How long do you have to leave your house after a foreclosure in the US? There is no single answer, because it depends on the state in which you reside. In Globe Live Media we explain the details
The concept of foreclosure (or mortgage foreclosure in English), for those who do not know it, refers to the mechanism that the mortgage financing lender has to recover the property because the borrower has failed to comply with the corresponding monthly payments. Although it is an avoidable and extremely long process (which can take months), once it happens, you will have to leave your home.
How long exactly do you have to leave your house once the foreclosure has been effected? The truth is that there is no single answer, since each state has its own regulations regarding the process of foreclosures and the subsequent eviction of the property.
According to the Consumer Financial Protection Bureau (CFPB), in some states, you may be forced by authorities to leave your home a few days after the foreclosure sale of your home.
In other states, on the other hand, you may not be required to move until several months after foreclosure. This also applies to tenants who have rented homes whose mortgage has been foreclosed.
In this sense, the CFPB recommends familiarizing yourself with the state and local laws that protect you in the event of a foreclosure, and this federal agency also reminds you that you can request help and legal assistance in Spanish to know the state and local laws that protect homeowners in the event of a foreclosure.
Specifically, you should know what the laws are related to the following topics:
– How long the foreclosure may take.
– How long you have to move out after a foreclosure sale.
– Whether there are other specific protections for tenants.
You can also check with your county clerk’s office to find out how foreclosure works in your area.
In addition, the CFPB reminds you that you can obtain professional housing counseling, free of charge, through an approved counselor of the US Department of Housing and Urban Development (HUD, for its acronym in English).
You can call the CFPB at (855) 411-CFPB (2372) to connect with a HUD counselor who can guide you through this process.