A lot of people are wondering what happens after foreclosure. Although you may be inclined to think of anything negative, such as having to leave your home or your property for good, this is not always the scenario. It is very much possible for you to redeem your home, especially if you currently reside in specific states.
In some states, homeowners facing foreclosure can take advantage of the redemption period. Once the foreclosure sale has been declared, the redemption period can last from a few days to a mere month. If you’re fortunate enough, the redemption period can last for more than a month. Without the redemption period you will not be able to save your home. Simply put, the redemption period keeps you from being turned out of your home and gives you the chance to actually redeem it.
During this period, you can actually get the deed to the house again, but you will need to pay off the mortgage first. If a buyer has already won at the auction, the money he or she has bid will be refunded back. For people who are already near the end of a foreclosure, it is highly important to see to it that your state offers a redemption period.
Some states do not offer a redemption period however, and this is why some homeowners end up losing their properties in the end. This does not mean nonetheless that you will have to be evicted immediately. The new homeowner will be the one responsible in evicting you from your erstwhile home but the process may have to depend on the laws available within your locality. A common scenario is that a homeowner will get evicted by the individual who won the auction rather than being turned out by the bank who foreclosed the property.
Should no one purchase your home during the auction, the bank will automatically assume ownership of your home. Since banks have a bureaucratic nature, it is reasonable to assume that the ownership will be processed slowly. It is possible for you to live in your home for a few more months, since evicting you is not really what’s on the top of their list.
While you may be evicted for your property, no proper eviction can take place without undertaking due legal process. It is important to present the case within a court and during this period, the eviction request can take time during processing. However once the eviction has already been approved at court, you will only have about one to three days to move out. As much as possible, you should prepare enough time in finding a new home while the case is still pending at court.
Now that you are aware as to what happens after foreclosure, you will be more prepared as to its consequences and hopefully protect yourself from getting evicted sooner than you think. There are helpful ways in stopping foreclosure but you need to make sure that you are doing the techniques right on time.