- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (6)
- Marki Lemons-Ryhal, "Marki_Lemons"
- Contributions:8
If the notice of default was just filed yesterday you can stay in your home rent free until after the sheriff sale. Illinois is an intermediate mortgage theory state which mean that the deed is in your name and you have the right to possess the property until the deed is conveyed back to the lender through a judicial deed. The redemption time in Illinois is seven months however, we have seen numerous delays. Once the bank has the deed there is only a handful of banks who would be willing to rent the property back to the previous owner. I recommend you give your bank a call to discuss your options.
- George Slowinski, "gslow1"
- Contributions:561
You should be seeking advise from a Realtor to see if you can short sale your home. This will help you in the future with your credit which will help you get back into the game!
- Matt Laricy, "Matt Laricy"
- Contributions:1621
They typically don't do this although I have heard of some banks that had some programs. Regardless, you have until they literally kick you out so for now it's not costing you anything. I am sorry to hear about this loss. I wish you and your family the best.
- Philip Sencer, "Philip_Chicago"
- Contributions:551
It sounds like the bank is just beginning the foreclosure process. If so then you are living for free. Don't worry about it. The foreclosure process can take about 1 year depending on the bank. All that time you are living free. It happens all the time. Once the process is complete you will receive a notice that the bank has ownership and you will have to leave, but you will receive notices from the bank periodically regarding the various stages of the process/court dates etc.
You may even get an eviction notice from the sheriff after the bank takes over. The eviction process can take a couple of months if you want to drag it out so do not worry about getting thrown out fast.
You may even get an eviction notice from the sheriff after the bank takes over. The eviction process can take a couple of months if you want to drag it out so do not worry about getting thrown out fast.
- wetdawgs
- Contributions:26854
Does the notice of foreclosure include a notice of eviction? If not, you can probably squat in what was your home until the sheriff's sale. But, be prepared to move on a moment's notice.
Hi Kami,
Sorry for the loss of your home to foreclosure.
It is actually considered a conflict of interest for the banks to rent or sell back to people who have lost their homes to foreclosure and they will not do so under any circumstances. It opens them up to potential mortgage fraud situations.
Even though they will be taking the home back, spending hundreds of thousands to do so, re-listing it for sale for less than what was owed, and losing a ton of money every time-- they will not do so.
The silver lining may be that you can find great houses for rent and very reasonable prices these days.
Good luck in your search for a new home.
Sorry for the loss of your home to foreclosure.
It is actually considered a conflict of interest for the banks to rent or sell back to people who have lost their homes to foreclosure and they will not do so under any circumstances. It opens them up to potential mortgage fraud situations.
Even though they will be taking the home back, spending hundreds of thousands to do so, re-listing it for sale for less than what was owed, and losing a ton of money every time-- they will not do so.
The silver lining may be that you can find great houses for rent and very reasonable prices these days.
Good luck in your search for a new home.
cant I rent from my bank after my foreclosure notice
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.