Title: Staying in Your House After Foreclosure Proceedings Start
Headings: Staying in Your House After Foreclosure Proceedings Start
Staying in Your House After Foreclosure Proceedings Start
Staying in the Foreclosed House
Homeowner’s Next Step After Losing His House

Content: After transfer of title, he can wait until a sheriff arrives at the home to remove him from the premises, or he may vacate following the sale. Eviction by the New Owner
Once the new owner receives title, he has the right to begin eviction proceedings. It only takes 14-30 days to complete the eviction 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 within several weeks. Homeowner’s Next Step After Losing His House
Because the defaulting homeowner had not been paying his mortgage during this time, he should save as much money as possible. He will need it for a rental security deposit, utility deposits, and other service deposits such as cable. Unfortunately, with a foreclosure on his credit report, rental and most other deposits tend to be much higher than normal. Moreover it might be difficult to get approved for an apartment rental as well. It is best that this defaulting homeowner learn more about his rights in the foreclosure process, by contacting a real estate attorney in the area where the house is located.