There are some cases where the homeowners, in a state of unrest, evacuate their houses after missing out on making some mortgage payments or when a foreclosure is commenced. However, there is a legal right which you possess to enable you remain in your home till the whole foreclosure process is concluded. The process could take few months or in some cases, it could be up to a year or even longer than that.
When you begin to miss payments
You don’t have to evacuate your home just because you missed out a few mortgage payments. In a situation where you have missed making your payments, your lender would send you a couple of letters to remind you. When you miss 3 or more payments later on, the lender would most likely send you a letter to inform you that you need to bring in the loan current. This letter would inform you that the whole foreclosure process would start if you don’t cure or attend to the default by settling the amount stated in the letter by a particular period of time. This period usually remains for 30 days.
Foreclosure gets started
When you are unable to cure the default by settling the amount that has been specified in the letter, the lender would formally begin the foreclosure process. It could be either judicial or non judicial. This is based on the state you reside in and also your circumstances.
When you are given a notice to leave your house, the notice would tell you the number of days you have in hand to leave the property. Usually, you would have 5-30 days. This is what is common in most states. In most states, you could still legally remain in the property after the deadline. You could be in the house till a sheriff lawfully asks you to leave.
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