How long can you stay at your home upon foreclosure?

Question

Can you leave the property before you get the notice to move or you have to wait to get evicted?

Answer 1

If you can not get out of the foreclosure. (get caught up or come to an agreement) you will need to move by the time they do the auction. Remember that even though you go into foreclosure and are leaving the home, you are still responsible for the loan. Not to mention that will sit on your credit report and kill your credit score.

Answer 2

The lender or bank decides on when and how long they will do a foreclosure.

The state really has nothing to do with the foreclosure other than the fact that they have decided if the state is a judicial or non-judicial foreclosure. Since that has been determined by state law the lender now makes a determination as to when and how they will conduct this foreclosure

A judicial foreclosure has to go through the courts of the state in which the foreclosue is taking place,

A non-judicial foreclosure the guidelines have already been established that each lender must follow in order to proceed with a foreclosure.

Your staying in the house has nothing to do with the foreclosure once it has started.

If you know the laws of the state in which you live you have certain rights that the lender must make sure are followed and they will.

One of the others here offered the deed-in-lieu of foreclosure. Then there is the forebeareance agreement, short sale, and other things you might talk to your lender about doing before you just plain jump ship and high tail it out of dodge.

Call and speak with your lender. You will want to speak with someone in the loss mitigation department. It certainly can't hurt anything. Ask them about certain options you have.

The only time the sherriff will come and have any participation at all in the foreclosure procedure is that if you are physically evicted from the property by the lender or any possible new owner.

I hope this has been of some use to you, good luck.

'FIGHT ON"

Answer 3

The specific foreclosure processes vary by state, but you are free to leave the property whenever you want. You don't have to wait for the actual eviction.

The foreclosure process usually will not proceed any faster by you just leaving. The bank still has to follow the required laws regarding time frames, etc., and many banks take quite a while to complete foreclosure proceedings.

You may have additional time called a redemption period before or after the sheriff sale of the property. This allows you time to stay in the property and find some other solution to save the home (selling, refinancing, purchasing it back, etc.). Some states have a few months to a year that homeowners are allowed to live in their property before they can be evicted.

The only thing to watch out for if you move out is that, once you move out, the bank may be able to have the property declared "Abandoned" and take it back much quicker. So if you leave the property, make sure that you are not planning on returning later on to try and save it. You may not have that option anymore, once you leave.

But in most cases, the bank will have to keep on track with the foreclosure process -- sending you letters, calling all the time, filing court documents, etc. Your living in the property or moving out of it will not affect the process, and moving out early won't have any effect on your credit. The foreclosure will still proceed as planned.

Maybe the best way to get out quickly and save what you can of your credit would be to call your lender and offer a deed-in-lieu of foreclosure. This means you'd be voluntarily giving the property back to the bank, and they would accept the property as payment of the debt you owe them. A deed-in-lieu wouldn't be much better on your credit report, but at least it will not show up as a full foreclosure.

Good luck.

ForeclosureFish
http://www.foreclosurefish.com/

Answer 4

How foreclosures are handled vary by state. Many states actually require the property to be sold at auction. Usually the bank will make sure the property is cleared before the auction, but that may not always be the case.

Actually, if you are a dead ender, you can squeak out more time.

After the property is sold, the new owners must evict you and must go through all the requirements of a legal eviction.

The bad news, you will be sued for the costs and judgment will go against you. Also, if the sheriff evicts you, usually they give you about 15 minutes to "take your doings and leave." This means, you may have to leave your personal items behind, and they become the property of the new owner.

Good Luck.

Answer 5

If you talking about physically staying there, until the sheriff comes knocking.

By a foreclosure formal notice, I think it's about 30 days.