Agent, Boonton Township, NJ
Once the bank takes possession, they will likely offer you cash for keys within a couple of weeks. They will offer you money to move within a certain time frame. Once you've moved and left the property in broom swept condition, no garbage, no furniture left behind and the stove is still in place they will hand you a check. You do have the right to stay and pay rent to the bank, but you will have to agree to real estate showings once they put it on the market. If you stay and don't pay rent, you will be evicted through the courts. 6 months or so, depending on your court system.