Home Buddies - Houston Credit Repair Coach for Investors and Homeowners

“My Home Has Foreclosed, Now What?”

For some homeowners, the worst has happened. They were not able, or did not attempt, to stop their home from being foreclosed on! This now creates a huge negative impact on all of their future endeavors emotionally and financially for quite a period of time to come, because this has now greatly affected their credit as well.

Going through the actual foreclosure process from the date of your foreclosure sale date notice, to the actual auction sale date, can be from 21 days to 9 months (depending on the state you live in) before you are ordered to move out of your home. If you really are not going to be able to keep your home, you should already be making plans financially and physically for a place to move to.

You didn’t get your foreclosure stopped, and the eviction process is starting. So now someone is delivering a notice to your property, which is telling you how much time you have to vacate the property (usually about 30 days, but in some cases it is more like only 2 weeks!) and remove all of your property in the house. Remember, the new owner, even if it is just your lender that bought back the property, now has the right to possession of the property! Let’s hope that you already have a place to move to.

What if you’re not ready to leave the property in time? Be warned – some Sheriffs do actually enter the property and go as far as to remove all of your items to the front lawn! Some damage may even be caused to your goods. And you may forcefully be evicted.

If you live in a state that has foreclosure laws that have a redemption period, you may be given some extra time after the foreclosure sale to pay back the whole amount of the mortgage and get back your property. However,  this is usually a rare possibility since most homeowners don’t have that amount of finances available to them. At least the redemption period gives some homeowners the chance to do so, or sell the property. And you definitely could use that time to save up money, pay off other debts, etc.

But , unfortunately, if your home ends up at the actual foreclosure auction sale, there is little chance for you to save it at that time. Some lenders may be willing to postpone the foreclosure sale or even accept a short sale, but once the foreclosure process is over the devastating eviction process begins.
Be sure to check with your state’s eviction laws and know your rights fully.

Now you may be asking, “what items can I actually keep and take with me when I vacate the property, and what happens to the mortgage debt?

Be sure to look for those answers in articles to come.

Good Luck.

Barbara Partaka
Home Buddies