How Long Can I Live In My House After Foreclosure ?

Foreclosure is a long drawn process. The mortgage company usually initiates a foreclosure process if the borrower has been defaulting on the payments. The lender has a minimum notice period to comply before filing for a foreclosure. The court demands that the lender gives a minimum of 60 days notice period to the borrower, and also confirm that they have tried enough number of times to contact about the impending foreclosure.

What Are The Ramifications Of Foreclosure ?

A foreclosure process means the lender who loaned the amount to the homeowner to buy a house is seizing the house and putting it on sale or auction in order to recover the lent money. The reason a mortgage company does this is because the borrower has defaulted the payments. If a borrower has defaulted on the payments for more than sixty consecutive days, then the lender has the right to foreclose a property.