Do I Have to Move if My Home is Placed Under Foreclosure?
Fortunately, it is not absolutely necessary for you to move out if your home is undergoing the process of foreclosure. In many cases, the mortgage company is the only bidder at the foreclosure sale. So, the mortgage company ends up purchasing the house at the auction and then has a re-marketing company and/or realtor resell the house.
Our legal team at Ryan J. Ruehle, LLC has heard from past clients that those staying in a now “bank owned home” may continue to do so for months and sometimes up to two years. Amicable surrender arrangements are usually made with the re-marketing company, and it often takes a long while for the foreclosure process to reach this point. Otherwise, a 14-30 day notice to vacate by the lender is given.
Benefits of Foreclosure
Although foreclosure is not typically a positive situation, you can still benefit from staying in your foreclosed residence after the fact, including:
- Living rent free
- Saving money for a new place
Bankruptcy does not have to be an entirely bad situation. Consider this to be another advantage of filing for bankruptcy; another part of your “fresh start.”
Contact a Cincinnati Bankruptcy Lawyers
Although these tips may seem precarious, we’ve heard from our past clients that they’ve been able to remain in their foreclosed homes for several months while they save up and get their financial future worked out, all for free. If you’re looking to file for bankruptcy or are having trouble with foreclosure, call Ryan J. Ruehle, LLC at (513) 621-0999 today,