The house I rent is being foreclosed on and being auctioned of on the 16th…When will I have to vacate?
You may have to vacate depending on what use the new owner plans on. They may be looking to buy it as an investment and want to rent it out and who better to rent to than the person already living there. Why not contact the bank now and see if you can work something out with them. They may be selling it at a price you can afford and the payments could be lower than what you are paying in rent right now. BTW its probably too late, but do not make anymore rent payments and cancel the check on the last one if it has not cleared your bank yet!
Once the lender owns the property, they will initiate the eviction process. It is possible the lender will offer you a “cash for keys” program, where they offer you a few hundred dollars to vacate the property by a certain date, leave the property in good condition and without the formal eviction process. Typically they will give you 30 days to vacate. EDIT: I just read another response. A lender will not allow a family member to purchase a REO, it just isn’t going to happen. And a lender they will NEVER allow you to stay in the house. The only hope you have of staying is if an investor buys it at auction and allows you to continue to rent it.
