Foreclosure on homes has been rampant since the global economic meltdown resulting in recessions left and right. The very first thing that comes into one’s mind after having been foreclosed is, How Long Can I Live in My House after Foreclosure?
First, you have to understand that you have rights and one of these is that you do not have to vacate your home immediately after foreclosure. The foreclosure process itself takes a long time and even after this, there is also the eviction process which may require you to attend hearings.
How Long Can I Live in My House after Foreclosure?
After foreclosure, it is very important that you take an active role in the eviction proceedings. This will help you negotiate for more time to stay in your home. Depending on your mortgage agent, the bank or the legal firm handling your case, you may be able to work-out an agreement that will allow you stay in your home for another thirty days.
If negotiations work out well, you may even have up to ninety days to stay in your home.
After foreclosure, your home will be advertised in local papers and the bank will reward ownership of your home to the highest bidder. Once transfer of ownership has been completed, you are legally now a tenant in your own home.
If you strike a deal with the new owners, you may stay for as long as you want provided that you pay a rent that both you and the new owners will agree on. After completion of the transfer of ownership, this is where the eviction process takes place.
This is where it is important for you to fully participate in. If there is no active participation on your part, you may be required to leave the premises of your home in as little as seventy-two hours.
Can I Get My House Back after Foreclosure?
The answer to this depends on the bank or the financial institution where you got your mortgage from. In some instances, you may be allowed to bid for your house once it is put up for sale.
In other cases, you may be allowed to keep your home provided that you make all the necessary payments within the period set by the bank or the financial institution.
The thing to remember here is that foreclosure does not mean that you will readily lose your home without a fight. There are ways that you can do to keep your house or at least be allowed to stay in it for a specific period of time.
