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 your redemption period is.
Usually you’ll receive a notice from the bank or the individual who purchased the home at auction. There is a small chance that if an investor picked it up, they may allow you to stay there and rent. I say small chance because they are going to question whether or not you have the means to pay them rent when you weren’t able to pay the bank mortgage. You will have to convince them that you are in a good enough situation where you can pay them a monthly rent or they will evict you.
Either way, you’ll know when you need to be out because you’ll see notices on your door or delivered in person. Until that point, you will want to make arrangements with finding another place to live because chances are high the property will go back to the bank and they will ask you to leave. So don’t sit around and wait for it to happen, I’d start looking now for another place and be ready.
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
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 .
Where I live, they don’t waste any time kicking people out. I mean it’s like 2 weeks at the most. And they don’t care if it’s in the middle of winter or if you have a family. We were renting a place and had no idea the home was being auctioned off. Our landlord never told us, but we were paying our rent on time. Next thing we know, we were asked to vacate immediately. I had no idea this could even happen. There must be some sort of law against this?