What to Do When You Do Not Want to Stop Bank Foreclosure
Maybe you have tried to work with your mortgage company to stop bank foreclosure or maybe you just do not want to stop it
. Either way, there are some things that you need to be aware of.
If you intend to surrender your home to the bank, do yourself a favor and tell them that. This may help prevent them from calling you and contacting you in other ways. You may also want to write them a letter telling them that you intend to give up the house and that you do not wish to be contacted by them. They should honor your request and leave you alone.
If you do not stop bank foreclosure, you are still legally responsible for the property until someone else takes ownership of it. If you intend to remain in the house until the sale takes place, your homeowner's insurance should cover any legal liability that you have concerning the property. If you move before the sale date, your homeowner's insurance will likely cancel your policy. In that case, it is a good idea to see if you can get other insurance coverage or at least try to keep the property in good repair so that no one gets injured.
Know what the timelines are for your state. Depending on the type of foreclosure (judicial or non-judicial), the process could move very quickly or very slowly for you. What you do not want is to get a notice or a knock on your door with someone telling you that you have just a few days to get out of the house.
What to Do When You Do Not Want to Stop Bank Foreclosure