Posted on: 04th Feb, 2008 09:52 am
How long can I stay in my house if I'm not able to make payments, and just let them foreclose?
there are occasions in which a foreclosure proceeding is dragged out for quite a while. putting a time limit on it is not easy, but i recently worked with a client who has not made a payment for almost a full year.
she and i couldn't put together a deal quickly enough to allow her to sell the home to what turned out to be marginally-qualified borrowers; yet she remains in the home.
i think location also may make a difference - local laws, customs, etc. will have an impact.
she and i couldn't put together a deal quickly enough to allow her to sell the home to what turned out to be marginally-qualified borrowers; yet she remains in the home.
i think location also may make a difference - local laws, customs, etc. will have an impact.
I know in our area it is like 120 days and you are out the door. What state and city are you from? This will make a difference on how long you will be able to reside there?
The time period before which the lender calls for foreclosure almost remains same in every state. But the time period of foreclosure process would vary from one state to another. Hence, it is quite true that depending upon the state, the person will be able to reside in his home for a certain period of time till the foreclosure sale is over.