Your lender has started the mortgage foreclosure process and the likelihood of losing your home and being out on the streets is looming very large in your future. You may be wondering just how long you can stay in your house. Your continued occupancy depends on many things. First thing to check is what the state eviction laws say. This will vary from state to state, but you will need to know what kind of time frame you are facing.

Your lender will also have much to do with the amount of time that they will allow you to maintain residence. They may be overwhelmed with foreclosure homes and it may be possible for you to arrange a reasonable rent on the property while the foreclosure is being processed. Most lenders would rather have someone taking care of the property instead of leaving it sit open to the elements.

However, if the value of your home has increased in market value because of location, or even possibly by improvements that you have made, the lender may be more inclined to rush through the mortgage foreclosure process, thinking that they may be able to resell it quickly, at a profit. If there are many homes in your area that have the same value, and have remained unsold, your lender is less likely to hurry the process.

Once the process starts, you may be able to save your house if you are able to arrange financing with another lender to purchase it from your current note holder. The amount of time that you have to arrange this varies state by state, so check the local laws. If, you are willing to put up a fight, you may be able to stay in your home for many years after the mortgage foreclosure process starts. So, do some research and look for the ways that you can delay the process. Seek help with professional financial advisers and seek advice and quotes from other lenders. All said, exhaust all your options before you give in to foreclosure. The government has introduced some loan modification programs and it may be that you will qualify for one of these programs. Seek help and you may be able to retain your home or at least delay the process long enough that you will have enough time to find another residence.