What Happens After Foreclosure ?




What Happens After Foreclosure ?

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Foreclosure procedures vary from state to state. In some states, the foreclosure procedure is much more relaxed. The home owner has a right to reclaim their property even a year after it is foreclosed and auctioned. So what happens after a foreclosure depends on which state you live.

As a home owner you have the right to live on your property as long as it is yours even after the foreclosure. Until the house is sold to someone else, no one can evict you including the sheriff.

Every state has its own time for redemption. In some states it is only 2 hours after the auction and in others it is one year after the auction. If your state does have a redemption time line, then you should use it to raise the money for your house. During the foreclosure period you can stay in your house without paying any amount to the lender.

Below is the list of states that have redemption periods.
Alabama - 1 year
Alaska - 1 year
Arkansas - 1 year
California - 1 year
Connecticut - The redemption period depends on the court decree
Idaho - 1 year
Illinois - 3 months
Iowa - 20 days
Kansas - 1 year
Kentucky - 1 year
Maine - 90 days
Michigan - 30-36 days
Minnesota - 6 months
Mississippi - 30 days
Missouri - 1 year
New Jersey - 10 days
New Mexico - 30 days
North Dakota - 6 months to 1 year depending on circumstances
Oregon - 6 months
South Dakota - 30 days or more
Vermont - 6 months to 1 year
Wisconsin - 1 year
Wyoming 30 days or more

In case the redemption period is expired or the state you live in has no redemption period, you can invariably get the new home owner to pay you money to leave the foreclosed property quickly and in a good condition. In case you do not leave the property, the new owner can bring about an eviction notice to force you out of the house. Usually only 3 days are given to vacate the premises after an eviction notice is served.

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What Happens After Foreclosure


What-Happens-During-A-Foreclosure      A foreclosure period can be divided into pre-foreclosure and foreclosure. A foreclosure means that the lender is going to sell the property to clear the mortgage amount. For the foreclosure procedure to be initiated, you must have defaulted on your payments for at least 60 consecutive days in most states. More..

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What Happens After Foreclosure ?