I will try to get the details as to what happened and by which ‘MILL’. They know exactly “BY LAW” if there is no objection to the sale they have 10 days before they can enter and take title!
Here is another form of Palmetto Bugs at their Best!
Foreclosure wait period can lead to problems
Jodie Meyers knew she was losing her Hollybush Terrace home to foreclosure, but never expected the bank to be so quick in taking it.
She and her three children already were in the process of moving out when GMAC Mortgage won a foreclosure auction of the four-bedroom house last month. Just three days after the auction, the locks had been changed — even though the family still had personal belongings inside.
That angered Meyers, who contends that amounted to trespassing because GMAC couldn’t legally take ownership for another week.
“They should have played by the rules and they didn’t,” she said.
Neither the bank’s attorneys or the real estate agent involved in the case returned calls Friday. But foreclosure experts said while the lock-changing was done unusually quickly, it appears the lender and its representatives acted within their rights to secure and protect the property.
Still, experts said the episode highlights a little-known and sometimes gray area of the foreclosure auction process: A waiting period before winning bidders can take possession.
“It has caused some problems,” said Shari Olefson, a Fort Lauderdale real estate attorney and author of “Foreclosure Nation: Mortgaging the American Dream,” Olefson is not involved in the Meyers’ case.
State law requires winning bidders to wait at least 10 full days before they can take title to a foreclosed property, in case there are any objections to the auction or new filings in the foreclosure court case. The waiting period begins when a court clerk issues a certificate of sale, usually on the same day as the auction.
If there are no objections or new court filings at the end of that 10-day window, then the clerk can issue a certificate of title.
But winning bidders, usually lenders, or their representatives sometimes change locks, board up windows and take other action to secure the property before that time is up — especially if they suspect it is abandoned or vacant, experts say.
“They’re mostly worried about further damage to the property,” said Dawn Bates-Buchanan, managing attorney of Gulf Coast Legal Services Inc. in Bradenton.
Read more: http://www.bradenton.com/2010/07/12/2424215/foreclosure-wait-period-can-lead.html#ixzz0tZMQ8Esm
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