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How long can I live in my house after foreclosure?

By
Services for Real Estate Pros with LoanSafe.org

Many homeowners who go through the foreclosure process are terrified. The fear of the unknown and what comes next has many homeowners suffering from sleepless nights and nightmarish days. This is one of the top five stresses that any one person can go through in their lives. Trying to find answers on the Internet can be a intimidating task. In these rough economic times, you simply do not know who to trust and what website to visit to find answers to your problems.

The facts are, time is not on your side. However, you can definitely negotiate time and stay in your house for up to the 60 and up you sometimes 90 days after foreclosure. You would first have to negotiate this with your mortgage servicer or with a law firm handling the sale of your home. It is not automatic and you would have to be positive in getting this type of deal. If you simply do nothing, you may have from three to five days after your home is sold at foreclosure auction to vacate the premises. It really depends on how fast your mortgage servicer acts and how fast the sheriff drives your front door.

I have seen many people over the last three years consult to stay in their homes for up to a few months. Most people are able to get at least two weeks or a month and some cases; they are successful at negotiating cash for keys. This is when your mortgage servicer will pay you to get out of your home. Who knows, maybe if you are proactive in the process, you can stay in your home for up to a couple months and get a $1000-$2000 to walk away. People who do nothing and stick their heads in the sand, always seem get grounded up in the foreclosure wheels. So, how long you can stay in your house really depends on what you do to the buy time and influence people.

Comments (3)

Tom Robinson
Keller Williams Realty Kingstowne/Alexandria, VA Office - Fairfax, VA
Experienced Real Estate, Professional Serving No. VA and DC

Interesting to note. I had often wondered how folks were able to stay in some of the houses I knew were foreclosed on months earlier.

May 04, 2010 01:06 PM
Moe Bedard
LoanSafe.org - Carlsbad, CA

Some lenders are willing to work with the homeowner to give them time to vacate

Appreciate the comment

May 04, 2010 01:36 PM
Anonymous
suzi

My house goes up for auction in Phoenix, Az March 14th 2011.  Can you tell me what the time frame i need to look for before whoever owns this house will start eviction proceedures?  What is the best way to approach the owner about extending the time to move?  If my house does not sell at auction what happens then.  If this is the case i am assuming i need to conact the mortgage co?

 

Thanks for you help!!!!

 

suzi

Feb 22, 2011 06:52 AM
#3