Foreclosure. Just the word scares many of us. The legal process of a foreclosure is rather painless, ultimately. You will get notice from the court, and, eventually, notice of a sale date for the home.
We meet with people all the time who come in for a consultation and tell us they got the foreclosure notice and almost immediately moved out and are renting now. The truth is, in most circumstances, YOU CAN STAY IN YOUR HOME UNTIL THE SALE DATE. That’s right. You do not have to move right away. You still are the owner listed on the home until the home is sold at auction, or until you sign the deed over to someone else through the sale or otherwise.
There are many benefits of remaining in the home. You will not have a mortgage payment to make during the foreclosure process. You will not have to pay rent, because you are still the owner. You can continue to care for the exterior and interior of the home, keeping the lights on, mowing the grass, just to name a few things. And your neighbors will be appreciative to have you instead of an empty house.
If you choose to leave, you will need to be aware that while the house is still in your name, you could receive violations from the city or county for things such as un-mowed grass, for example. The violations cannot be added to your active bankruptcy case. Additionally, by moving, you will be committing yourself, potentially, to a rent payment that you did not have to be making quite yet.
There are reasons to stay or leave, but almost always, our advice is to stay. We can offer advice tailored to your situation if you contact our office today for a free consultation. Please call our office at 502-339-0222 to set up a free consultation with one of our experienced attorneys.
