Posts
Stay or go? How do I know?
Q: I am behind on my mortgage and while I would like to keep my home I can’t possibly see any way for me to make the payments since my interest rate jumped and my payments skyrocketed. The person at the bank “implied” I should just go ahead and move if I can’t make my payments. A couple of friends are also encouraging me to move now. I am not sure who to listen to. When is the best time to move if you are facing foreclosure?
A: Listen to me. First, please understand that you have the ‘Right of Possession” of your home until either, you voluntarily relinquish it (see abandonment—Jan 24) or that right has been severed. Depending on the foreclosure statues in your states usually you have the right of possession until the sheriff’s sale. Even though you are not making payments, the lender must still adhere to the guidelines in your mortgage note or deed of trust—in compliance with applicable state laws—before you can be forced from your home. Don’t speed the process up by vacating when you are not required to. You still need to use common sense—if the foreclosure has already occurred and you expect the sheriff’s auction, followed for forceful eviction to occur in February in Connecticut you might want to move in November.
In my personal situation back in 1991, I moved out on a Monday in March–BEFORE the sheriff’s sale, which was scheduled for that Saturday. My now ex-husband did some fancy lying and got the sheriff’s sale postponed—until July. There are two ways to look at this: I avoided the humiliation of being there at the time of the sale for myself and my kids but I also incurred housing expenses several months before I would have HAD to do so. You will have to make a judgment call, based on your personal situation.
Perhaps your situation will change—prior to the actual auction. The new administration may implement some guidelines which make your situation workable, there could be a moratorium of either foreclosures or auctions in your area—any number of things could change the situation for the better. Make an informed decision about what works best for you. I’m rooting for you.
Bottom line is, you have the right of possession until the fat lady sings. In foreclosure issues the FAT LADY is the sheriff’s sale.
© Copyright 2009, Home Ownership Matters, LLC. All rights Reserved. "Answer Book in a Foreclosure Climate" by Mildred Wilkins, available in 2009 from www.DovePublishingHouse.com.
(Please e-mail Heather at homeownershipmatters@gmail.com with any questions, comments, or concerns you might have. We appreciate all feedback, comments, and especially your questions. Don't be shy!)
Q: I am behind on my mortgage and while I would like to keep my home I can’t possibly see any way for me to make the payments since my interest rate jumped and my payments skyrocketed. The person at the bank “implied” I should just go ahead and move if I can’t make my payments. A couple of friends are also encouraging me to move now. I am not sure who to listen to. When is the best time to move if you are facing foreclosure?
A: Listen to me. First, please understand that you have the ‘Right of Possession” of your home until either, you voluntarily relinquish it (see abandonment—Jan 24) or that right has been severed. Depending on the foreclosure statues in your states usually you have the right of possession until the sheriff’s sale. Even though you are not making payments, the lender must still adhere to the guidelines in your mortgage note or deed of trust—in compliance with applicable state laws—before you can be forced from your home. Don’t speed the process up by vacating when you are not required to. You still need to use common sense—if the foreclosure has already occurred and you expect the sheriff’s auction, followed for forceful eviction to occur in February in Connecticut you might want to move in November.
In my personal situation back in 1991, I moved out on a Monday in March–BEFORE the sheriff’s sale, which was scheduled for that Saturday. My now ex-husband did some fancy lying and got the sheriff’s sale postponed—until July. There are two ways to look at this: I avoided the humiliation of being there at the time of the sale for myself and my kids but I also incurred housing expenses several months before I would have HAD to do so. You will have to make a judgment call, based on your personal situation.
Perhaps your situation will change—prior to the actual auction. The new administration may implement some guidelines which make your situation workable, there could be a moratorium of either foreclosures or auctions in your area—any number of things could change the situation for the better. Make an informed decision about what works best for you. I’m rooting for you.
Bottom line is, you have the right of possession until the fat lady sings. In foreclosure issues the FAT LADY is the sheriff’s sale.
© Copyright 2009, Home Ownership Matters, LLC. All rights Reserved. "Answer Book in a Foreclosure Climate" by Mildred Wilkins, available in 2009 from www.DovePublishingHouse.com.
(Please e-mail Heather at homeownershipmatters@gmail.com with any questions, comments, or concerns you might have. We appreciate all feedback, comments, and especially your questions. Don't be shy!)
No comments:
Post a Comment