Dealing with Unresolved Foreclosures

by San Antonio Attorney

Some homeowners are experiencing a real estate nightmare. Having depleted all possible options, they cannot keep up with their mortgage payments anymore. Their credit is destroyed. The banks won’t help them save their home, destroying their pride and patience. And after they receive a foreclosure notice, the nightmare continues.

In cases like this, the homeowners may think they cannot do anything but to give up their home and get it over with. But in their rush to get out, they may create more problems. If the bank or lender has commenced the foreclosure process yet does not take possession of the property, the deserted house would turns into a “zombie”.

Banks are not obliged to advise homeowners if they do not proceed with the foreclosure, and there is no nationwide record of zombie homes. So if your bank does not proceed with the foreclosure, the house would be left under your name even if you don’t live in it anymore. If this happens to you, you need to understand what type of foreclosure you are facing; whether it’s non-judicial or judicial. The latter would require you to pay the difference between your loan balance and the value of the property.

You should not seek to make retribution on the lender. There are severe legal consequences to destroying a home in foreclosure

Keep in mind that until the property is sold and the title is transferred, you are still the owner of the house. It does not matter whether you have discontinued paying the mortgage and you have received a notice of foreclosure, you typically can remain in your home. There are people who stay in their homes for many months or even years after they have halted the mortgage payments.

Hiring a San Antonio Real Estate Attorney when needed is a smart choice.

 

 

 

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