Many homeowners do not understand the foreclosure process and how it works. A recent story I heard illustrates this. A homeowner's lender told them that a foreclosure auction date had been scheduled for their home and that they should move out. The homeowners moved out a few weeks later. Three years later they notified of a lawsuit against them. Someone had tripped on their sidewalk and hurt themselves. They were suing the homeowner because they were still the owner of the home.
"You can't sue me! I don't even own that home anymore," the homeowners told them. They did some research and found out that they were still the owner of the home. It turns out that for whatever reason the foreclosure auction on their home had been canceled. Now, three years later they still own the home and are being sued as a result! Did the person at the bank lie to them? No one knows for sure.
The lesson of this story is that you should check the court records before moving out of your house or deciding that a short sale is not for you. Most short sale agents understand how to look up these records. They can tell you about the foreclosure case and whether or not you have enough time to attempt a short sale.
The other lesson is that you should never move out of your house until after the foreclosure auction has been completed. Most banks will even give you cash to move out after the foreclosure has completed. They know that an eviction is expensive and can take a long time.They know that giving someone $1,500 to move out is less expensive than paying $800 to file an eviction and waiting 2-3 months for an eviction to be approved.
"You can't sue me! I don't even own that home anymore," the homeowners told them. They did some research and found out that they were still the owner of the home. It turns out that for whatever reason the foreclosure auction on their home had been canceled. Now, three years later they still own the home and are being sued as a result! Did the person at the bank lie to them? No one knows for sure.
The lesson of this story is that you should check the court records before moving out of your house or deciding that a short sale is not for you. Most short sale agents understand how to look up these records. They can tell you about the foreclosure case and whether or not you have enough time to attempt a short sale.
The other lesson is that you should never move out of your house until after the foreclosure auction has been completed. Most banks will even give you cash to move out after the foreclosure has completed. They know that an eviction is expensive and can take a long time.They know that giving someone $1,500 to move out is less expensive than paying $800 to file an eviction and waiting 2-3 months for an eviction to be approved.
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