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  1. #1

    how does one get back on track after simply abandoning a house?

    Someone I know simply stopped paying for the house and just bailed out on it due to lack of knowledge as to what steps to take next instead. It has been 6 years since and the house is now considered vacant/abandoned. The house is still under the person's name. All locks had been removed and or padlocked, so how can the owner get a hold of the house to fix it up and put it back on market perhaps as a short sale or foreclosure or even a sale (since it is in an affluent area)?

    I always thought once something like this happens, the mortgage lender or bank simply takes the house back and puts it back on the market. Turns out I think the owner needs to have signed off on it so it can go back on the market. Instead, it sits vacant/abandoned for the last six years in a wealthy area where house prices have gone up in the last few years. How could this person get back on track? This person is talking to a lawyer just recently though. The person thought about obtaining the house again and fixing it up and putting it back on the market. Is this possible with all the penalties and late fees accrued? After all the house is still under the person's name and can't be sold until it had been signed off properly and legally (something the person never did from the get-go, due to a crisis, whether emotional or stress, etc.). Now, the person has a clear head. Who knew that more money=more problems!



  2. #2
    Before they do anything with the home, I suggest they check with the bank that it was financed with.

    I am not offering legal advice here......



  3. #3
    It looks like Maryland does not have a redemption period. If it has been foreclosed and ratified, there is nothing the (former) owner can do it get it back.



  4. #4
    Well I would tell the person that it would probably be easier in the long run to dispense legally with this property after discussing the matter with a financial attorney, and then start over from there.




 

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