Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
How long can you live in a house going through foreclosure?
There is a house in our neighborhood that was for sale for about a year, and the listing changed a while ago to Lis Pendens/Foreclosure (description says that it's starting the foreclosure process because the the loan is in default).
It's been this way for a few months and the people are still living there. How long can they live there? I have no idea how foreclosures work...
Re: How long can you live in a house going through foreclosure?
This is from foreclosure.com:
How long does it take to foreclose a property in Pennsylvania?
Depending on the court schedule, it usually takes approximately 120 days or more to effectuate an uncontested foreclosure. This process may be delayed if the borrower contests the action, seeks delays and adjournments of hearings, or files forbankruptcy. Adefendant has 20 days in which to file ananswer to aforeclosure complaint otherwise default will be entered. The defaulting borrower must be given at least 10 days notice before default is entered and there must be a 30 day notice before a foreclosure sale can take place by the Sheriff. There are twopre-foreclosure notice requirements which are specific to Pennsylvania. An Act 6 notice (Required to be sent by certified Mail) requires a notice of intention to foreclose to be sent within 60 days of a default occurring. The borrower will usually then have 30 days in which to set up a payment plan or cure any default during this time frame. An Act 91 notice (Required to be sent by regular mail with certificate of mailing) relates to a mortgage default where the borrower is advised there may be assistance available in the form of a HEMAP (Homeowners Emergency Mortgage Assistance Program) loan to cure the existing default. Act 6 and Act 91 notices have different applications to various government guaranteed loans. FHA loans under $50K in default usually require Act 6 notice and VA/Conventional loans under $50K require Act 91 notices.
It depends on how fast the bank moves, and how fast the court moves. If there are a lot of foreclosures on the docket, the process might take a lot longer. There isn't really a set time frame. Most banks don't foreclose until you miss several payments, so maybe what was going on there was that the homeowners knew they were in trouble, tried to sell and couldn't, and then just stopped paying and let it foreclose.