How Long Can I Stay in My Home After Foreclosure?
June 19th, 2009 Filed under: Uncategorized — Foreclosure Author
Your house is being foreclosed on and you are probably asking yourself, how long can I stay in my home after foreclosure? The answer to that can vary from state to state and even county to county. It also depends on exactly what stage of the foreclosure process that you’re in. This article will discuss the time frames that you have during foreclosure and direct you to where you can get more information.
If you’re just starting the formal foreclosure process, where your lender has sent you a certified notice of foreclosure and a court date has been set, then you have about 90 days if nothing is worked out with the lender, before the house goes on the auction block. During this time you still have the opportunity to work with your lender to come up with an arrangement so that you can keep your house. Banks are not in the real estate business, they do not want your house and do not want to foreclose on it. They make their money from the interest that comes in from the mortgages.
Once your house goes up for auction there is still a redemption phase in which you can purchase the house back if you get financing. If you can’t do this, and ownership changes hands, it is then up to the new owner to evict you. An eviction can take up to 20 days to get through the court. And even that date of how long can you stay in your home after foreclosure is negotiable if there are extenuating circumstances.
If the property is not an REO – property owned by the bank, the new owner may be willing to let you rent the property if they are not planning on living there. If they are buying the property as an investment, having the previous owners as tenants may be just what they want.
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