Real Estate Q&A: My Home Is In Foreclosure, Do I Need to Move Out?Moving

 

Good question.  Many people who are facing foreclosure move out of their home long before the foreclosure sale date.  It may be a surprise to some, but your lien holder actually wants you to stay in the home.  The lien holder wants to mitigate or minimize their loss in the case of a foreclosure.  If you move out there is a greater chance for the home to be vandalized and therefore lose value.

If you are not able to come current on your loan, do a loan modificiation or a short sale, your home will likely be sold at the Public Trustee sale (in the state of Colorado).  You are the homeowner until that time and can remain in the home even if you are not making payments. 

If you have Real Estate Questions, The Foerster Team has the Answers.  Please call us at (720) 530-5554, email us at Donna@TheFoersterTeam.com or leave your question in the comments section below.  Who knows? Your question might be the topic of a future blog post! 


Real Estate Q&A: My Home Is In Foreclosure, Do I Need to Move Out?

 

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Donna Foerster

The Foerster Team

Rocky Mountain Real Estate Advisors

www.TheFoersterTeam.com

720-530-5554 (cell)

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Post is included in group: Advice for Sellers
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8 Comments on Real Estate Q&A: My Home Is In Foreclosure, Do I Need to Move Out?

JUN
10
2012
511,843 Points 2 Featured Posts

Very good post, we have people abandoning foreclosure homes.. Not good.  I will repost for more exposure.
12:03pm • #1
575,914 Points 22 Featured Posts Outside Blog Called Shot Master

Hi Diane~ I believe the homeowners are worried that they will be evicted prior to the sale date.  Thank you for reposting!
12:09pm • #2
JUN
11
2012
557,602 Points 31 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Hi Donna,

And in our State, you have a minimum of 21 days after the sale to move out, and if you are still there when the bank sends their agent, the bank will probably pay you several thousand dollars to move.

Phil
2:42am • #3
575,914 Points 22 Featured Posts Outside Blog Called Shot Master

Hi Phil~ I some cases, with some lenders, they will offer the homeowner money as well.
9:44am • #4
JUN
12
2012
1,542,874 Points 116 Featured Posts Localism Sponsor Outside Blog Called Shot Master

While the bank is not wild about folks staying without paying, they certainly don't want to see the home fall in complete and utter disrepair and neglect from being vacant.
10:34am • #5
575,914 Points 22 Featured Posts Outside Blog Called Shot Master

Chris Ann~ We recently had a short sale listing vandalized.  It's in a good neighborhood too.  We and the police suspect teenagers.  Houses that are vacant often look vacant and they attract possible trouble.
10:50am • #6
JAN
21
552,656 Points 9 Featured Posts Outside Blog Called Shot Master

Donna:

Sometimes the bank does not sell the home right away, so staying in the home is a good thing for the owner.  I love the graphic.  Where did you find it?  I see you are getting closer to 500,000.  I really slowed down after reaching 500,000.  Not as motivated as I was.  I need to create motivation to keep me blogging.  Take care.

 
3:31pm • #7
JAN
29
575,914 Points 22 Featured Posts Outside Blog Called Shot Master

Evelyn~ I'll be writing a more Q&A's to share with consumers.  I know they have good questions, and I want to be the one to provide the answers!

(Found the graphic on Microsoft Office.)

I am getting very close to the 500,000 point mark.  I'm a veteran of blogging now!
8:54pm • #8

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