How long does the foreclosure process take from start to finish?
Nov 21, 2008 in
Financial and Loan Tips
Essy
My landlord just told me she is foreclosed on the house I am renting. I’m paid through this month but she said I can stay until probably March.
I want to be prepared for anything since I am unfamiliar with the foreclosure process. When should I start prepping to leave? She declared foreclosure either end of September or early October.
My landlord just told me she is foreclosed on the house I am renting. I’m paid through this month but she said I can stay until probably March.
I want to be prepared for anything since I am unfamiliar with the foreclosure process. When should I start prepping to leave? She declared foreclosure either end of September or early October.
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4 comments
src50 on November 23, 2008 at 12:27 pm
It varies by state – generally 4-7 months from the time the lender issues a Notice of Default. Borrowers don’t “declare” foreclosure; they simply stop paying and the lender initiates the process.
DR DEAL on November 25, 2008 at 2:56 pm
This can usually go on for up to 4 months.
Dale H on November 25, 2008 at 5:52 pm
I would not pay her rent if she is not paying the mortgage. If anything, the rent should be paid to the lender.
How long you can stay depends on the lender that is foreclosing and how soon they want you out. They probably have to give you 30 days notice once the foreclosure is finalized.
You may just want to start looking now and plan to leave as fast as you can just so that you don’t have to move in a hurry.
Good luck.
Alterfemego on November 26, 2008 at 6:35 pm
Well it depends on what state your are in and if your state has a redemption period. If they do, then by the March information you provided, I’d say the sheriff sale was in September, giving the homeowner 6 months right to redeem the property. Doesn’t sound like they intend to redeem it. So I would begin looking for a new place after the first of the year. In most cases, someone will contact you by either leaving a notice on the door or if they catch you when you are there and they will let you know when you have to vacate. My suggestion is to be ready to go within 12 hours.