Is a notice of trustee the same as a noticeof foreclosure?
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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 12 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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