How Long Is it Taking Mortgage Companies to Evict on Foreclosed Homes?

Eviction after foreclosure varys from state to state.

Right of Redemption

Some states including California and Florida offer homeowners a right of redemption that can vary from six months to one year after the foreclosure. During this time the homeowner can live in the property and is expected to pay the mortgage company the balance of the loan and any other applicable court fees by the end of the redemption period in order to redeem all rights to the property. If she does not, she can be evicted.

However, in most states a right of redemption clause is not applicable. In Massachusetts, for example, the mortgage company can complete the eviction process in a few short weeks.

Cash for Keys

In states like Washington, mortgage companies might offer a tenant living in a foreclosed home cash for keys. This program is a settlement offer between the mortgage company and the tenant to move out in 90 days in exchange for a small settlement amount.

Bottom Line

According to Mortgage Fit, the laws regarding how quickly a lender can evict a tenant or resident will vary from one state to another. The average time an eviction will take is 10 days to two weeks. Once the notice of eviction is posted, failure to comply will result in all personal belongings being removed from the property and the residents removed by force, if necessary.

References

• Debt Work Out: Foreclosure FAQ
• Reuters: Cash for Keys
• Mortgage Fit: Foreclosure eviction - When do you have to move out?