In average, how long can owners who don’t pay mortgage stay in their homes rent free?

Question by David: In average, how long can owners who don’t pay mortgage stay in their homes rent free?
I know one person who didn’t pay his mortgage for almost a year in Southern California and still hasn’t been evicted from his home.

Does that mean he can stay in his home rent free for at least few years?
And can he apply for a new mortgage in 7 years when his bad record gets cleared.

Best answer:

Answer by Steve D
Depends on the bank. Banks usually wait 6 months before beginning the foreclosure process. That process tends to take a month or two. Once that process is done, then the bank decides whether to list the house or sell it at auction. If they list the house, some banks let the person stay, some evict, some do a “cash for keys” offer. If the bank lists and doesn’t evict, that process can take anywhere for a few months to a year (depending on how well houses are selling, etc.). If the bank auctions off the house, the new owner will probably start eviction proceedings soon after the auction, which means the previous owner would have about a month.

There are stories of people staying in their house for two or three years after default.

He may be able to apply for a new mortgage two to three years after default.

What do you think? Answer below!

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