Foreclosure in Marlborough>Question Details

Upnorthgirl, Home Buyer in Marlborough, MA

If I were to decide to let my home go into foreclosure (in Massachusetts), what would the time line be for me to vacate?

Asked by Upnorthgirl, Marlborough, MA Sat Jul 10, 2010

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Christine Moran Realtor & Notary’s answer
LIst your house if it is not already listed. You may be able to turn it into a short sale. Do you know what forclosure does to your credit? This is where you need to talk to your lawyer. If you are deep in debt, credit cards and everything else, you may have no other choice. Remember your name will be in the paper for weeks and everyone will see it.
To answer your question, you may not have to vacate until the sheriff knocks on your door next year. Some people later work something out with the bank and by the time that happens there is water damage in the house, mold and it's trashed. You have a responsibility to minimize the damage.
Good luck
1 vote Thank Flag Link Sun Jul 11, 2010
The time varies, but it could take a while. Have you tried talking with your lender to see if they can restructure your loan? Also, you can talk with a HUD counselor. Here is a link:

http://www.hud.gov/offices/hsg/sfh/hcc/fc/index.cfm

Sorry that you are going through this like so many others in these difficult economic times.
Web Reference: http://teamlefebvre.net
0 votes Thank Flag Link Sat Jul 10, 2010
It depends on the bank, your relationship with them, or your mortgage holder. We lost properties when the economy crashed 3 years ago. We vacated the property right away and moved into another home we owned outright, but it took a little over a year for them to complete the process and then we ended up just signing the house back to the bank without foreclosure. So we could have saved ourselves the headache of moving during the winter and having to find storage etc...

If you havn't tried to sell it yet, the bank may have other options for you so that your credit doesn't get messed up! Good Luck, the process is stressful and not very much fun!
0 votes Thank Flag Link Sat Jul 10, 2010
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