If my home is in foreclosure, how long am I responsible for it?
Question:
Answer:
If you no longer live there you are responsible for any cost accrued, ie municipal citations for uncut lawns etc. you don't have to pay it directly but the cost will just be added into your deficiency balance and add to how much you may owe the lender after they sellyour home at a lower cost.
If you don't live there, you should see if any local investors who advertsie "we buy houses" might be interested in taking over the home for you. Sometimes they will bring the mortgage current give you some small amount of money [maybe]and ask for some type of deed in return.
This is the time to seek a buyer for the property, quick sale if possible, meaning cash buyer. Even ask a realtor to list it in the MLS if you haven't done so. You have nothing to loose if you do.
All the best.
Edit: essentially you are responsible for everything associated with the house [liens, taxes, insurance] until the title transfers to the lender at the court hearing.
Be sure the water is off, and the other utilities. You will be held personally accountable for those, unless included in the BK.
Even though your home is in foreclosure and you no longer live there, you are resposible for the home until you hand the keys to the lender.
If you are going to let the house go back and you are already moved out, you not responsible for it anymore. As a courtesy you should let the lender know that you are gone and they can take back possession of the house.
You are still responsible for the house until it is sold for auction. If it is being foreclosed on. You can let the utilities go, not mow the grass, whatever. Your best bet is to sit down, decide what do I owe. how much is this house worth, can I get what I owe out of this? If so, sell it for what you owe get out, save your credit. If not find an Investor who has the money to bring it up to par and sale to them.
If you are in chapter 13, you should have an attorney filing for you whom you can ask.
If you're doing your own filing, ask the court clerk. Rules may vary from one city and state to another.
no you don't have to pay insurance anymore ..
nope on the grass, utility bills no no no .. that's the thing about foreclosures, you get to live rent free until you move out ...
It's looks like you are going to have to file for chapter 7 next so they could remove all of your debts, and start fresh in seven years when it will be removed from your credit.
It may not be best thing for somebody to do, but unfortunately it's the only solution people are left with.
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