There are tens of thousands of homes in the State of New York in foreclosure. Sometimes families feel the best way to deal with an impending foreclosure is to simply move out of their home and abandon it. This may not be a good idea!
Homeowners are discovering simply walking away from their home does not necessarily end their problems. Banks only have a mortgage on the home. The individuals living in the home are the homeowners. Sometimes families don’t quite understand this difference. This means even if you abandon your home, you are still responsible for maintaining the lawns, the sidewalks and possibly paying the real estate taxes on the home. If you are a member of a homeowners association you still owe the homeowners associations dues and fees.
Banks Are In The Money Business Not The Real Estate Business
In some local areas, there are large numbers of homes in foreclosure. If there are too many homes in a given area already in foreclosure, the financial institutions may be hesitant to take the property back. Banks do not want to maintain homes. Banks like to maintain money! Money requires no maintenance and single family homes can require significant amounts of maintenance. Money does not accrue real estate taxes. Single family homes require the payment of real estate taxes.
If the bank does not move forward with the foreclosure in a timely manner, the homeowner stays responsible for the home. Vagrants, drug dealers and third parties can move into the home. The home can become a nuisance and individuals around the area of the home can become injured. These injured individuals can sue the homeowner for financial damages.
Mistaken Belief The Homeowner Is Off The Hook
Homeowners initially move out of their homes because they feel they will be moving forward with their lives. That does not necessarily happen. The unpaid mortgage payments continually accrue negative information on the homeowners credit score. In some communities, the local community organizations are suing homeowners to have them maintain their homes, even after they move out. The local communities are taking this action because the homes are a blight on the neighborhood and are having a negative effect on the other homes in the area.
Conclusion
Before you move out of your home and abandon it, you should consult with an attorney that handles foreclosures cases.
About The Author
Elliot S. Schlissel, Esq. and his dedicated group of attorneys handle foreclosure defense in the metropolitan New York area. In addition, we litigate issues concerning fraudulent mortgages, violation of truth in lending laws and bad bank practices related to mortgages and foreclosures.
