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The bank is very understanding and flexible and will work with the family to allow them time to sell or refinance.
Does the loan balance exceed the current market value of the house?
Good answers below but I think the best answer is the one that you will get by calling the customer service department of the lender who holds the mortgage.
Also, if you have the loan documents from when the loan was established you should be able to find the answer to your questions.
The terms of your move would be dictated by the contract that was used to sell the house so you would need to contact the listing agent or the person representing the bank to determine what was agreed to when the person selling the home entered into the contract of sale
Should you have further questions or concerns please don't hesitate to contact me or a real estate attorney to determine your rights as the occupant.