How Long Does It Take to Go From Foreclosure to Eviction?

How Long Does It Take to Go From Foreclosure to Eviction

The amount of time you have before you have to leave your home when facing foreclosure is determined by several factors. The good news is that it is not a quick process that happens overnight. One of the main factors is state law, meaning that it depends on the state. For example, in California, since the lender can foreclose without going through the court system, the process of foreclosure is much faster. However, you will still have a minimum of four months from foreclosure to eviction.

Leaving Your Home After Eviction

After the foreclosure sale is completed, the new homeowner has the right to evict anyone who still remains in the home. In the state of California, this usually happens a minimum of four months after the first mortgage payment was missed. Once the eviction process starts, everything will start to move quickly. In California, a new homeowner provides previous owners with a three-day notice to vacate the property. If they do not leave voluntarily, the new homeowner can go to court and get a special order that requires them to leave by a specified date. If previous homeowners ignore this order and do not vacate the home, then the notice of eviction will be posted on the front door. Twenty-four hours after that, the sheriff will physically remove previous homeowners and their belongings from the property. It is important to note that a refusal to leave voluntarily may negatively affect the person’s credit report and ability to purchase any property in the future.

How to Avoid Foreclosure and Eviction

If you want to avoid eviction and keep your home, there are certain things you can do before it is too late.

Negotiate With Your Lender

Once you miss one of your monthly mortgage payments, contact your lender immediately in order to discuss repayment options. Most lenders will agree to negotiate and create a new payment plan because foreclosure is not beneficial for them either.

Apply for a Forbearance

A forbearance is an option that allows homeowners who are late on their mortgage to put their monthly payments on hold for a certain period of time. However, there is one thing to know about this option: you will owe the amount that is suspended at the end of the period.

Consider a Loan Modification

A loan modification allows you to modify the terms of your current loan. The purpose of this option is to help you make your monthly payments more affordable. One of the most common types of loan modification is an extension of the length of your mortgage loan, which allows you to lower your monthly payments.

Do a Short Sale

If you do not want to stay in your home, then conducting a short sale may be a good option. A short sale is when you sell your property for less than what you owe on it. The money you receive from selling your home goes to your lender, who will forgive you the remaining balance. However, it is important to know that a short sale requires approval from the lender first.

Apply for a Deed in Lieu

A deed in lieu is when you voluntarily transfer ownership of your home to the lender and are released from the mortgage obligation. However, it is a tricky option, and many lenders do not like it.

Sell Your House Fast to a Cash Buyer

There is another option that many homeowners do not know about — selling their property to a cash buyer or home investor. It is an effective option because it allows you to sell your home fast and for cash. In addition, you sell your home as-is, meaning that there is no need for repairs or renovations. This option is also much faster than the others. You are usually able to close the deal within two weeks.

If you own a home in Stockton, CA, or any other nearby area, and you are struggling with monthly payments, you should consider selling to Frank Buys Houses. We buy houses in any condition, in any location, and under any circumstances, and we pay you cash. Our mission is to make the home-selling process easy and enjoyable for our clients and allow them to avoid unpleasant situations like foreclosure and eviction. Feel free to contact us if you have any questions about our company or the process.