RE: Ever wondered what happens after a foreclosure?
@hammockhouse you'd be amazed at the number of people who don't bother to find out their rights when a home is foreclosed. While laws vary from state to state, I know that in Michigan, homeowners have a redemption period where they are allowed to continue living in the house for a certain period so they can make an effort to come current on their mortgage.
In most cases, that's not an option but it does allow people to start saving money for their relocation, sometimes for up to 6 months, depending on the laws of their state.
It's been 5 years since we went through it but at the time, there was a "cash for keys" incentive where the mortgage companies would actually pay a bonus for the people being foreclosed on if they didn't trash the house and did their best to maintain the value of the property.
After the big crash (' 07 / '08), many banjs changed their policies: longer redemption times, re-fi at a higher rate (makes no sense), and ... cash-for-keys. One of the best tools out there to protect the house from The Rage.
We opted for a few more weeks possession rather than cash for keys, but we still left the house in as good a condition as possible.
You are a rare breed lol
Thanks for the compliment, but sadly, we were probably just at the head of the pack. There are far more people going through this than The Powers That Be want you to think. You're probably surprisingly busy for "as good as the economy is doing".