For most a foreclosure is not something that you ever plan to
deal with or think that you will. However it is something that people
all over the country are having to deal with all the time. If you tried
to avoid the foreclosure but did not have any success here are a few
tips you should follow when leaving your home.
As a homeowner and even as a renter, you have rights. If you are going through a foreclosure, there is no need to panic or leave the house immediately when you get the foreclosure notice. You are entitled to leave the home in a dignified manner and to give yourself the chance to move on with your future. You can't always avoid foreclosure, but you can retain your dignity.
1. Check with the bank or lending company to see if they are offering an incentive for leaving the house in order. Many homeowners are angry when leaving their home after a foreclosure notice and may decide to destroy the house, take the appliances to sell, or leaving messes for the bank to clean. The incentives being offered are usually several hundred dollars; think about how that money would help you during this time and leave the house in order. According to a recent article in CNBC Financial Times, these incentives can range from $1000-$20,000 towards a fresh start.
2. Pack ahead of time. From the time you receive the notice until you actually have to be out of the house can vary by state and bank, but you can choose to be prepared. By organizing and cleaning out your belongings ahead of time, you can move in a calm and rational manner. If you wait until you have a tight deadline, you may feel overwhelmed and unable to pack efficiently. This can lead to poor packing, broken items, and including items that you could very well sell or give away. In a study done by MSN real estate, most people could purge their homes of 30% of items and not notice a difference.
3. According to the real estate site, Trulia.com, only the bank can tell you when to vacate the house. You are able to stay in the house until an actual eviction is filed. This basically means that you could have several weeks or even months before the bank will take possession of the house. If you are out before that day, you can move out in a dignified manner, just as you would had you sold the house in a real estate transaction. There is no need to leave in a dramatic rush but you also shouldn't wait until the day of eviction as law enforcement may pay a visit to the property. The best plan of action is to take the foreclosure notice seriously and plan as quickly as possible to leave the home. You don't want to wait until the sheriff shows up with the eviction notice.
4. Homeowners can take certain items from the house. There are certain things you cannot take. Before you decide to take an item, ask yourself if removing the item will render the room or accessory unusable. For example, you cannot remove the sink from the kitchen because that would mean the kitchen would not be a functioning kitchen. You can, however, remove the shelving you had installed in the office that was not present when you first purchased the house.
The idea of a foreclosure is not one that you want to deal with but in reality, it can happen to even the most vigilant homeowners. When it does, you do not have to leave the house in frenzy or wait for the sheriff to come and start throwing out your belongings. Take the time to plan and be proactive for your future.
By Melissa Gifford
As a homeowner and even as a renter, you have rights. If you are going through a foreclosure, there is no need to panic or leave the house immediately when you get the foreclosure notice. You are entitled to leave the home in a dignified manner and to give yourself the chance to move on with your future. You can't always avoid foreclosure, but you can retain your dignity.
1. Check with the bank or lending company to see if they are offering an incentive for leaving the house in order. Many homeowners are angry when leaving their home after a foreclosure notice and may decide to destroy the house, take the appliances to sell, or leaving messes for the bank to clean. The incentives being offered are usually several hundred dollars; think about how that money would help you during this time and leave the house in order. According to a recent article in CNBC Financial Times, these incentives can range from $1000-$20,000 towards a fresh start.
2. Pack ahead of time. From the time you receive the notice until you actually have to be out of the house can vary by state and bank, but you can choose to be prepared. By organizing and cleaning out your belongings ahead of time, you can move in a calm and rational manner. If you wait until you have a tight deadline, you may feel overwhelmed and unable to pack efficiently. This can lead to poor packing, broken items, and including items that you could very well sell or give away. In a study done by MSN real estate, most people could purge their homes of 30% of items and not notice a difference.
3. According to the real estate site, Trulia.com, only the bank can tell you when to vacate the house. You are able to stay in the house until an actual eviction is filed. This basically means that you could have several weeks or even months before the bank will take possession of the house. If you are out before that day, you can move out in a dignified manner, just as you would had you sold the house in a real estate transaction. There is no need to leave in a dramatic rush but you also shouldn't wait until the day of eviction as law enforcement may pay a visit to the property. The best plan of action is to take the foreclosure notice seriously and plan as quickly as possible to leave the home. You don't want to wait until the sheriff shows up with the eviction notice.
4. Homeowners can take certain items from the house. There are certain things you cannot take. Before you decide to take an item, ask yourself if removing the item will render the room or accessory unusable. For example, you cannot remove the sink from the kitchen because that would mean the kitchen would not be a functioning kitchen. You can, however, remove the shelving you had installed in the office that was not present when you first purchased the house.
The idea of a foreclosure is not one that you want to deal with but in reality, it can happen to even the most vigilant homeowners. When it does, you do not have to leave the house in frenzy or wait for the sheriff to come and start throwing out your belongings. Take the time to plan and be proactive for your future.
By Melissa Gifford
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