What are the laws on foreclosure? Do I have to move out of my house immediatley?
Question:
Answer:
No. It takes quite a while to go through the entire foreclosure process. Approx 9 months. At the very end there is a 75 day redemption period. During this time you can pay the loan off in full and redeem the property. After that it moves pretty quick.
Not until they put up the sign on your front door, usually about 6-7 months
If I'm correct, and this may vary by state but you have 30 days from the day the sheriff delivers the papers.
Check your local law, different states are different.
You can stay in your house until you are informed by the county sheriff that it is going to be sold at auction. You should maybe look into refinancing so you don't lose your home. That will take care of the mortgage in foreclosure, and hopefully you can keep up with the payments on the new mortgage.
You need to read the laws in your area or the notice you were given because the last thing you want is the sheriff to come and lock you out with you stuff still inside that you wouldn't be able to get back. I think they give you a certain day to pay the note or be out but not certain just be sure to follow the direction or you bad day will become worse
No. I believe you have at least 6 months once foreclosure proceedings have started on your property before they can force you to move out. You also have a period of time to cure the foreclosure as well beyond the initial 6 months. But check with a local realtor for exact details of your rights.
It'll depend on your states particular laws. There may be an alternative for you since foreclosure REALLY screws up your credit. There is either an FHA, or HUD program that allows you to sell your home instead of allowing the foreclosure on it. A friend of mine used it and saved his credit. Please look into it, and good luck.
Where are you in the foreclosure process? The mortgage holder has to file a foreclosure complaint. You have 30 days to answer. If you answer, the court has to set a hearing. If the lender wins and I assume it will, they have to advertise the notice of sale once a week for 4 weeks (that's in my state). A "Special Master" is appointed by the court to conduct the sale. After the property is sold, you then have 30 days (in my state) to vacate the premises or the sheriff will physically move you out. The sheriff's do not like to do this because it's a lot of work and they do not like to dispossess families. I represent a sheriff's department and I require a specific court order allowing the sheriff to act before I will advise my sheriff to move a family. Looking at all those actions, if everything happens fast (which it doesn't), you have 6 to 8 months. Morgage lenders do not like to be in the home sale business. Have you tried to work out a payment plan with them? Sometimes they will move missed payments to the end of the loan period. If you are employed and able to catch up in the future, approach your lender with a payment plan. Even if it doesn't work, it buys you more time. I just looked at the previous answers and came back to add this really must differ from state to state. My state only has a 30 day redemption period.
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