I thought I understood these foreclosure terms above and the timings involved but after doing more reading I am more confused than ever. Appreciate it if anyone can set me straight here.
I think the crux of my confusion lies in what exactly does it mean when the bank gets a "judgment" in a foreclosure case. Once that happens, does that mean that they then have the sole rights to your property and can then initiate actions to evict you, or offer you cashforkeys to leave etc??? Or does that (eviction/you having to leave) NOT happen until AFTER the house goes on the auction block in a sheriff's sale???
I am in a judicial state (Pennsylvania) and I previously thought that once the bank gets their "judgment" that they can't take the property/kick you out until after it "sells" at the sheriff sale. So when they get their judgment they have to file with the county to schedule the sale (which takes a couple months), then once that auction happens & the property sells (either to themselves or to a higher bidder) then they can offer you cash4keys (if they want to do that) or they can just file to get you evicted in like 3 days.
But after reading more stuff about this it looks like once they get the judgment they own the property and can do what they want (???) and not have to wait to file for and do the sheriff sale (??????). Is that right?? And if so, what is the purpose of the sheriff sale in this whole scheme of things?
I think the crux of my confusion lies in what exactly does it mean when the bank gets a "judgment" in a foreclosure case. Once that happens, does that mean that they then have the sole rights to your property and can then initiate actions to evict you, or offer you cashforkeys to leave etc??? Or does that (eviction/you having to leave) NOT happen until AFTER the house goes on the auction block in a sheriff's sale???
I am in a judicial state (Pennsylvania) and I previously thought that once the bank gets their "judgment" that they can't take the property/kick you out until after it "sells" at the sheriff sale. So when they get their judgment they have to file with the county to schedule the sale (which takes a couple months), then once that auction happens & the property sells (either to themselves or to a higher bidder) then they can offer you cash4keys (if they want to do that) or they can just file to get you evicted in like 3 days.
But after reading more stuff about this it looks like once they get the judgment they own the property and can do what they want (???) and not have to wait to file for and do the sheriff sale (??????). Is that right?? And if so, what is the purpose of the sheriff sale in this whole scheme of things?
Comment