Home Loans and Support

How long can I stay in my home after foreclosure?

Q. Dear LoanSafe.org; I am planning to walk away from my home. But I want to stay here as long as possible. How long can I stay in my home after foreclosure?

A. This seems to be a common trend now.  More and more homeowners like you are deciding the walk away and they wanna stay as long as possible.  I’ve seen some people stay in their homes up to one year and some two years.  But that was before the foreclosure sale had taken place.  After foreclosure is another story.

If you stick your head in the sand and simply do nothing, you will have to move out quickly.  Often within 3 to 5 days maximum or whenever the sheriff’s come knocking on the door.  I’m sure that is what you are trying to avoid.  You wanna get as close to that date as possible, but not too close.

  • Being proactive may possibly buy you sometime.

I’ve seen some homeowners over the years negotiate 30 days, 60 days and sometimes 90 days of free rent with their mortgage servicer in order to buy time to move out to another property.  Often it is just a couple weeks that your servicer will give you.  I’ve also seen some homeowners negotiate cash for keys.  This is when your mortgage servicer will give you money to leave fast and possibly before the sale.  Sometimes these checks can be as high as $1,000 and even $3,000.

  • You will have to call the law firm and also your mortgage servicer that is handling the foreclosure on your home.

Please check the mail that you receive from your mortgage servicer and any legal documentation to locate the phone number and address of this firm.  This may be the best route for you to pursue if you decide that you wanna negotiate some time and possibly some cash.

When you call, just be courteous. You want to win friends and influence people here. Politely tell them that you have a hardship and want to work with them. You just need some time and a little cash to move to your new destination. Hopefully they assist you with your request and it wall works out for the two of you.

I wish you the best in your move and I hope this all works out for you.

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About Moe Bedard

My name is Maurice Bedard, but most people call me Moe. I am the founder of America's #1 Mortgage Forum, LoanSafe.org, and also a website design firm called We Create Web Designs. My online work has been featured in the New York Times, LA Times, Fox Business, and many other media publications. I currently live in Carlsbad, California with my beautiful wife and children.

20 Responses to How long can I stay in my home after foreclosure?

  1. ROBERT says:

    HELLO MOE I KNOW YOUR A VERY WELL EDUCATED AND EXPERIENCED WITH MORTGAGE I HAVE A SCENARIO… MY ELDERLY GRANDMOTHER OF 65 YEARS OF AGE DEFAULTED ON HER SECOND MORTGAGE BUT NEVER LATE ON HER FIRST WENT 6 MONTHS PAST DUE… SHE WENT THROUGH A FOREBEARANCE PLAN MADE 3 PAYMENTS… SHE IS NOT VERY MOBILE UNLES SHE GOES TO WORK AND CHASE HAD A WRONG NUMBER ON FILE… SHE CALLED ME CRYING THAT CHASE MORTGAGE FORECLOSED ON HER HOUSE AND SOLD IT TO THEMSELVES AS OF MAY 5TH… IM TRYING TO DO EVERYTHING IN MY POWER TO GET THIS LOAN REINSTATED… ALL I CAN THINK OF IS A LAYWER… I CALLED THE PRESIDENTS OFFICE AND THEY PRETTY MUCH GAVE ME THE RUN AROUND… IF YOU KNOW ANYBODY MOE I PRAY TO GOD YOU CAN HELP ME OR ANYBODY ON HERE… THAT HOUSE HAS MEMORIES FROM OUR WHOLE FAMILY… DO YOU HAVE ANY HELP OR ADVICE MOE???

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  2. Moe Bedard says:

    Hello Robert,

    I am sorry to hear about your mothers foreclosure and the run around you have been getting. This is not easy to deal with. I’ll try and help the best I can.

    When you say that Chase sold it to themselves, you mean the 1st mortgage right? You mentioned she was current on the 1st, who holds the first mortgage?

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  3. B Jandebeur says:

    What can you tell me about the process of purchasing my mortgage/note from FreddieMac after they receive the deed this week from my local mortgage company? A family friend is prepared to purchase the note but the Mortgage Co said we had to buy from FMac…FMac customer service said I will have some options but will not tell me until Homesteps mails me…. I’m in Okla

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  4. Andrea Inman says:

    Good Morning,

    I was laid off in July of 2010. As of Dec 2010 I could no longer pay my mortgage. Since that time I have continued to live in my home with my two children. Following getting laid off I filed an application for a Home Affordable Modification and was denied by my lender BOA. What recourse do I have? It is now March 2011 and recently a person came to my home to confirm occupancy and took pictures of my home. I have growing concerns that foreclosure will be happening soon. I live in Washington State and would like to understand how much longer I have in my home and if I can prolong the foreclosure. I need to remain in my home until at least Mid-July. What advice to do have? Scared!

