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.

Moe Bedard
My name is Maurice "Moe" Bedard. I am the founder of America's #1 Mortgage Forum, LoanSafe.org. My online work has been featured in the New York Times, LA Times, Fox Business, and many other media publications.