Is a notice of trustee the same as a noticeof foreclosure?

I received a letter the other day and it states that in about 2 weeks my home is going on the auction block. When will I get the final notice to vacate the home or is the sale date the date that I should be gone?

Asked on October 7, 2011 under Real Estate Law, Nevada

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

The notice of trustee's sale that you received is the same as a notice of foreclosure in that the trustee is giving you notice that the real property that you own will be placed up for auction on a stated date, time and location.

What happens next is that the home will placed up for auction. Either the lender will make a credit bid on its loan to you and end up with the home or a third person will end up owning the home.

After this process you will be given notice by the new owner of the home to leave either through a notice to vacate or a keys for cash option where you will be paid a sum of money in exchange for signing an agreement to move out of the home by a certain date.

Good luck.


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