The tenants will probably be able to stay until the new owner gives ninety day written notice under the Protecting Tenants at Foreclosure Act of 2009.
You will probably be removed by the buyer shortly after the sale. A certificate of sale is first issued shortly after the sale date and then a few days later the clerk of court will issue a Certificate of Title. Depending on the buyer, you may be able to negotiate a lease with the buyer. Bankruptcy prior to the court sale will generally stop the bankruptcy. For your specific situation, you should discuss the details of your circumstances with a bankruptcy attorney.
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Agree with prior answer regarding the tenants - if they had had a written lease they would probably have been able to stay through the duration of their leases. Yes, if you file for bankruptcy prior to the sale it will probably stop the sale, unless/until the bank files a motion for relief from the automatic stay and such motion granted by the court. Also, even if you did not file for bankruptcy and the sale proceeded, you may not necessarily have to vacate the property that same day. Sometimes the bank will file a motion for writ of possession, which means they are seeking to have the property vacated. You are entitled to notice of such motion - if the sale did go through you could still appear at the hearing on such motion for writ of possession to tell your side of the story, such as if you need more time to move or any other defenses you may have.
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There has to be at least a 10 day span between the sale, assuming it occurs, and eviction. It takes that long for the sale to be confirmed and a certificate of title issued to the purchaser. At that point, the home belongs to the buyer, and it can initiate eviction by issuance of a Writ of Possession any time it wants.
Generally if the mortgage company is the buyer, it will not be interested in renting back to you.
If the tenants are bona fide tenants as defined in the Protecting Tenants at Foreclosure Act, they must be given 90 days to vacate.
The filing of bankruptcy normally results in a stay of all proceedings. Nothing, including the sale, can occur while the stay is in effect. The mortgage company would need to file a Motion for Relief from Stay with the bankruptcy court, and then, if the stay is lifted, it would need to reset the sale.
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A lot can happen between now and the 31st. If you file bankruptcy that will delay the sale date until the stay of bankruptcy is lifted. The tenants are bona fide tenants and must be given notice before being required to move.
The bank has to complete a writ of possession, or eviction to get you to vacate the property. Often times they will hire a realtor to offer a cash incentive to more out quicker and leave the property in good condition.
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