Your Right to Stay in Your Home During Foreclosure Proceedings
During the period for reinstatement and redemption, you generally have the right to remain in the home. An exception occurs where the mortgagee bank is authorized by the terms of the mortgage or other agreement to have “possession” and the bank can show good cause why it should be in possession and not you.
The foreclosure law permits you to stay in the property for 30 days after the court confirms the foreclosure sale as long as you pay the fair market rent to the purchaser or you pay the monthly interest due on the purchaser’s mortgage. The new purchaser can get the court to order possession during this time only if the prior written agreement permits it and if the purchaser can show good cause why you should have to move. Once 30 days after the confirmation of the sale pass, you no longer have any right to stay in the home unless the purchaser agrees. It is not necessary for the purchaser, at that point, to file an eviction case to have you moved out because the court will have entered an order of possession against you in the foreclosure case.
We provide free foreclosure assistance and help for anyone who has fallen behind in payments, or thinks they may miss future payments. Simply fill out or free foreclosure evaluation and we will sent you our free e-book along with a customized step by step guide to help you get out of foreclosure.