How Long Does the Foreclosure Process Take? How Long Do I Have?

For those who are now facing the possibility if a foreclosure, there is one question that is being asked all around. How long do I have before I will not be able to live in my home? The answer is not just a cut and dry thing. The regulations and rules vary depending on what city, county, or state you reside in. You must also factor in the level that your foreclosure has reached.

Below is some information to consider when asking yourself this question.

–If your foreclosure is in the formal process and your lender has sent you a certified letter of foreclosure with a court date stated, then you will have around 90 days if you do not work something out with your bank. At this point your house will be put up for sale. You still have the chance to work something out with your bank at this point in time so you may continue to keep your home. Please keep in mind that banks are not in the real estate business and they don’t want to sell your house on you, but this is a business venture and they make money by the interest that you pay on your mortgage. If you are not paying your mortgage, then the institution is not making any money.

–There is a redemption period where you can purchase your home back if you can get the financing from a lender. If this is not an option for you and the ownership of the property changes to someone else, then you will be evicted by the new owner. An eviction will usually take around 20 days to go through the court system. You maybe able to stay in your home longer if you can prove extenuating circumstances.

If your home is not properly owned by a financial institution, it is possible that the new owner will allow you to rent your home if they are not planning on residing there themselves. If the new owners are buying the property just as an investment and not for a home of their own, you maybe just what the new owners are looking for.

For more information on how to qualify and learn how to apply for Obama’s Loan Modification Program you can visit:

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