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.

Answer: -Nomi, the California redemption period is approximately 3 months and begins after you receive the notice of default.  Typically you won’t receive a notice of default until you are at least 3 months behind on your mortgage, especially now, banks are slower issuing the notices of default because they don’t need any more inventory.  So you’re about 6 to 8 months out from foreclosure, if it goes that far, so you do have several options as a homeowner.  Unfortunately Obama’s HAMP program hasn’t turned out the way we had all hoped, however there are alternatives.  Assuming you want to stay in your home, one option is a loan modification. This is something you can do yourself or you can hire an attorney to do it for you…just be careful in choosing the right attorney that really does care about your situation and will guarantee their work. Another option is to sell your home, if it has equity, and move into something smaller or less expensive until things pick up again. If your home does not have equity and a loan modification doesn’t work, you could try to do a short sale where a buyer offers the bank less than what is owed on the property. Whatever you do, don’t give up.

Answer: -It depends on your states foreclosure procedures.  Some states have a redemption period before the auction.  Other states have their redemption period after the auction.  If you live in a state where the redemption period is after the auction, then yes, you can get your home back.

Answer: –  Pray there is not a first mortgage or any back taxes you have to pay…Ha Ha.   Hopefully you did your research prior to the foreclosure auction and found the property to be worth a great deal more than what the 1st was owed and what you paid for the 2nd.  If not, you may want to think hard about an exit strategy.  But assuming you did all your due diligence, as the winning bidder your state and county will determine when you need to come up with money to pay for the property.  It ranges from state to state anywhere from 24 hours after the foreclosure auction to 30 days.  If you can’t get the money within that time, you lose any money you may have had to put down.  Then you may still have to wait to do anything to it if there is a redemption period in your state.

Answer: – It’s hard to say because I don’t know what happened at the auction.  Typically in order to do a short sale, you need the 2nd to “release their lien” or “satisfy” it in order to get the acceptance.