Foreclosure Question?

Question:

I was transferred for work and my old house has not sold for over a year. We are going through foreclosure. The court date has already come and gone, giving the title to the mortgage company. The sale date is set for May 16th. Here is my question. Is the property techincally the mortgage companies now even though the sale hasn't happened? Can I turn off utilities now? When is my name officially off the mortgage? Thanks

Answer:
The abilty to turn on and off utilities is not depdendent on the name on the mortgage (although if you rent, you may be asked for a desposit)

If the mortgage company/lender has officially foreclosed and the house hit the auction steps, you no longer own the house and technically, the house is no longer yours.

Depending on the state you live in, the house may not have really been yours to begin with, even though you had a mortgage.

The property was technically theirs all along. Yes you can shut off utilities, and your name will be off when it is sold at auction.

You can definitely turn off the utilities, you do not have to notify the mortgage co., though you can and they would appreciate the call...

As an agent who deals with many REO properties, I applaud your conscientiousness in this difficult time.

Technically you are the owner until the 16th of May. Damage that happens to a vacant property can reduce the value. That might cause the lender to come after you later if they do not get enough from the sale. Not all lenders will.

If you don't live in the house now you might go by or have someone go over there. They have probably already hired someone to winterize the house. They often make inspections to determine if the house is vacant.

Foreclosure Question?

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