc. So, you can probably string things out for 30 days. But, when you lose the complaint, you could get stuck with a judgment for legal fees and costs of suit.


So, what you may want to do is contact the bank now and see whether they will let you pay rent for 30 days, or whather it takes for you to move out. Banks don't really want empty homes sitting on the books generating no revenue. They also don't want a disgruntled owner to strip the property to the bear walls, or destroy the home during the move out, so there is an interest in keeping things amicable between you.


Also, a large number of lenders are voluntarily choosing to not foreclose, because when they do, if they have other loans on properties in the same development/neighborhood, the lender must "mark to market" all of the other loans to the value of the foreclosure. This has a HUGE effect on a bank's asset valuations, and reduces its ability to borrow from the Federal Reserve.


Consequently, you may not be foreclosed on, especially if you're actively trying to sell the property as a "short sale." Point is, you have some options -- you just have to do some negotiating to see whether your lender will be willing to work with you or not.


If not, then you need to find some new digs in a hurry. But, at least you will know what's happening.



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