What happens when its your time to leave the property?

[flower04]

We are already planning to move to another area about 40 miles away because of a job change. We would have sold our home, but it would be a short sale (by about $15k) and our attorney advised us to go through with the foreclosure and live here in order to save up $ for first/last months' rent and an extra deposit.

The problem I have is that my neighbors and friends are asking, "When are you going to sell it? When will you put it on the market, I have a good realtor you shoudl use; Are you going to rent it? etc." So far, I've been saying, "Im not sure, but it doesn't seem to be cutting it now, especially with some of my very close friends who truly want to help.

Will the bank put up a for sale sign or will we just leave and nothing will indicate that the property is for sale and/or in foreclosure?

Just need some peace of mind.

[DeadManCrawling]

Unfortunately, your neighbors will find out, most likely. If you have an HOA, they probably already know everything. When BoA began foreclosure on our house last week, our HOA was served the same foreclosure papers, and named as a defendant. This informs the HOA that the lender is exercising their superior lein.

Even if that has not happened in your case, the bank will come out when you are gone and place big, brightly colored stickers on the entry doors. These usually read something like "This abandoned property is being administered by (insert name) during foreclosure proceedings. In the event of damage or break-in, please contact: (Phone number).

The bank may later place a foreclosure advertisement on the property as well, either in sign or poster form.

You may want to, if neighbors opinions are important to you, discuss it openly with 1-2 people you feel comfortable with. We have done so, and explained the medical and business issues that led to our loss. We never used exact terms or numbers, just a general statement that we hit a rough patch, the house couldn't selll for what we owe, and that we are doing what we need to survive. So far, no one has given us an odd look, but I must say a few seem to avoid us as though this is contagious.

Good luck!

[bulletproof77]

I drove by my former house (up for auction next week) and there is a 12"X12" notice taped to the garage door. Since every third house on my block is in foreclosure I really don't care. It's funny, I lived there 26 years and all I can remember is the constant pressure to make that payment regardless of health, bad economy etc. It was just a "ball and chain" in the end. I rode the equity wave in California and I lost. And I don't miss it. Home ownership is over-rated..Goodbye BofA/Countrywide, may you succumb to your own greed !

[Ineedhelp2]

Can someone explain the process of what happens after the sale date?

What if the lender takes the house?

Mainly, is there any way to stay for awhile?

[sammyt74dp]

Just get out of the house and let the stress be gone, time to move on. Hope everything works out for you, really. We are dealing withe the same crap, as bulletproof77 said, it's just a ball and chain debt machine the banks have created into some dream of pleasure and happiness....So untrue...Never again.

[Flamingo]

We are already planning to move to another area about 40 miles away because of a job change. We would have sold our home, but it would be a short sale (by about $15k) and our attorney advised us to go through with the foreclosure and live here in order to save up $ for first/last months' rent and an extra deposit.

The problem I have is that my neighbors and friends are asking, "When are you going to sell it? When will you put it on the market, I have a good realtor you shoudl use; Are you going to rent it? etc." So far, I've been saying, "Im not sure, but it doesn't seem to be cutting it now, especially with some of my very close friends who truly want to help.

Will the bank put up a for sale sign or will we just leave and nothing will indicate that the property is for sale and/or in foreclosure?

Just need some peace of mind.

Isn't it awful/funny how caught up we are in what other's think? Your neighbors really are not worried about you, they are worried about themselves and who may move into the house or how things may drag down their property value. I would not say a word and go on with your lives and if neighbors still approach you say things are being handled by agents and you are moving due to a job change.

[HakunaMatata]

In Michigan, we have a foreclosure by advertisement process. My house will be listed in a local paper and I'll have a pretty sign taped to a window or door conveying my lender's intentions. I've accepted this. I've suspended notions of pride and struggle as I've strategically embarked upon the foreclosure process. I've shared my decisions with some neighbors and many friends/family members. Responses have been positive (and some have bordered on envy). In light of the current economy, I refuse to accept harsh criticism or blame. I may be contributing to further reduced property values; although, I'm not solely responsible for this economic breakdown. If neighbors voice unfavorable reactions, hakuna matata...I won't have to deal with them in the future. At this point, my lender could put a huge neon sign with flashing foreclosure lights on my front lawn (provided I don't have to incur the electricity costs! ).

Like you, I've made a business decision which will grant me the opportunity to move forward in a positive direction. Your friends and (potentially) your neighbors are looking out for your best interest by offering assistance. Your attorney is doing the same...his/her suggestion to remain in your house during the foreclosure process appears to be one of value...your savings will increase. While you don't have to justify or explain your actions to your friends and neighbors, you may be surprised to discover they understand (decreased property values, challenging mortgage terms, job relocation, short-sale losses, tax implications, etc). Foreclosure filings occur every 7.5 seconds. You're, obviously, far from the only person in this situation.

Hang in there!

[flower04]

Thanks for all the responses. I like flamingo's response about "being handled by agents" when it comes time to leave and there is no obvious reason why we are leaving (no sign, etc.) this is what I will say. My husband got a new job in a new city about 40 miles away so most people know we are moving anyway. I know those close to me will understand when they find out but I am not going to share it with them as of yet.

For the most part, I don't care what people think and they have no idea what I have had to go through medically the last two years and if they did, they would totally understand the situation as well as my husband's recent lay-off. I just need to get myself to the point where I can look forward and unfortunately, being in this house makes me feel guilty and I can't wait to move. I wish the foreclosure would happen soon.

We honestly tried for a short sale and our lender gave us the run around and it wasn't worth it, the buyer lost interest because we couldn't met their timeline and that was that. I am excited about starting over. Thanks for the advice.

[limage]

I am surrendering my condo in my Ch 7. I stopped paying association fees of $552 a month in April and last week I was served my summons from the HOA. Sometimes I'm embarassed-- it is a small community and most of the owners here are older wealthy people. Then I remember how meaningless they are in my life and it goes away. I'm not personally responsible for my country's recession. I tried to sell for a year before the camel's back broke.

I'm so looking forward to life without buying stuff I don't need, with money I don't have, to impress people I don't like.

[AngelinaCat]

I'm so looking forward to life without buying stuff I don't need, with money I don't have, to impress people I don't like.

Limage, I am proud of you. You will make it and so will everyone else with your philosophy.

[bulletproof77]

I'm so looking forward to life without buying stuff I don't need, with money I don't have, to impress people I don't like



EXACTLY.......Just when you think you won the rat race, they get faster rats.....