Nobody ever wants to lose their home. Unfortunately, when people lose their jobs, or when the real estate market crashes, they struggle with paying back very hefty mortgages. When you fall back on your payments for your home, chances are you may exhaust all options and have to face foreclosure. But what do you do when that happens?
There is still a chance for you to redeem yourself and re-own the house again. According to FindLaw, several states offer a statutory redemption process. Here, you get additional time to pay the sale price of the foreclosure together with interest, as you stay in your house during the period. The time duration for this agreement varies.
You may stay in your home just until the process of foreclosure completes, if you have already stopped paying your mortgage. The moment you get to the foreclosure date, you no longer own any home. You are now a tenant. The new owner may choose to take the property away from you immediately or rent it out to you.
You may choose to move out voluntarily or wait until you receive an eviction notice. However, sometimes you may get some owners paying you money so that you may move out intentionally. Such practices help to spare you with the charges of relocating. When you choose against moving out voluntarily, you may end up receiving an eviction notice from the court. The result may be getting dragged out of the property by law enforcers.
It is best to avoid any evictions as it does immeasurable damage to your credit score. It makes it even harder to get another house to rent as landlords will want to know your eviction records.