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At What Point Can You No Longer Save A Home From Foreclosure?

by Bill K.
(Lafayette, CA)

Hi Foreclosure Prevention team,

We have been going through foreclosure for a few months now. It's been some really tough times lately, but we are TRYING to stay tough.

For a bit of perspective, I'm wondering, when should we give up, if ever? How long can we stay at our home, and when should we truly give up?


Response from Stopping Foreclosure Team:

Hi Bill,

Please accept our sympathies for your current situation. It's been tough for a lot of folks, especially during this recession.

Your query is a question that a lot of homeowners are finding themselves asking. You want to try to save your home until the very end, but you also do not want to be unprepared to move should you end up with an eviction notice.

If and when you finally realize that there is no possible way to come up with the sum of money required by the mortgage company to stop the foreclosure, you want to start planning how to move on from here. However, this does not mean that you have to move out right away.

In fact, if you are going to be staying local because of school district options, then you might as well stay in your home for as long as you can. Since you are not paying the lender anything, you will be able to save money. Save everything that you can.

As it gets closer to the foreclosure auction, you might want to start looking for a place to rent. Even once the auction comes and goes, you might still have a little time because the new owner will have to serve you with an eviction notice.

There is a chance that the home will not even sell at auction, depending on the current state of the housing market. Some homes have to sit through two or three auctions before they are sold to the highest bidder. In the mean time, you do not have to go anywhere.

When or if you plan on looking for a place to rent, make sure that you are willing to explain what it was that caused you the financial hardship, if the landlord seeks credit reviews.

Be prepared to show proof of income, to provide references and to explain how your hardship is now over. Since you are by far, not the only one facing such a situation, there are many landlords that are willing to over look the foreclosure marks on your credit report.

I hope this gets you started on a clear path.

With best wishes,
Laura
Stopping your Foreclosure Team

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