After a home is put through foreclosure, where does the person living in it go?
Dec 11, 2009 in
Personal Finance
AJ
I was just curious to know that if a person fails to pay mortgage and is given foreclosure. Then which home does he go to after that?
I was just curious to know that if a person fails to pay mortgage and is given foreclosure. Then which home does he go to after that?
A friend of mine is unable to pay his mortgage and he expects foreclosure very soon. So i was wondering where will he live?
He has lost his car already, because he couldn’t make car payments. All his credit cards are maxed out too and lot of bank loans he is unable to pay too.
Will he go to jail or what?
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4 comments
mrs_nisius on December 12, 2009 at 9:54 pm
he will be homeless. he will prolly live with you.
doglover on December 13, 2009 at 11:04 pm
He won’t go to jail, but he will have to find a place to live on his own.
lisa s on December 14, 2009 at 8:33 am
how good of a friend is he to you?
He is going to need a place to live so you have to consider the level of friendship…maybe he can stay with you? If this is not an option you might have to think of a nice way to tell him this….
see about helping him review his options NOW
he will need to start looking for apartments or he might even need to apply for state aid
either way this friend really could use your help or so it seems
foreclosurefish_com on December 16, 2009 at 10:56 am
No, borrowing money and not paying it back isn’t a criminal offense, so there won’t be any jail time involved. Unless he committed some type of massive fraud and lied to the government about it, there’s little reason even to expect a criminal case to be brought against him. Jail probably isn’t even a remote possibility.
Now, as to the question of where he will live, that’s entirely up to him. Does he have a job? Maybe he can afford to move into an apartment and make lease payments and start working on getting his credit back in order.
If he’s really in a bad situation, he might have to move in with friends or family, until he has some stable income and can make it on his own again. There’s no real shame in having to do that, as everyone falls on bad financial situations in their lives. And the economy right now is not conducive to finding good jobs and living well.
If all else fails, there’ll probably be nowhere for him to go. He’ll have to be homeless for at least a while. And then anything could happen. But hopefully it won’t get to that point, of course.
Hope that helps.
ForeclosureFish