Title: What Happens if I Abandon My Home and Let It Foreclose? | Sapling
Headings: What Happens if I Abandon My Home and Let It Foreclose?
What Happens if I Abandon My Home and Let It Foreclose?
The Foreclosure Process
You Still Have Financial Responsibilities
Other Problems
Extended Wait
Abandonment Approaches

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The Foreclosure Process
Foreclosure isn't a speedy process. Although it can vary by state law, your lender has to take certain steps first, even if you abandon the property. If you stop making mortgage payments, a month or two probably will pass while your lender reaches out to you to find out when it can expect payment. Next you'll receive an official notice that you're in default. The notice usually gives you another month to pay up before the lender begins foreclosure proceedings -- which typically take longer if you live in a judicial foreclosure state where the lender must go through the court system to take your property. Advertisement
In some states, you can take advantage of a redemption period, sometimes as long as a year, after your property is foreclosed. You can try to sell the property during this time, refinance it, or otherwise figure out a way to pay off the mortgage. In most states, you're not legally obligated to leave the premises until this redemption period has expired and the foreclosure is complete. You Still Have Financial Responsibilities
Title to the property remains in your name until the foreclosure process is done. This means you're still responsible for property taxes and homeowners association fees.