Currently in foreclosure

Will my kid’s schoolwork be affected? Life goes on even during foreclosure. You and your children can get and keep organized to make a smooth transition to new housing.

If you are facing foreclosure you might be concerned about how this will affect your child’s schooling. Going through financial changes, especially those associated with foreclosure, can be difficult on a family, even for young children. Knowing the foreclosure timeline and process in your state is key to understanding if their school year will be disrupted.

If your mortgage payment is due on the first of the month and you do not make the payment, it is delinquent on the second day of the month. However, even if you are no longer able to make your mortgage payment, most people do not lose their homes for up to a year and some have even more time. If you are struggling to make your mortgage payments or you have missed a payment, it is important that you know the facts. Every state’s foreclosure process is different. Michigan State University Extension produced a mortgage foreclosure fact sheet that explains the mortgage foreclosure process in Michigan. If you have missed real property tax payments, see the MSU Extension tax foreclosure fact sheet for more information. Once you know the facts, you can assess your situation and determine your next steps. Consider how your situation affects the household.

If you have only missed two or three payments, you are still early in the process. If your child’s school year has just begun, there may not be a need to worry about disruptions in their schedule or their school work. Depending on your financial situation, you may have decided that you want to try and keep the home, sell the home or just let the foreclosure happen. If you are planning to sell the home, you and your family need to be prepared for a move. Make sure to communicate with your entire household: brainstorm all of the options, come up with a plan and make sure that everyone supports the plan. If one of the options means a move to a new school district, prepare your child and yourself for this disruption.

If you are trying to keep the home, make sure to follow up with your lender. They should have already made contact with you. Ask questions, research your options and contact a certified housing counselor for help. Whether or not you are successful, understanding where you are in the process will help you plan and adjust for changes. Even if you have a pending foreclosure sale, there is usually a redemption period that, in most cases, will give you six months after the sale to try and redeem your property.

You may have already decided to just let the foreclosure happen. If so, it is important to understand the process and make plans for you and your family. MSU Extension has produced a Starting Over After Foreclosure toolkit that may be very helpful in understanding your situation, taking stock of the future and making plans. Planning for financial changes, especially those associated with a foreclosure, is difficult. Sometimes it helps to have help from a professional. To contact an expert in your area, visit http://expert.msue.msu.edu, or call 888-MSUE4MI (888-678-3464).

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