Advice to homeowners in trouble: Stay in the house!

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By Ken McCall, Staff Writer 8:53 PM Saturday, October 17, 2009

That’s the message from housing advocates and elected officials who deal with foreclosure issues.

Too often, they say, residents get the first notice of an impending foreclosure, panic and move out of the house because they’re afraid the sheriff is going to throw their belongings out on the street. In reality, it can take months and years for that to happen.

“That’s the reason why we are telling people up front, you don’t leave until you’re told to leave,” said Montgomery County Recorder Willis Blackshear. “But the homeowner often assumes that if the property goes on sale Friday, Oct. 2, that ‘I’ve got to leave Saturday, Oct. 3’ — and that’s not the process.”

Even if a home is sold at sheriff’s auction, which can take many months, it may still be another three to six months before the sale is confirmed, Blackshear said. Then, the sheriff has to send the resident a 30-day eviction notice before they can take action.

If the bank walks away, of course, it could be years before anything happens.

“So the homeowner could stay in that home without paying a mortgage payment,” Blackshear said. “They could save that money to move, to put down a new down payment if they’re in a position to buy a new home. Or, if they end up renting, they would have money for their deposit and first months rent.”

Foreclosures cause a multitude of headaches and officials urge homeowners to do everything in their power to avoid it. But if a foreclosure is filed, they say, homeowners can help themselves by staying put.

That can also be in the lender’s best interest.

The last thing the mortgage holder wants is for the collateral on their loan to be vacant and vandalized, said Dayton Housing Inspector John Carter.

“Most banks want the occupants to stay there until they make the final decision,” he said.

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