Recently a homeowner asked if they have to maintain their property that is in foreclosure. It is common for homeowners to be angry and damage the property or simply fail to keep up basic maintenance. Many of these homeowners are sadly unaware that they have options that can help them retain the property and/or their equity. I urge anyone who finds themselves in foreclosure to reach out to people in the business to find out what choices are available. As the owner of the property it is in your best interest to keep the property in good condition. You need to protect your investment. If the property violates any county or homeowners association guidelines they can arrange to have it brought up to code and lien the property for the cost. The county can charge a per day fee appropriate for the violation until the issue is addressed. Also understand if the bank does foreclosure they get a deficiency judgment against the borrower. This is an unsecured judgment awarded to the lender when the foreclosure sale does not produce sufficient funds to satisfy the underlying promissory note or loan in full.
It is important as the homeowner to know your rights and responsibilities and govern your actions accordingly.
For more information regarding your rights or how to contact a foreclosure professional contact me directly or find the local Real Estate Investment Association (REIA) in your area. They will have a list of investors, Realtors, mortgage brokers and attorneys who can guide you.