after i stop making my mortgage payment, how long is one allowed to remain on the property?

Answer 1

if you are speaking to foreclosure for nonpayment of mortgage:

although it will take the bank a few months and many demands for payment notices, count on a judge saying that you must vacate the premises within so many days after the eviction (foreclosure) is final. usually that is 30 days. yes, it is far better to sell the house and to tell the lender's attorneys that you want to save on the legal fees you must pay, so, therefore, you will tell them when you get a contract--this might save you some money.

however, know this: at least in illinois (check with your real estate attorney), there are instances that owners can exercise what's called a "right of redemption." that means that although the house will be sold by the bank, if you come up with--within a given time period--ALL the outstanding mortgage payments, you may be able to regain your house. that is true too for many real estate tax sales. ask your lender if that is true in your case.

Answer 2

Legally, to the end of the last interest paid day. Our legal system takes a long time 60 to 90 days, and in that time frame the mortgage company will make your life a living nightmare.

Check out as many options as you can. In most cases, a mortgage will cost less each month than rent. If you can't afford mortgage or rent, rent your property - stay with a friend or relative. When you are doing better the rent money which came in would of kept the mortgage paid, and you will have somewhere to move to.

At one time I found myself in a scrape. I turned off all electricity except the refrigerator, all Heating gas except the pilot in the oven and the house heater (the thermostat was set to 5 degrees Celsius (40 degrees Fahrenheit)). If I was not at work, I was at my mothers house. From January to March, I was gone. When I returned in early spring, I kept everything the same until mid summer. At that time I found the bills equaled out to the money I had. Luckily, I did not have the same problem the following winter.

Most people get into serious problems because they will not do something as soon as they realize that there is a problem. By putting it off or hanging in the problem gets worst.

Your decision to not pay the mortgage is a violation of a contract you have signed. Any way that permits you to continue to honor the contract you have made is the right way forward.

Answer 3

Technically you can stay until the Sherriff comes to your house to evict you. And even then you have an additional 30 days from notice of foreclosure. But, banks will usually begin foreclosure proceedings after you become 4-5 months behind in payments.

You might want to just try and sell the house and get something out of it rather than be evicted and get nothing though.

Answer 4

It will be awhile before you have to leave. There is the foreclosure process..which varies with each state, once your house goes to auction they will have 30 days to close, then the eviction process begins, which could be months.

But instead of ruining your credit, facing eviction, court fees and everything else, why dont you sell if you can't afford your house? Even if you are losing some money, better for you in the long run.

Answer 5

if you stop making your mortgage payment, your lender will set a forclosure sale date which usually takes about 5 months. after the sale date is set you have 6 months to stay in the home unless the lender deems the property abondanded then you have 30 days

Answer 6

its varies from company to company,state to state...try to sell it before they foreclose,if thats a issue. i had to sell,i still ended up owning 10 thousand but its better then getting foreclosed,you will still be respondable for what u owe,not matter what

Answer 7

Depends on your morals. I have always been taught you don't keep something that doesn't belong to you.

Answer 8

please restate or add to your question. What exactly do you want to know?