Do you want to know what happens after foreclosure? It may not be what you think. Most people assume that once a foreclosure happens, you have to leave your home immediately. However, this isn't always the case. Depending on what state you live in, you may still have some time left to redeem your home.
Some states have what is known as a redemption period. This period ranges from anywhere from a few days to a month or more, and it starts immediately after the foreclosure sale. The redemption period is your opportunity to get your house back, even if it technically has a new owner. You can't be evicted from your house during the redemption period.
If you are able to pay off the mortgage entirely during this time, you can get the deed to the house back, and the money the buyer paid at auction will be refunded to him. If you're approaching the end of a foreclosure, it's absolutely essential that you check to see if your state has a redemption period.
If there is no redemption period in your state, then there's no chance of getting your house back. However, you still may not have to leave right away. It is the responsibility of the new homeowner to evict you if you're still living there. The eviction process may be swift or lengthy, depending on your local laws. Typically, an individual homeowner who won your house at an auction will evict you much more quickly than the bank will.
If no one buys your home at auction, then the bank becomes the new owner. Banks are large, bureaucratic organizations, and such organizations tend to move slowly. It could take months or more before the bank gets around to evicting you, since kicking you out probably won't be high on the list of its priorities.
In any case, the eviction must be done through legal channels, and going through those channels also takes time. The court is usually involved, and delays of days or weeks in getting an eviction request before a judge are common. Once the eviction is approved, however, you won't be given much time to move. Notices of anywhere from one to three days are the norm, and will be posted on your door by the sheriff.
If you're still in the house after the notice expires, the sheriff will come to force you out. Therefore, once your house is sold at auction, it's critical that you start making plans for a new residence, as being thrown out on the street by the sheriff is the worst possible outcome of the whole foreclosure process. Fortunately, you've got plenty of time to avoid it.
Now you know what happens after foreclosure, and you can be prepared. There are plenty of ways to stop foreclosure before it gets to this point, however. If you're behind on your payments, it's in your best interest to learn the various techniques of stopping foreclosure in its tracks, so you can stay in your home and save your credit. It can be done, and millions of other people before you have successfully done it. Don't wait until the sheriff comes to kick you out of your house. Learn how to stop foreclosure now, and regain your family's security.
