The bank also has the option to rent the property through a property management company, although this is rare.
VACATING THE PROPERTY
Generally, you will not be required to vacate the property on the date of the foreclosure auction. However, if you refuse to vacate at all, the bank — or the new owner with the winning bid — can initiate eviction proceedings on the day of closing. This process can take up to a few weeks. At the end of the process, you will be evicted — forcibly, if necessary. This is normally enforced by the local sheriff ’s department, whose deputies will either remove your possessions to storage or, more likely, place your belongings (unprotected) by the curb in front of the house.
THE EVICTION PROCESS
Eviction won’t happen immediately. Eviction proceedings won’t commence until after the foreclosure sale takes place, and even then, you will be allowed to remain in the home a while. The timeline varies by state, by the length of your redemption period, and by the basic nature of the process — judicial or nonjudicial. Prior to the foreclosure sale, the lender can’t harass you or change the locks on your doors. In fact, the Homeowner’s Guide to Foreclosure, published by the California Department of Real Estate, urges former owners to stay in their homes at least until the sale is completed, stating that “moving from or leaving your home vacant prior to the foreclosure sale may cause a loss in property insurance coverage. Check with your insurance agent before moving out of your home.” In other words, if you leave the property, it may no longer be covered by your insurance. That leaves the home vulnerable to vandalization, criminal activity, and other problems.
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