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How much time do I have after foreclosure?

October 22, 2010 By Leave a Comment


It all depends on the laws that govern the state in which you live, however, the average loan is 484 days — or about 16 months — past due, according LPS Applied Analytics (via WSJ.com).

The article provides more context:

“In New York, the average borrower in foreclosure hasn’t made a payment in roughly 20 months. The shortest foreclosure timelines occur in Nebraska and Wyoming, where the average is 358 days, according to LPS.”

Keep in mind that typically if you miss three monthly mortgage payments your lender will likely initiate the foreclosure process.

But, again, it all depends on the state laws (judicial foreclosure proceedings often take longer), as well as your lender. If the lender is jammed up, it could take awhile before it gets to your case — that’s the reason you might see a vacant foreclosure house that isn’t yet listed for sale.

Always proceed with caution and care in a foreclosure situation. Don’t think that you can live rent-free for 16 months! Contact your lender early and often about your foreclosure situation and try as hard as possible to negotiate a mutually beneficial resolution.

To check out nationwide foreclosure laws and procedures in all 50 states click here.

Filed Under: Foreclosure Laws, Foreclosure Listings, REO Properties

Renters: Foreclosure rights improve thanks to Helping Families Save Their Homes Act

May 20, 2009 By 7 Comments

Renters are among the many silent victims in the foreclosure frenzy that is currently gripping numerous areas throughout the nation.

That’s because even if renters satisfy their monthly payment obligations outlined by the property owners, it does not fully protect them from being forced from their homes if the landlords fail to pay the mortgages.

In fact, the National Low Income Housing Coalition estimates that 40 percent of the households that lose their homes to foreclosure are renters evicted after the bank takes the home from their landlord, according to the Washington Post.

It’s an alarming and unfortunate trend, which will hopefully be minimized thanks to the foreclosure prevention bill that President Barack Obama today signed into law and will extend until the end of 2012.

Here are the top-level points:

  • Tenants who pay their rent on time can remain in their home until the end of their lease unless the bank sells the property to someone who intends to make it his or her own residence.
  • Renters must be allowed to stay in their homes for 90 days after the foreclosure even without a lease.
  • Jurisdictions that already have more stringent renter-protection laws in place won’t see the rules loosened by the new federal law.

For more on the protections for renters contained in the Helping Families Save Their Homes Act and the Fraud Enforcement and Recovery Act click here. To check out eviction laws in your state visit The National Law Center on Homelessness and Poverty right here.

Filed Under: Foreclosure Assistance, Foreclosure Laws, Foreclosure News
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