General Content > Home Owners > Owner Occupied Owner Occupied
What to do if you currently live in the home:
If you are currently occupying the home, you should remain in the home until after the foreclosure and wait for a Realtor representing the bank to contact you.
Many people think after a foreclosure the sheriff will come immediately remove your possessions. This is FALSE. The foreclosure process merely changes the legal ownership of the property from the borrower to the bank.
After the bank becomes the legal owner, the bank has two options:
1. The bank will contact you through one of their REO brokers (Real Estate Owned). The Realtor representing the bank will arrange for a move out date and will usually offer you “Cash for Keys”. That means they will pay to help you move out. That’s right, you will probably receive $1,000.00 or more for cooperating with the bank in moving out , removing all your possessions, and cleaning the home.
2. The bank can begin a formal eviction process. This procedure varies from State to State and even within cities and counties so make sure you sign in and open a case here to talk to one of our Loss Mitigation Experts
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