Stop Your Eviction After Foreclosure City of Commerce CA
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Foreclosures are legal actions in which a mortgage holder will legally obtain title to real property from a defaulting borrower. After obtaining a foreclosure judgment, the property is auctioned to the highest bidder, which is usually the lender bringing the foreclosure action.
One question that often arises is when the owner continues to occupy the foreclosed property, or when there are tenants in the foreclosed property, what happens to these occupants when the foreclosure procedure is complete and title is transferred? There are several answers to this question.
When the original owner continues to live in the property after a lender has obtained title by a foreclosure sale, the new owner must take legal action (by filing an Unlawful Detainer Summons) to evict the occupant, whether is the former owner or a current tenant.