Legal Question in Real Estate Law in California

Re: how much time do I have

How much time would; you like. Call me, you have a lot of rights and possible remedies.

Re: how much time do I have

If you stay beyond foreclosure, the new owner eventually might serve you with a 3-day notice to quit. (You might try to work out a rental agreement for a couple of months.) If you're not out after 3 days, then the owner eventually might file an unlawful detainer lawsuit. After you are served, then you have 5 days to answer. Depending on where you live, a trial could be held within 2-3 weeks, and the sheriff/marshall might take a week to evict you.

Some people file a Chapter 7 bankruptcy immediately before foreclosure. But that only stalls things for a few days. The lender then asks the bankruptcy court for relief, and will certainly obtain it, all within a couple of weeks, and will then proceed with the foreclosure.

Re: how much time do I have

I agree with Mr. Cohen's analysis and time line. There are a few other possibilities. One is to pay the amount due (in arrears) on the loan to reinstate it and cure the default, even if you will inevitably slip back into default again. That would buy you four to six months.

Another is to negotiate with the lender for a postponement of the sale date. A lot of foreclosure sales get postponed anyway, sometimes because the lender and its foreclosure agents are just too busy these days. Sometimes they wait in the hope of a better market (although summer is a preferred time for foreclosure sales).

Keep in mind that many buyers at foreclosure, sometimes even the foreclosing lender when it is the buyer, are not looking for a vacant property and would consider renting to the former owner. They would probably want a large deposit.