CanI move back into my home during foreclosure?
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CanI move back into my home during foreclosure?
We stopped making payments 2 years ago. Foreclosure proceedings began but have been postponed several times. We have gotten nothing in the mail for at least a year. The house was last reported on our credit 2 months ago. We have called the bank and have been given no information other than it has been postponed. can we legally move back in?
Asked on October 7, 2011 under Real Estate Law, North Carolina
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
If you are still on record title as the owner of your home, you have every right to live in it even though there has been a foreclosure proceeding initiated as to it. Accordingly, if you desire to move back into your home where your name is still on the deed, you can do so.
One of the reasons why the foreclosure sale may have stopped is due to the fact that the lender holding the loan secured by the mortgage (or trust deed) may not be able to have in hand the original trust deed signed by you to proceed with the foreclosure, or it may have simply decided that it does not wish to proceed with the process due to the fact that if it took title to the property, the lender would be obligated for property taxes, insurance and upkeep on the home.
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