How Long Can I Live in My House after Foreclosure?
Once the foreclosure is on its way, you must be wondering about the time that you will be allowed to stay in your own home. The last event that signals the end of foreclosure is trustee sale after which your house officially belongs to someone else. There can be two people, one can be the highest bidder in the trustee sale and the other can be the bank. If your house is not interested and bought by any person in the auction then it goes to the bank making them the official owner of the property.
If you are starting the formal foreclosure process and your lender has sent you the certified notice of the foreclosure, you will have a time period of 90 days to work out with the lender. During this time you have the opportunity to get back your house by making the payment in full and retain your home and thus stop the foreclosure. Banks are never in the real estate business and they will not want to foreclosure your house. They make money only from the interests that come from the mortgages.
Again once the house goes up for auction, you get a redemption phase of 20 days through an eviction. You can get back your house by financing the whole amount to the bank and have an agreement with the court. But if you fail, the ownership changes and it is then up to the new owner to evict you. Here is another facility that you can avail from the new owner once the deed of ownership has been transferred to the new owner. The new owner can give you the property on rent if they are not planning to stay in the new property bought. The owner should be a person bidding in the auction and not the bank to offer you the property on rent.
