Most homeowners think after the foreclosure process all that is left is for them to pack up and go.
Surprisingly, this is not always the case.
In some states, the homeowner can actually redeem their home during the redemption period.
Depending on the state you are in, this redemption period may last anywhere between a couple of days and one month.
If circumstances work with you, you can even enjoy more time.
But you have to realize that conditions and requirements are strict and you must work hard to comply or meet each one.
For starters, since the foreclosure process started with your nonpayment of mortgage dues, you will need to settle all your mortgage obligations.
If the property has been sold already in the foreclosure auction, the lender would simply refund the money.
So, in states with redemption period, it is wise to take advantage of such opportunity.
On the other hand, in states which do not have this redemption period, the homeowners can still choose to, until the end of the process, negotiate with the lender for a loan modification.
They can also stop foreclosure by looking into alternatives, such as deed in lieu of foreclosure or even a short sale.
Of course, the worst case scenario would involve losing their homes and moving out.
If you think this is inevitable in your case, then you should start looking for a new home to move into.
It will help you keep your mind off your situation and allow you to take the very first steps to recovering from such an unfortunate event in your life.