In Mass there is no redemption period therefore it will be just a matter of how long it takes the trustee to file the papers and transfer title to the bank or the successful bidder at the auction. In most cases the bank takes the property if they do you may have some time, many banks would rather you occupy the home until they sell it. I have seen cases where it takes the bank anywhere from 12 to 24 months to sell and ask the original owner to move out. Some banks do "cash for keys" because they would rather have you move out peacefully with no damage to the home. I would monitor the auction and contact whom ever is the successful bidder to ask them.
Why are you giving up on saving your home?, there are programs out there to help distressed homeowners, the government has mandated banks to work with distressed homeowners and the bank really does not want to foreclose, they just like to play hard ball thinking you will find a way to pay them. Get proactive, call the bank, tell them you want to work things out, I know it is time consuming and difficult dealing with them but foreclosure is a life changing event and you do not want to go there.
Ramifications of Foreclosure, Short Sale or Deed-in-lieu-of-foreclosure
Here are some of the ramifications of foreclosure, short sale or deed-in-lieu-of-foreclosure, there are many more like your job, yes employers are checking credit records these days.
Your credit score will be reduced by 200-400 points, short sale a little less 100-200 points.
All forms of foreclosure stay on your credit report for 10 years.
After you have gone through foreclosure, short sale or deed-in-lieu-of-foreclosure there will be what is known as the "waiting period", this period of time varies for each and can be reduced if you had some type of extenuating circumstances that caused the foreclosure:
Waiting Periods to Buy After Foreclosure
* Buying After a Foreclosure
The waiting period is 5 years up to 7 years.
* Buying After a Foreclosure with Extenuating Circumstances
The waiting period is 3 years up to 7 years.
* Buying After a Deed-in-Lieu of Foreclosure
The waiting period is 4 years up to 7 years.
* Buying After a Deed-in-Lieu of Foreclosure with Extenuating Circumstances
The waiting period is 2 years up to 7 years.
* Buying After a Short Sale
The waiting period was just upped from 2 to 3 years. However, if a seller does not have a 60-day late pay, that seller may immediately buy another home. It's a reason to stay current on your payments while the home is on the market as a short sale.
In addition to the waiting period, most loans require a minimum down payment of 10% and a minimum FICO score of 680. The home purchase must also be the principal place of residence, not a rental nor a vacation home.
Lastly, most loan applications will ask the dreaded question "Have you ever been foreclosed on?" this stays with you for life, many think that because it will not show up on the credit report after 10 years they can answer "no", well lying on a loan application is a felony that carries a major jail term, so be aware.... more