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  5. Moe Bedard says:

    Good morning!

    My best advice would be to spend 90% of your waking hours locating employment or creating your own in order to save your home. Well, that is if you want to be able to support your children in the future.

    If you are just trying to delay the sale date and stay as long as possible, then join our forum at http://www.LoanSafe.org/forum and network with hundreds of other homeowners who are doing the same. Also, study your states foreclosure laws so you understand the foreclosure process time frames.

    Here are some good articles and info for you:

    http://www.loansafe.org/how-to-stop-foreclosure-in-washington-state

    Washington State Homeownership Information Program
    Free foreclosure counseling, classes, workshops, and resources available to Washington State residents.

    Speak To A HUD Approved Counselor: 1-877-894-HOME
    http://www.homeownership.wa.gov

    If you would like to speak with someone about your current situation, please contact the Washington State Homeownership Information Hotline at 1.877.894.HOME (894.4663).

    * This document is a PDF file, and you will need Adobe Acrobat Reader to view it. If you don’t already have Acrobat Reader installed on your computer, you may download it for free from Adobe.

    ** This document is a Microsoft Word file, and you will need Microsoft Word to view it. If you do not have Microsoft Word installed on your machine, you can download the free Microsoft Word Viewer.

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  6. Howard says:

    My roomate, owner of the house, is surrendering or doing a deed in lieu of foreclosure. I live in Massachusetts. He is filing ch. 7 also. About how long can I axpect to be able to stay in the house…and what recourse do I have with the Lender as a tenant. Do I have rights? Can they just throw me out…? Please help with any advice. I have begun to look for a new place to live, but want to save as much $$$ as I can…Thank you, Howard

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  7. Ann says:

    Hi! My husband had a countrywide mortgage and declared bankruptcy 2 years ago. BofA has yet to foreclose… just wondering if that is the new trend? We are thinking either they just haven’t gotten to us yet, or are not foreclosing due to paperwork reasons? Any thing going on with BofA/Countrywide mortgages lately? Also, they are reporting each late (non) payment to his credit ratings every month; can they do that? He theoretically does not have the loan anymore even though they have not yet taken back possession.

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  8. reeno62 says:

    I’m letting my home go into foreclosure, If I terminate my home owners ins policy, which has been pd. up for the Yr.. Will I get a refund ?

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  9. Georgia says:

    My fiance and I are currently 3 months behind on our Bank of America mortgage (he lost his job in February and has been unable to find another one). We have been denied for loan modification – BoA said our debt to income ratio is too high because of unpaid collections accounts on our credit reports. I can’t catch up the payments, and I don’t make enough on my income alone to be able to keep the home, even if they bring my payment down. Can you suggest what my next option is at this point? The BoA website states that if you don’t qualify for a loan mod, they will consider short sale and deed in lieu, but how does that work? I am being offered a place to rent by a friend, but it won’t be ready for another month or two and I fear that if I go ahead and tell BoA that I want to surrender the home, that they will force me to move my family out sooner than my new place is ready. Any advice is greatly appreciated.

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  10. Ali says:

    I have a friend who has just finished their chapter 7 BK. They have let BOA do everything that is required to foreclosure on the home. Now BOA has come back and offered to do a DIL on the house. Is this even something that she is able to do after completing the BK? Please any help would be great.

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  11. Monique Rizzo says:

    Hi Moe,
    I have a question.
    My husband and I are behind on our Mortgage payment. They put us on a 6 month repayment plan but it is coming to an end. We have filed bankruptcy but would like to keep the house if possible. They are suggesting we apply for remodification on the loan. Everyone is saying we should just stop paying and save as much money as possible until they kick us out. I called Wells Fargo and told them we are able to pay the full amount now, but they said that since we are behind (The repayment plan only pays for half of the mortgage) and unless I can come up with all the past due amount I have to apply for a loan remodification or walk away from the house. Any advice?

