Can I Stay in My Home If Foreclosed On?

How to face foreclosure?

gsrIf you didn’t do anything to avoid your home foreclosure process for any reason or you didn’t find a way to evade it through loan modification help, the foreclosure proceedings will move according to your creditor’s and the state’s schedule and plan. It is important to know that you don’t need to leave your home just because the foreclosure proceeding is on. In many states, you’ll have the capacity to remain in your home to fight against the proceeding and stick around long enough to make plans, save, and even get your home back. So, can you stay in your home while the home abandonment proceeding is on?

Here is an example of David and Jenny to make it clear for you.

Case: David and Jenny cannot afford to pay the scheduled $3000 payment installments for the first three month mortgage payment and thus they have to release their home. They checked out their state’s dispossession laws to find out how much time they have. They discovered that they can stay for three months without making installments or check the loan modification options available before getting what’s known as a notice of default in their state. This notice can give them extra three months to make things right. In the event that they don’t, they will have an additional 30 days’ notice before the house is sold. They can petition for Chapter 7 liquidation and defer the deal by three more months. Liquidation can likewise give them the chance to leave without owing to the creditor anything. After the abandonment deal, they’ll have the capacity to remain in the house for a few months.

After the evasive techniques, they will have no less than a year of living in the house without making installments. And in case they can save $2,000 a month, they will have $25,000 in the bank when they will set out to look for a new home.

So as you can see, it is possible to stay in your home while the foreclosure proceeding is on. This way, you can have ample time to save and eventually use the money for a new home or even settle your debt.

Foreclosure proceeding is an awful experience. In order to get rid of the stress and other related ailments, visit today!