Abandoning A Home
Some people simply abandon their homes. It’s happening in Chicago and other cities with increasing frequency. These people may be trying desperately to solve their financial problems, but abandoning a home may create more problems than it solves. Before taking a step that drastic, you should absolutely talk first with an experienced Chicago foreclosure lawyer.
Abandoning your home, even when you return the keys to the mortgage lender, doesn’t mean you’re no longer the homeowner. Even when the lender initiates a foreclosure, the process can take a year or longer. You are still legally the homeowner during that time, and you still have a homeowner’s legal responsibilities. Even so, mortgage lenders can take legal “possession” of an abandoned property and enter the home to shut off utilities, drain the pipes, secure the windows, and change the locks. If you turn off the utilities when you leave the home, send a certified letter to tell the mortgage company. If you do abandon a home, you need to take everything. Your key may not work if you come back for something several weeks later. Do not break in. If your key doesn’t work, there should be a phone number for the mortgage company posted on the front door. If there isn’t, and you must get back into the house, you’ll need an lawyer.
Until you are no longer the legal owner of a home, you must keep it insured. If you don’t, children or squatters may be injured on the property, and you may end up on the wrong end of a premises liability lawsuit. You’ll need to maintain the property too. Among other things, grass must be mowed and broken windows must be repaired. Chicago and most other cities will fine homeowners who neglect these duties. You no longer own the home only when there has been a foreclosure sale confirmed by the court. Abandoning a home is always an extreme measure, and it’s seldom the best solution to anyone’s problems. If you’re struggling with mortgage payments and other mounting debts in the Chicago area, the first thing you should do is discuss your situation immediately with an experienced Chicago foreclosure lawyer.