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  12. Anna says:

    ROBERT,

    Ya get a lawyer

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  13. wendy palmer says:

    I’m a mother to two teens 16 and 14yrs old and moved in with my boyfriend who is a retired Army vet. when he got arrested and has been their for three months now ssi is saying they are not going to pay him while he is in their, well with that we will lose the house because I’m on afdc(welfare)and don’t get very much at all to live on. I told ssi that the kids and I will be homeless he said that because we are not married that he is said sorry but it don’t look good on my side, the law don’t care because they are not his kids and we are not married that my boyfriend will lose his house and we will be on the streets, please help anyone…

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  14. wendy palmer says:

    I need help, my teens(16&14yrs old)and I moved in with my boyfriend in Jan 2013, he is a retired Army vet who has PTSD. In June of 2013 he got arrested and is still in jail, today I get a call from us govt. and the man said that because Michael and I are not married and none of my kids are his that we will be homeless and that he is sorry. Now I am not on the deed can they really throw us out on the streets? Please can someone help me I don’t want Michael to lose his home and I don’t want to live with my teens in a shelter

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  15. Kendra Reed says:

    Hi Moe I I’m current trying to fine away to stay in my home with my 4 kids we have no where to go at the present and I need this house for us please help

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  16. Moe says:

    Hi Kendra,

    You should join our mortgage forum with people just like you who are trying to do the same thing. You can sign up here: http://www.loansafe.org/forum/register

    That way you can tell us more about your situation so we can better help you.

    Hang in there and please be patient. Things will work out eventually, but you have to be very proactive in this process.

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  17. Mari says:

    Mari: Hello Moe,I live in Orange County NY. I was layed off in 2011. My husband is now the only provider in the family. We filed chapter 7 in 2011 then stopped paying our morgage. The property /townhouse is now worth 200k plus 300+ in common charges. I have been attending mediation conferences for two years pending a modification. Many offers have come and gone but they were all for almost the same amount of my current morgage. Just this week May 2014, we recieved an offer of 1775 however, the arrears and fees total almost 400,000. Is this nuts or what? Our arrears and penalties will never get paid in our lifetime as we are in our early 50′s. We can probably afford the 1775 but with a house under water and all these fees, is it best to walk away? I haven’t found work so we have no savings. What are we to do? what is the best solution? We love it here and our son is in the greates school system but where can I go with bad credit? Is a short sale even worth it to stall or to reduce a bad extra hit on my already bad credit? As it’s been two years since the bankrupcy,our scores are better and we even have credit card we use just to build the credit. We are sad that we will get hit on credit again. Any suggestions? We have to go back to the settlement conference and tell them the answer on short sale, forclosure or deed in

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  18. Confused says:

    Mari: Hello Moe,I live in Orange County NY. I was layed off in 2011. My husband is now the only provider in the family. We filed chapter 7 in 2011 then stopped paying our morgage. The property /townhouse is now worth 200k plus 300+ in common charges. I have been attending mediation conferences for two years pending a modification. Many offers have come and gone but they were all for almost the same amount of my current morgage. Just this week May 2014, we recieved an offer of 1775 however, the arrears and fees total almost 400,000. Is this nuts or what? Our arrears and penalties will never get paid in our lifetime as we are in our early 50′s. We can probably afford the 1775 but with a house under water and all these fees, is it best to walk away? I haven’t found work so we have no savings. What are we to do? what is the best solution? We love it here and our son is in the greates school system but where can I go with bad credit? Is a short sale even worth it to stall or to reduce a bad extra hit on my already bad credit? As it’s been two years since the bankrupcy,our scores are better and we even have credit card we use just to build the credit. We are sad that we will get hit on credit again. Any suggestions? We have to go back to the settlement conference and tell them the answer.

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  19. Moe Bedard says:

    Hi Mari,

    This is a tough one. You are caught between a rock and a hard place.

    Yes, it will be difficult to rent. Whether you pay the bank or a landlord somewhere else, you still really do not own the home, but at least with a mortgage you have some ownership. Plus security because you do not have to move every few years or not know what your landlord has planned.

    This is a judgement call you have to make.

    Good luck!

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  20. Gilbert Vasquez says:

    Just want to know how long we have after the foreclosue auction to look for another place, we would like to kept the house we are selling some stock but it is talking to long, we got behind because I got hurt on the job. Get back to us to see what we can do.

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