Foreclosure - How Long Can I Remain In The Home For After The Home Has Been Foreclosed On?

Foreclosure - Foreclosure - How Long Can I Remain In The Home For After The Home Has Been Foreclosed On?

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In May of 2007 over 176,000 foreclosures were filed throughout the country. Yes, that is in one month. The other months this year have produced similar ample numbers as well. The whole of foreclosures is certainly an immediate concern and it admittedly is too bad that so many people are dealing with this devastating experience. First off, let me say that I am not promoting allowing your home to go into foreclosure. However, if you have exhausted all of your options and you naturally have no way to avoid having your home foreclosed upon, this record will supply some facts that will prove useful.

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Foreclosure

One of the most tasteless questions asked by consumers who are going through a foreclosure is, "how long can I stay in my home after my home is foreclosed on before I have to leave?" Foreclosure can be an embarrassing adequate event to go through let alone having to worry about advent home one day and whether seeing your home locked up by the county sheriff or your belongings thrown out of the home on the lawn. Nobody wants to take the chance of that happening, especially if you live in a neighborhood with a lot of friends that are unaware of your financial situation.

So how long can you remain in your home after it has been foreclosed upon or do you need to move from the property as soon as the foreclosure process is started? A homeowner can remain in the home all the way up through the time of the sheriff's sale of the property. You do not have to vacate the property immediately after seeing out your home is being foreclosed on. The sheriff's division will not come over and board up your home, convert the locks or throw your personal belongings out on the front lawn while you are at work. You are still the homeowner of record until the home has been bought via sheriff sale. Therefore, you still have a right to remain in that home until the home is transferred to man else through the sheriff sale. Many times your lender will buy the home back through sheriff sale and this will put the home into their name and take off you as the owner of the home. You can wait until the sheriff comes to the home at this point to evict you, however, you may want to naturally think leaving as soon as the home has sold through the sheriff sale.

Therefore, even after your home is foreclosed upon you may still remain in the home because you are still the owner of the home. Most foreclosure processes can take in any place from as miniature as 2 months up to as long as a year. Although in rare occasions the process has even taken up to 2 years. You will be able to remain in the home until you are evicted and it is extremely recommended that you begin saving as much money as possible to prepare for life after foreclosure. Expect to pay larger deposits up front for things such as rentals, utilities, and phone and cable services. While foreclosures are not the most pleasant of life's experiences, you can still make the best of a bad situation by remaining in the home and saving up as much money as you can.

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