While most people, who have fallen behind in their mortgage payments, would like to stay in their houses for as long as possible, there are some homeowners, who would like to just leave and put that all behind them. As a bankruptcy attorney I have seen a number of clients in this position, and unfortunately they cannot just send the keys to the mortgage company and have everything over with. The problem is even, if the homeowners move out they can still have potential liabilities. Someone could be injured on the property and sue for damages, or their local village may start citing them for violating ordinances by not keeping the property maintained and impose fines for these offenses.
The homeowner does not escape liability until the title to the property transfers in the foreclosure sale. In Illinois a foreclosure sale cannot take place until 210 days after the homeowner is served with a summons for the foreclosure complaint. The process frequently takes longer than the minimum, and there is really nothing a person can do, if their mortgage companies take their time in pushing a foreclosure through the court. There are legal procedures, which allow the homeowner to surrender the property to the mortgage company, such as a deed in lieu of foreclosure, but these require the mortgage company consents, and homeowners asking for deeds in lieu of foreclosure usually become frustrated by the failure of anyone in the mortgage company to get around to responding.
Although it is not always feasible, I usually believe the best advise for homeowners, who are going through foreclosure, is to just stay in the house as long as possible. They are receiving free rent during what frequently turns out to be a very long time. Furthermore, they are not doing anyone any favors by moving out early. Rather this just leaves the mortgage company with vacant property subject to damage by vandals or the weather during the many months it takes them to get around to finishing the foreclosure.
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