What to Do After Foreclosure- By: John Cutts
There is no good in being left clueless after foreclosure. Here are some pointers that can help you survive a foreclosure situation:
- Find out whether your state implements a redemption period. After the foreclosure sale, homeowners are given the period of a few days to a month or even longer. During this period, you cannot be evicted from the house even if the property already has new owners. You are given the chance to get your foreclosed property back provided that you pay your mortgage liabilities completely. The buyer of your home will be given a refund of the amount he paid during the auction.
- Some states do not practice a redemption period. In such case, even if you do not have the chance to get your foreclosed home back, you still can stay in it. The eviction period can be short or long, depending on the laws in your local area. The new owner of the foreclosed property has the responsibility during eviction.
- In case no one buys your property during the auction, your home will end up in the possession of the bank. This can prove to be more advantageous than when the foreclosed home is bought at auction. Banks are big companies and transactions in such huge organizations tend to move at very slow pace. That means another few months for you to stay in your home especially since evicting you is not among the top priorities of the bank.
- Evictions undergo legal processes. In almost all cases, the court is involved in eviction. That gives room to more delays of a few days to a couple of weeks. However, you still have to act fast as you would not have much time after the eviction is permitted.
- The moment your foreclosed house is sold during the auction, immediately find a new place. Things happen faster after the eviction is approved. Notices last for only one to three days. If you do not want to find yourself in the streets, you have to make plans fast.
Before you get to a dead end, you still have plenty of opportunities to stop foreclosure. However, if you find yourself trapped in a foreclosure situation, to act ahead of time and be prepared is the best way to go.
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