How long can you stay after F/C

[spearmint]

If there is a home foreclosure, say, with a sale date of mid April, how long after that can you stay in the home?

[lrprn]

It depends on the foreclosure laws in your state and the foreclosure practices of your mortgage lender when they likely already have more foreclosed homes on their rolls than they know what to do with.

Check your state's foreclosure laws here - http://www.mortgage-investments.com/...osure-laws.htm .Scroll down the page to see your state's specifics.

[spearmint]

Okay, it's Michigan. 60 process days and 30 sale publication days, whatever that means. Redemption period is 30-365.

[HHM]

You can stay in the home during the entire foreclosure process, the house is still YOURS until the sale date.

After the sale date you can stay in the house until someone goes to the trouble to evict you. That could be 1 month, that could be one year.

Most people will tend to move on or around the sale date. If your state has a post sale date redemption period, you can usually stay in the house during that time.

[spearmint]

Bit of a risk to stay (with no mortgage payments!) if they can kick you out.

[2Bshinyandnew]

Bit of a risk to stay (with no mortgage payments!) if they can kick you out.

Risky how?

[myhearts07]

I am planning to stay as long as I can so that we can have some money saved to move. We live in Il and the timeline is 7-10 months for the whole process, I believe. We have our court date on 5/20/09, so we are saving about $2500 each month leading up to that but my hubby has not been discharged yet on the BK7, so I will not be depositing anymore money into the bank except for his check because I don't want the trustee taking my money. So if all goes well, by May 20, we should have $7500 saved give or take and we need at least $20K before we have to be out. I think we could do it or come real close to it by August if that is an option for us to still be here then. What do you all think of this plan?

Hearts

[spearmint]

Risky how?

Well, I don't think I would feel very secure if someone could kick me out any day. I live in a condo and I assume the association would be very forthright getting me out ASAP.

[2Bshinyandnew]

Well, I don't think I would feel very secure if someone could kick me out any day. I live in a condo and I assume the association would be very forthright getting me out ASAP.

The process doesn't result with a sheriff knocking at your door unexpectedly, You would know it was going to happen and most likely have a month or two "notice". Not the best, most comfortable circumstance, but a chance to save up some serious moolah. Unless you are housing a grand piano or something requiring great time and effort to move, or you have kids that would be affected by a mid school year move, there are minimal "risks" involved. In the current state of foreclosures, my H.O.A would much rather have a property occupied, even by a foreclosed homeowner, then to be vacant and vulnerable to vandalism. Each HOA may be different, but it makes sense logically.

[blindsided]

I would say that if you are prepared for the eventual eviction, it shouldn't be risky at all. It's the people who chug forward in complete denial who end up leaving trash-outs full of expensive electronics and personal photos.

But as long as you know it's going to come and you're, say, packing and moving important stuff to a storage box or a relative's garage, staying until the bitter end can be a completely logical way to handle the situation.

[dingdong]

For those of you in California, I can give you a real life example of how long it takes. I was a renter in a foreclosed home, so I lived it all the way up to the recording of the deed after Trustee Sale.


Here goes:

After 90 days in defualt, the lender can start the foreclosure process, however there are new publication laws , so if a lender skips any steps and you call them on it, back to square one, but generally 90 days after the first missed payment, the NOD is issued.

Once the NOD is issued, the lender than can start publication of the Trustee Sale. The Trustee sale must be published for 21 days.

There is usually a small gap between the 90 days and the publication of the trustee sale, so you could likely safely add a week for the lender to get their paperwork together, possibly longer. They must also be sure that the Trust Deed has the correct assignment to the investor, so that may take some time.

You will typically see an Assigment of Deed of Trust before the actual Trustee Sale or notice of TS publishing.

So at this point you are looking at 90 days + 21 days plus more than likely a couple weeks.
The sale day comes, and house reverts to the lender at TS, ( unless someone buys it at the courthouse steps, which is unlikey in this market.)

In my case the LL filed BK, right before the TS date, about a week before.

It was approx 5 months to the day past the originally published date of TS that the house was sold at TS.

The BK stalled the foreclosure effectively for ( counting the time from the first missed payment which I know really has nothing to do with BK) 11.5 months.
If there was no BK, it would have been 90 days + 2 weeks to actually start the publishing +21 days of publshing + 2 weeks until deed recorded and a knock on the door by the realtor saying please leave nice tenant.

So a little shy of 6 months w/o BK, almost 12 with the BK.

Depending on the market, your area, amount of foreclosures a certain lender has, your mileage may vary.

One thing you could do is find out who the BPO agent in your area is for your lender and call and give them a hypthetical question about a foreclosure in your area that is possibly listed in Pre-Foreclosure or REO and ask them about the timeline for foreclosure with that particular lender. Pose yourself as a potential interested party in the property and maybe you can get some good dirt on how fast your lender moves to foreclose?

[myhearts07]

So, I have a question to that Dingdong. The third month for us was November 2008 and we just got our foreclosure paperwork on March 20, 2009 and court is scheduled for May 20, 2009. The timeline for IL is 7-10 months. How do i count? Help me please!!!

Thanks

Hearts

[dingdong]

Here ya go. I found this here: http://www.foxvalleypropertysolution...20TIMELINE.pdfIt appears from what you posted, that you are about here in the timeline.

[myhearts07]

Wow, Dingdong, that is a lot to process. Thank you for the answers and I am printing this off right now because I need to show this to my husband.
Thanks again

Hearts

[dingdong]

You are welcome, I just edited the post to show where I think you may be in the timeline. You have your court date already, correct?