Once your home is sold, your ownership gets transferred to the lender or the bank. Usually, you cannot live in your property any longer after this procedure. But if you have a good relationship with your lender and if you can convince them, you can live in your property on rent.
As soon as the procedure gets over in the court, you will get a written notice for your eviction and you will be informed to vacant your property. You can take help through a loan modification restoration to get your property back. How fast you’re expected to have the notice to vacant the property depends on who is going to take your property after the sale. It could be a new purchaser or the same lender.
If a new customer buys the home:
After the sale of your property, your ownership will be transferred to the new buyer and obviously the new buyer will need the possession of his new home as early as possible. It will be depended on the new owner’s plan on how soon they need this. If they have bought this property for investment and resell, you will get the notice in a couple of months. However, if the new buyer wants to occupy the property, you will get a termination notice in a very short period.
If the lender buys the house:
After the sale of your property, your ownership will be transferred to the new buyer and obviously they will want the possession of their new home as early as possible.
If this occurs, you can live in your house from three to six months longer, but it will depend on the following factors.
- If the lender has more foreclosed properties than what they have expected or if they don’t know what to do with it, you may have the property even for a longer period.
- It also depends on how easy it is for your lender to resell your property in the market. If they get new buyers easily, you may get termination notice in a very short period.
- In some cases, your lender may bring real estate agencies if they have no expertise in reselling your property in the market. If this happens, it could take a considerable amount of time.