When homeowners buy property but can’t keep up with the monthly mortgage payments, they can run the risk of foreclosing. Foreclosures are an overwhelming and often daunting process and can leave homeowners confused and stressed about where they stand and how to proceed. To provide some helpful insight into this process, the real estate agents at Extreme Realty in the Bronx, NY, share what to do when the bank forecloses on your home.
Homeowner’s Guide to Approaching a Foreclosure
Stay Put Temporarily
When you’re behind in payments or foreclosure proceedings have started, you won’t have to leave the home immediately. The time you have left can depend on a number of factors, including whether it’s a judicial or nonjudicial foreclosure, whether you can participate in foreclosure mediation, and whether you can still remain in the home after the post-sale redemption period. Regardless of how much time you have left in the home, use that remaining time to your advantage by saving the money that you’re not putting toward the mortgage. This can be highly advantageous if you buy property down the road.
Have an Exit Plan in Place
While you should stay as long as possible, your status as homeowner is only temporary in the case of a foreclosure, so you want to have an exit plan in place. Once the home is publicly auctioned off and sold to the highest bidder, the new buyers will receive a trustee’s deed and you’ll be served with a three-day written notice to move out. You’ll want to have a place lined up in advance, even if it means moving back in with family temporarily until you’re ready to buy property again.
Get Help From a Foreclosure Attorney
If you have any questions regarding the foreclosure or how long you can stay in the home, reach out to a foreclosure attorney. This individual will help you understand the often complicated court rules and filing procedures. They will also defend you in court, if need be.
Whether you’re in the market to buy property or preparing to sell a house, put your trust in Extreme Realty in the Bronx. With over 20 years of industry experience, this real estate brokerage firm has helped clients with everything from buying and selling both residential and commercial property. To speak with an experienced real estate broker, call (718) 515-3400. Visit their website for more information about their services.