Recent Economic downturn in the year 2008-2009 has caused many problems to people. The situation caused may company to squeeze their budget and many layoffs occur. People who got laid off lost their only income stream, worse still most of them own a house. Since they have no income, they will not be able to pay their mortgage. Thinking, how long can I stay in my home after foreclosure?
Owning a house if you have a steady income and are able to afford to pay off your mortgage would be everybody’s dream. However, when you lost your job and facing the risk of foreclosure, you may lose your home. How long can I stay in my home after foreclosure? It is depending on which state you are currently residing in as some states will allow you to stay for a few months while some will only allow you to stay for a few weeks.
You must always remember that even after the foreclosure announcement, you are still the rightful owner of the home until it is sold. The foreclosure process takes time before they can sell your property away, where when the property is sold you will be evicted.
Always remember that you can live in your foreclosed home as long as the bank’s request for repossession of the property has yet to be approved by the court. However, the court will usually grant the request in 3 days to 7 days. When the bank is granted with the repossession rights from the court, the bank will automatically be granted the right to sell the house. It will usually be advertised in the local newspaper.
Once the house is sold, then it is the eviction for the previous homeowner, where if the previous owner is still staying in the house, they will be removed. A local sheriff will aid with the eviction process to avoid any difficulties. It is possible to make a special request to the sheriff to postpone the eviction but a good reason is necessary or more often than not, the request will be declined.
Always remember that once foreclosure is announced, you can still stay in your home but it is advised that you use this time to look for a new place to stay.