One of the most common questions asked by homeowners facing foreclosure is, "how long can I stay in my home after it is foreclosed on?" The length of time you will be allowed to remain in the home after a foreclosure varies from state to state. However, no matter the jurisdiction, legally speaking, you do not have to move out immediately after receiving notification of a foreclosure.
You may remain in the home until you receive notification of the sheriff's sale. The notice will include the date and time of the sale. Until the sale, a homeowner remains the legal owner of the home. This means you still have a legal right to remain in the home until title to the home is transferred to the new owner. Once the title of the home is transferred to the new owner, you no longer have rights of possession. After transfer of title, you have several options. You may wait until a sheriff arrives at the home to remove you from the premises or you may vacate following the sale.
If for some reason you decide to wait for eviction proceedings to begin, it is important to keep in mind that, once the new owner receives title, he or she has the right to begin eviction proceedings. It only takes 14-30 days to complete the process. In most states, once the paperwork is completed and approved, the new owner has the legal right to serve a 3-day "Notice to Quit." After the 3-day notice period ends, the sheriff may show up within several days, or he might show up within several weeks.
Because you will not be paying your mortgage during this time, it is advisable to save as much money as you can. You will need it for a rental security deposit, utility deposits, and other service deposits, such as cable. Unfortunately, with a foreclosure on your credit report, you can expect rental and most other deposits to be much higher than normal. It might be difficult to get approved for an apartment rental as well.
For further information about your rights in a foreclosure proceeding and specific information about how long the process takes, you should consult with a real estate attorney in your area.