Tags: Foreclosure, redemption period
How long after foreclosure do I have until I have to be out of my house?
October 22nd, 2009 by Jarad S.Question: How long after foreclosure do I have until I have to be out of my house?
Answer: -Well it depends on your states laws as to how much time you have until you have to vacate your home. If you live in a trust deed state where the redemption period is before the auction, then you’ll have a few weeks to a month to leave your home. If you live in a state where foreclosure is filed judicially, typically the redemption period is after the auction so again depending on your states laws and redemption period after foreclosure, it could be a few months up to six months.
The best way to find out how long after foreclosure until you have to be out of your home is to call up a title company and ask them or you can visit your State Laws page and see when you redemption period is.
August 23rd, 2010 at 7:14 am
Well from a banking point of view foreclosures can be viewed as one of the worst things ever on a credit report. Even so, some banks will make you a loan very soon after a foreclosure. Be prepared for very large down payments and high interest rates. Most often the terms of these loans prevent people from buying another house not that funding does not exist. In time provided you work hard to rebuild your credit you can go to a bank almost as if the foreclosure never happened, although expect that may take 4-7 years
November 8th, 2010 at 5:29 am
The bank will be sending you a notice 60 days before the due date when you are supposed to leave the house once the process of foreclosure is closed by the bank . In general , the banks do not start the process of foreclosure until the person misses his due installments for consecutive 3 months .