Can you stay in your home during the foreclosure process?

Are you or someone you know facing foreclosure? Some things to consider if you are in the foreclosure process. In some states, banks require homeowners to vacate their homes, but then fail to transfer title to the homeowners’ names, leaving them liable for damages and the homeowners’ association debt. The Associations then file lawsuits against the homeowners because they can only collect from the legal title holders. If you or someone you know is in foreclosure, take the time to find out what the rules are in your state. Before you vacate the property, title must be transferred out of your name. In many states, including Arizona, homeowners are also required to reimburse the Association for all attorney fees and costs incurred to collect from homeowners, along with interest at the rate described in the Statement of Covenants, Conditions, and Restrictions (CC&R). The information is out there, you just need to know where to look.

You can find out who currently has title to a property by contacting your local title company and obtaining title or also learning it as a preliminary title search. This can take some time (up to 3-4 days) to see results and cost several hundred dollars unless you have a good contact. You can also go online and use a “Title Search” site for faster results. Use the title search function to view the current property and title. With a good resource, you should be able to see current tax liens, judgments, bankruptcies, foreclosure activity, and 1 and 2 mortgages. A reputable online property record or title search company will usually have up-to-date records, as they are linked to the county recorder’s office and reflect/report information as the county updates their records and images.

Foreclosures have been affecting home ownership in the United States since the housing crisis of 2006 and 2007. As new waves of foreclosures continue to occur, we are forced to pick our way through the rubble. Bond and property records are available for public viewing at the county recorder’s office in each state.

You can also find information about the deed and who currently holds title to a property by contacting your local title company or visiting an online title search/land records website for faster results. It is possible to view a property’s foreclosure activity status and the stage of foreclosure a property is currently in: Notice of Default, Pre-Foreclosure, Auction, or REO (Bank Owned). (In most cases, the records provide the location and date of the auction, the contact information of the trustee, and the bank.)

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