How long can you live in your house after a foreclosure and sale has been done?

Answer 1

It will depend upon the terms. You may be required to move out immediately. Contrary to the above, I believe a foreclosure always results in the property being sold and there really aren't any terms of this type to deal with in any foreclosure...any rights the prior owner had are always extinguished...one of these is possession. hat is basically the whole point of the process...the property is sold, eliminating all the rights of anyone (other mortgage holders, etc), to get the most money for the foreclosing party. While the courts may have sympathy for the party being foreclosed, they cannot reserve any rights from the sale. But, even though it may well be worth more if it was vacant and available for the buyer, the courts are not responsible to evict, (and the debtor is still really the owner and has the right to possess), them before the sale. How long the foreclosure takes can be another story. This can be state and even local region specific essentially. It may depend on whether you have a mortgage or a deed of trust, which most areas use now. Generally, after a foreclosure, you become an "occupant in adverse possession" and something essentially the same as an eviction process must occur. How long till the sheriff is ordered to move your stuff into the street can depend on many things, including how busy the court is, how busy the sheriff is, if you have minor children, if it's near Christmas, etc. When the new owner takes possession, you can be evicted immediately, if you are even permitted to stay until the foreclosure is completed (assuming you have no lease or other right to stay). You are only slightly better than an ordinary trespasser. The length of "immediately" is determined by local procedures (e.g., 14-day notice to quit, 30-day notice of eviction, default judgment, locks are changed, order of removal, sheriff puts your things into storage, you are arrested for breach of the peace, etc). Could be as little as 40 days, or longer if you present valid defenses or otherwise continue the matter before the court. On the other hand, you could negotiate a lease or tenancy at will from the new owner and stay a bit longer.