OnlineHow long can I live in my house after foreclosure – Foreclosure timeline Q&A

by John Q. Ruschmeyer II on March 8, 2012

When the foreclosure is beneath way, then you may well be asking yourself how a lot time you have just before it is above. The final occasion that signals the finish of foreclosure is the trustee sale. When this sale (also identified as a sheriff’s sale, auction, and so forth.) is above, then your residence officially belongs to a person else. That a person else could be two folks.

The 1st 1 would be the highest bidder at the sale whom could be anybody in the common public. The 2nd would be the financial institution, you see, when no one bids on your home at the auction, then the home will go back to the financial institution who lent you the cash on the home, creating them the official owners of the house.

Nonetheless, when this auction is over and the deed is recorded in the new owner’s name, then the next step is to evict you from the house. Eviction timeframes vary depending on the state and sometimes the county you live in. They can be as short as 5 days and as long as 90 days all depending on state laws regarding the circumstances that brought on the eviction and whether or not you dispute it. Even issues as small as disabled people living with you can play a role in how quickly they can make you leave.

Please note that some states have redemption rights after the auction and evictions do not take place until after the redemption period has passed.

There are also laws about how your individual belongings are to be handled throughout an eviction procedure. Some landlords (or whoever is performing the evicting) are needed to hold individual belongings left behind in secure storage for 30 days whilst other laws permit them to throw your stuff in the dump instantly.

The greatest way to discover out how lengthy you can reside in your home following foreclosure is more than is to comprehend your nearby eviction laws. It is really worth it to contact the state agency that processes evictions in your region for much more particulars.

Understanding how foreclosure works will allow you to answer some of those nagging questions like how long you can stay in your house, how to stop foreclosure, how to delay foreclosure, rights during foreclosure and more.

John Q. Ruschmeyer
II likes to write about a wide variety of subjects. This author also offers products such as sports bar stools and paid for surveys

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