If my house has been foreclosed, how long canI stay?

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If my house has been foreclosed, how long canI stay?

Asked on December 27, 2011 under Real Estate Law, Virginia

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If you have lost your home in foreclosure, you can remain in the unit until the new owner demands that you vacate the unit. In some states such as California, the new owner of foreclosed property will entice the former owner to vacte the unit voluntarily with a payment of $1,500 or so in exchange for the keys to the foreclosed home (keys for cash).

Potentially the new owner may wish to rent the foreclosed home to the former owner. In any event, if your home has been foreclosed upon, I would consider beginning to pack up your belongings so that you will be ready to move on short notice.


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