Foreclosure how long till i hit the pavement?
Answer:
My husband and I had our house foreclosed on 18 mos ago. We live in Michigan and had 6 months from the date of sale, called a redemption period, before we had to vacate the property. Look in the offical notice from the mortgage company or in the legal notice, it will tell you in there. Our said something to this effect from the notice of default sale: Buyer can take possession 6 months from date of sale unless otherwise deemed abandoned. there is other legal speak in there which basically says that you have that 6 months to redeemed the poperty by getting another mortage and buying it back. My parents did that in the late 80's, but it was their parents who bought it back and my parents then made the payments.
You need to be out no later than the day of the forced sale. In Indiana with the foreclosure rate being so high, i know of 2 couples who had almost another year in their houses before the sale was scheduled and they had to move. This gave them time to bank money and make moving arrangements.
I stayed for a year in my house after the foreclosure notice and didn't make any payments. This was in Florida. I don't know about Louisiana.
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