Once our home goes into foreclosure, approximately how much time do we have before we have to vacate the home?

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

Once our home goes into foreclosure, approximately how much time do we have before we have to vacate the home?

We filed bankruptcy last year, did not reaffirm and were in the middle of a modification which we don’t qualify for now since the bankruptcy was discharged. We are 3 months behind but have continued to make monthly payments. Now they want $1200 more per month for a new modification by the 1st of next month or bring all past payments current by the 1st or foreclosure will start. It was on hold due to the pending modification that was supposed to lower our payments.

Asked on May 29, 2012 under Real Estate Law, California

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

First, the issue is not when the home "goes not foreclosure," but when is it actually foreclosed upon and your title to it terminated. Until the culmination of the foreclosure proceedings (assuming the lender or financer wins and gets possession of the home), it is still your home. Given the backlog in the courts, you could potentially have months or years before you actually lose the home.

Second, while you will lose possession of the home due to foreclosure, to lock you out, the new owner (the bank or anyone who buys the foreclosed home from it) will have to bring an eviction action. So there will be some additional delay until they bring the action, then at least a few more weeks while it goes forward.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption