As a homeowner, you have rights during the foreclosure process, but those homeowner's rights can vary a great deal depending on your state and situation. Your rights during a redemption period can also vary depending on the state where you live, whether you stay in the home or abandon it, and even the size of the parcel of land on which your home sits.
You should ask questions of someone in your area who can answer them, preferably an attorney who has experience in foreclosure law. Here are some examples of questions you may want to have answered:
- Does my area have a redemption period? If so, how long is it? Ask your attorney to explain any specifics.
- How long after the sale do I have to move? If you live in an area with no redemption, can the buyer kick you out the next day, or do you have some time to move your belongings?
- How does the bank have to notify me of the pending foreclosure? If the bank fails to notify you in the proper way, you may be able to file a suit to buy yourself some more time.