Property Foreclosure - How Long Can You Remain There?

A property foreclosure occurs when you fall behind on mortgage payments. By foreclosing on your house, the bank will take back their collateral. They sell the house and recoup some of the payments it would not be able to recover from you. Most banks will wait until you miss payments for three consecutive months, but they have a right to begin foreclosure proceedings as early as 30 days after you miss a payment. The bank will give you time to catch on your payments, this is known as the redemption period. However, if you fail to catch up on your payments by the time it ends, the foreclosure will be complete and you will have to move out.

Moving Deadlines

The standard length of the repayment period varies from state to state, but it's usually around 90 days. Once the redemption period ends, you have 30 days to move out. You can hold off foreclosure by either refinancing or filing for bankruptcy. A bankruptcy will reduce the value of your monthly payments, but you will still have to continue paying your mortgage and be responsible for the debt.

Renters

If you live in an apartment that is located inside a foreclosed building, you have a right to stay until the end of the lease. If you pay month-to-month rent, you have 90 days to move out.

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