How long can I stay at my residence after foreclosure and eviction?

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How long can I stay at my residence after foreclosure and eviction?

I lived with my disabled parents caring for them until their deaths. They took out a reverse mortgage and I was wondering how long can I still reside there? I have kept in constant communication with the bank, want to pay them off but can’t due to the market.

Asked on January 28, 2012 under Real Estate Law, Illinois

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

When a property is foreclosed upon, the now-former owners can be evicted essentially immediately by the bank or other new owner who buys the property in foreclosure. That is because once the property is foreclosed upon, the former owners are no longer owners, and have no right to possession of the property, or to remain there any longer--which means non-owners who lived with them have no right to stay there, either.

So from what you write, it would appear that the bank could ask to leave at any point after they take possession of the home.


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