After Foreclosure - Here's What They Will Never Tell You

The period after foreclosure remains a big mystery to many. If you're a homeowner in financial distress, no one ever bothers to tell you what happens after that point because truthfully nobody cares.

The investors who kept offering to buy your house in the hope of making a quick profit have since moved on. If you're like most homeowners, most likely, you won't show up at the court steps to watch the auction.

And even if you did, very few people there would know enough to give any meaningful answers. The only person who may have answers is a foreclosure attorney.

Although it is my hope that you'll never have to go through the experience it is good to be prepared in the unlikely event you're faced with a foreclosure.

One of the first notices you'll receive after the sale of your home, is obviously an eviction asking you to move out before the sherrif removes you by force and changes the locks. Depending on the back log in your county, you could receive these papers as early as 2 weeks after the auction.

You will also be notified of any deficiency resulting from the sale of the property. This is the difference between what you owed on your final mortgage balance and what your home sold for at the court steps.

But here's a little secret you may not have known. Sometimes, you may have money coming to you. After the sale of your property, you are entitled to any surplus resulting from the sale. If you'd like more information on this contact me.

However, if you're like most homeowners, this is the last thing on your mind. You're too busy trying to make sense of your world and get back on your feet.

Nonetheless, it is your duty to protect your right to your fair share of any excess money after foreclosure.

If you did not think ahead to hire a foreclosure attorney when you first received your notice of default, it might still make sense to look for one even after the auction - especially if you had a good chunk of equity on your property.

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