How Long Can I Stay In My Home After Foreclosure

The timeline for foreclosure can vary from state to state and lender to lender. What you need to keep in mind is if you keep communication open with your lender you will find this process much easier to go through or avoid. This article will give you some information about the foreclosure process and direct you to places where you can get additional assistance.

There can be at least six months between the time that you miss your first mortgage payment and when you have to vacate the premises after a foreclosure auction. During this time you have the chance to talk to your lender about alternate arrangements or find a different lender that can help. After missing your first mortgage payment your lender will send you a courtesy letter. After your second missed payment the phone will start ringing. Your lender will start calling you. Understand that your lender wants to help. They do not want your home because they are not in the home business. Banks make their money off of the interest on the home loan not by having foreclosed homes on their books.

Even after just missing one payment, if you know there may be a problem, you should start talking to your lender about making alternate arrangements. Instead of talking to the normal customer service representative, you need to get through to the lender's loss mitigation department. These are the people that can help you with your situation. Based on what the loss mitigation department works out your timeline for foreclosure can change.

If you have not been taking steps to stop the process or working with the loss mitigation department, and in some instances even if you have been, after 90 days your lender can exercise its right to take the property back. They will send you a letter notifying you of their intentions. At this point your options start to dwindle but there still are some. Contact a lawyer to get help.

It you don't do anything to stop the foreclosure, you can expect a foreclosure auction to be scheduled within three months and the property will go to the highest bidder. Up until the time of the sale you still have the option of paying back all of the past due amounts plus fees to bring your mortgage current and stay in your home. Once the auction is concluded it is at the discretion of the new owner to give you the amount of time to vacate the premises.