As the saying goes, you win some and you lose some. In the case of a foreclosure lawsuit, if the homeowner “loses” the bank gets to keep the house. And when the bank keeps the house, the homeowner gets booted out. The bank, or new owner, must give homeowners notice before eviction can take place. Even so, the homeowner bears the moving expenses. These expenses can be difficult to cover, especially in the wake of the financial hardship that led to foreclosure.
Are there any options for homeowners in this situation?
The good news is, Yes! There are a few different ways that homeowners may be helped in their transition out of a foreclosed home. If the new owner has plans for the home and does not want to wait a few months for the foreclosed prior owner to move out, the buyer may offer the homeowner "cash for keys" to expedite the move-out process. Investors or individual home buyers may offer move-out assistance if they want to begin renovations or move themselves in. Of course, these options are all voluntary and you can turn them down if you choose.
If you decide to decline any aid in moving out, it is still important that you understand the terms and length of time you are allowed to stay in the home. If you are having trouble understanding the terms and conditions of your foreclosure or eviction, your lawyer or local HUD counselor can go over the laws with you to make clear how much time you have to stay in your home.
If you have a big move ahead of you, try setting goals for each week of tasks you want to accomplish that will prepare you to move. Don't save everything for the last minute. If you are unable to move when you are required to, the police will come and marshal you out of the home.
Check out The Only Moving Checklist You’ll Ever Need, from move.org.
What If I Don't Want to Leave Yet?
Though it may seem tempting to take the money and run when it's offered to you, it may be beneficial to stay in the home as long as you're allowed. For one thing, staying in the home will give you an opportunity to save a little more money for your move. This is a way for you to take control of your situation and come out on the other side with more savings.
When it comes time for you to move out be prepared and leave on time. Aside from being physically removed from the house, the new owner can file an eviction lawsuit against you. An eviction can make it harder for you to rent or own property in the future.
If your home is in foreclosure and you aren't sure what your next step should be, reach out to Amerihope Alliance Legal Services. We can help you understand your options in fighting foreclosure. Schedule your free consultation today.