Once my home is foreclosed on, how long can I stay in my home after the foreclosure process has started? Once the foreclosure process has started, you have several options. You can try to get your home out of foreclosure by catching the mortgage up and bringing it current. You can request a forbearance or a loan modification on your mortgage. You can look into filing for bankruptcy, which will delay the foreclosure process for about 30 days and possibly create a repayment plan. You can try to refinance your home if you have enough equity in the home. You can try selling your home and if you are unable to get enough money for the home to cover the amount you owe, then you can request a short sale from your lender, which they may or may not approve. You can also try a deed in lieu of foreclosure, which is where you give the home back.
In an effort to keep you from completely destroying your home as you are being foreclosed and evicted, some bank managers will offer a " cash for keys " agreement where they will pay you a specified amount (sometimes around $1000) to leave the property within 2 days and to leave it in as-is condition. If you are only days from auction the cash could help you get a new start by helping with deposits and first month's rent at your next residence.
If you are still occupying the home after the foreclosure sale the new owner will begin the eviction process. You will receive a legal notice to leave the premises within 72 hours. If you fail to leave the new owner must bring the case before a court. If the court orders eviction they will issue a date that you must move out. The new owner can issue an execution of eviction which gives you 48 hours from the court ordered date. The sheriff can then physically remove you and place any items in the house into storage.
To avoid more emotional stress and embarrassment it is best to vacate the property a day or so before the auction. Many people have a hard time accepting the fact that they lost their home and will make the situation harder on themselves by staying in the home as long as possible.