When Eviction Follows Foreclosure

Losing your home can be one of the most painful things that a person can experience in his life. People who go through foreclosures feel despair and stress but it is not until the eviction period that most of them finally feel the gravity of the situation. If you find yourself in such crisis, here are some pieces of information to help you go through it.

Redemption Period

After foreclosure, it is crucial to know that there is an allotted time mandated by the foreclosure law to allow people to arrange funds in order for them to be able to buy the house back from the party who bought during the process of foreclosure. This time allotment is called redemption period. Redemption period varies per state in terms of length of duration. Some states, though, do not grant this period. In Alabama, Alaska, Arkansas, California, Idaho, Kansas, Kentucky, Missouri, and Wisconsin, the period is up to 1 year. In some states like New Jersey (10 days);  Arizona (30-180 days); Michigan, New Mexico (30 days); Illinois, Maine (3 months); Minnesota, Oregon (6 months); North Dakota and Vermont (6 months to 1 year) redemption period is much shorter. The redemption period in Connecticut, Maryland, Utah is defined by the Court Decree. Use this period to get your home back.

Don’t Wait for Eviction

While some people think it is all right to stay in the foreclosed property until they are evicted, the truth is, this will only cause you to be blacklisted. This can also look bad on your personal background and credit history. If you were not able to make amends during your redemption period, move out from the property peacefully.

Get Back on your Feet

Once you have moved out, what you should do is to get back on your feet by rebuilding your assets, investing money properly, handling your finances more effectively, and improving your credit rating. This way, you will be able to take out a mortgage in the future to purchase a new home. The process will not be easy but with determination and strength, you will be able to surpass this predicament.

Getting Legal Assistance

If you feel that your rights were violated during the foreclosure or eviction process, do not hesitate to approach a competent lawyer. He/she will assist you during this trying time to ensure that your rights and interests are well protected. Your attorney will also give invaluable advice on how you can rebuild your tarnished credit rating.