Once our home goes into foreclosure, approximately how much time do we have before we have to vacate the home?

We filed bankruptcy last year, did not reaffirm and were in the middle of a modification which we don’t qualify for now since the bankruptcy was discharged. We are 3 months behind but have continued to make monthly payments. Now they want $1200 more per month for a new modification by the 1st of next month or bring all past payments current by the 1st or foreclosure will start. It was on hold due to the pending modification that was supposed to lower our payments.

Asked on May 29, 2012 under Real Estate Law, California

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

First, the issue is not when the home "goes not foreclosure," but when is it actually foreclosed upon and your title to it terminated. Until the culmination of the foreclosure proceedings (assuming the lender or financer wins and gets possession of the home), it is still your home. Given the backlog in the courts, you could potentially have months or years before you actually lose the home.

Second, while you will lose possession of the home due to foreclosure, to lock you out, the new owner (the bank or anyone who buys the foreclosed home from it) will have to bring an eviction action. So there will be some additional delay until they bring the action, then at least a few more weeks while it goes forward.


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