HEN THE RESULT of a foreclosure sale is a sedate closing some 30 days thereafter, then in the bailiwick of mortgage foreclosure all is well with the universe – in which event this entire review is rendered a mere pedagogical exercise. But no legal arena enjoys exclusive freedom from uncertainty and strife, mortgage foreclosure probably suffering in a group benefitting the least from the luxury of insouciance.
So it is that a foreclosure closing may readily be delayed for weeks, months, or more, due to a host of circumstances, real or imagined. Even if there is no such delay, that 30-day interval presents an elusively defined interregnum. Someone bid at a sale, but has no record title. So who “owns” the property? Who can collect rents? Who is liable for damage to the property or for injury incurred there? And these are but a few of the puzzlements arising from this odd hiatus period, for which the answers are not so neatly offered.
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