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The lender will have to go through the foreclosure process, which will take approximately 4 months.
If he's not out by the foreclosure sale, the new owner would have to file an eviction case against him, which would take another 30-60 days.
As for you, you've got the right to live there until the foreclosure sale is complete. At that point, the new owner would have to give you at least 10 days to vacate, and if you weren't out, yo could also be evicted.