What happens if you abandon your home and let the lender foreclose on it? There are many consequences of being foreclosed that you should be aware of before you decide to let your house go. Here is what you can expect to happen if you allow your home to go into foreclosure.
First of all, you will receive a notice from the lender stating that you are overdue. You might even get a phone call first. It starts as a polite reminder, but if you fail to pay your mortgage loan payment, you will soon start hearing from your lender on a daily or almost daily basis. If you have never had to deal with lenders before, this can be quite frustrating. You will probably want to stop answering your phone because they are so unpleasant to talk to.
The harassing phone calls are just the beginning. Once the lender realizes that you are not going to pay, they will begin the actual foreclosure process. This usually begins with a legal notice that is either sent to your home, posted at your home or published in the newspaper. In most areas, notice is required to be posted in the newspaper and mailed to your last known address. Depending on where you live, you could be just a couple of weeks away from having to vacate your home at this stage.
If you want to get it over with at this point, you might want to know how to abandon your home to foreclosure. It's in fact just as easy as packing up your belongings and then moving away. Nevertheless, it is a good idea to let the lender know once you have left. They may be willing to take a deed in lieu of foreclosure at this point in time, which is just as bad on your credit, but helps you put the process behind you. It also provides the lender the legal right to access the premises so they can secure it to keep it from being intruded on by squatters or being vandalized.
Of course, the most lasting outcome of undergoing foreclosure is the effect it has on your credit standing. Once you have gone through a foreclosure, it usually takes at least two years before your credit will rebound to the point where you will be able to borrow money for a home again. In the meanwhile, you will be forced to rent until such time as you can rebuild your credit.
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