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Foreclosure to Move Out
  • Finance

How Long Do You Have After Foreclosure to Move Out?

  • August 18, 2020
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Buying a home for the first time is a part of the American dream. Buying a house enables you to build equity, credit, and more. When you aren’t able to make these important mortgage payments, however, your bank can foreclose on your home.

The threat of foreclosure has been growing in light of the recent COVID-19 pandemic. As people are laid off from work or become too sick to pay the bills, debt relief might not be in the cards. While engaging in the bankruptcy process might help for a little while, foreclosure can occur when anyone experiences overwhelming debt. This is when relying on a bankruptcy attorney in Louisville KY can help you improve your financial situation.

Here’s what you should know about surviving a foreclosure.

How long do you have to move out?

When your home goes into foreclosure in California, for example, law firms and debt collectors give you 20 days before the home goes up for sale. Keep in mind that this number will vary depending on where you live in the United States. More often than not, you will have about four months to move out. Should your foreclosed home be sold to a new buyer, however, the new homeowner can choose to evict you through a court order. In this case, the judge on the case will give you anywhere from 3 to 30 days for you to move out.

In Kentucky, a mortgage company can evict you from the premises in as little as 90 days if you don’t file for a proper answer to your notice of foreclosure. If you do choose to file an answer with the help of a law firm, however, you can extend this length of time to six months or longer. In this period, you can start looking for ways to help your financial problems, like consulting a bankruptcy lawyer for debt relief.

What to do when you’ve been evicted.

When you’re evicted, the only thing you can do is find a new place to live. Most debtors recommend selling any items that you can to start with working capital. Then, you can work on finding a new home. Keep in mind that this doesn’t need to be a permanent dwelling. Even living with a friend for a while can help you turn a hard situation into a good one. But the best way to get back on your feet is by looking for temporary lodgings.

When you have saved up enough money, you might want to start looking into rentals or other homes you can buy. A log cabin for sale can be more affordable than buying a new home outright, especially if you find one with the best interest rates around. You will have to work with creditors to improve your credit score before filing since the first step to buying a home is a credit check.

A log cabin can give you the fresh start that you have been looking for. Traditional real estate listings might make you think of the home that you lost, but a scenic mountain cabin with a view can help shift things into perspective. Remember that the entire process of buying a log cabin will take a little while, so you might want to stay in your temporary dwelling until then.

Coping with a foreclosure can be hard, but that doesn’t mean you won’t be able to buy a home again. Once you’ve consulted with debt relief agencies about your bankruptcy case, you can start looking for ways to improve your credit report and invest in estate planning. Rely on these tips when you want to turn your foreclosed home into an opportunity.

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