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How Long Do I Have?

How Long Do I Have?

From the time I stop paying my Mortgage to the time the bank is going to physically evict me, how long do I have?

Have I Long How

If you just stop paying your mortgage and do nothing you will have about six months, give or take before you get foreclosed on. You usually have to be about two or three months behind before you are in default. It depends on the terms of your mortgage, sometimes it can be a little longer. Then they have to send you a certified notice and give you time to "cure" the default by paying everything owed. This time frame is usually anywhere between 30 - 60 days. If you do not meet the deadline then either a foreclosure auction is scheduled or you are given a 30 - 60 day notice to vacate. If the auction is scheduled you still can save your home if you can pay all the arrears and added penalties before the auction date or vacate date. Depending upon where you live it you may even have more time.

If you are in default and do not have the means to cure it you may be better off to sell your home rather than have it foreclosed on.