Foreclosures are undoubtedly every house owner’s nightmare; not only because you are looking at an uncertain future. People feel helpless and overwhelmed by the legal proceedings that follow a foreclosure notice. What are your rights? Does the debt follow you even after the foreclosed property is auctioned? If you’ve been served a foreclosure notice and are looking for help, read further:
• As per Federal Regulations, the lender cannot begin foreclosure proceedings until the house owner is over 120 days delinquent; this is done to ensure that the homeowner has sufficient time to arrange for payments.
• Foreclosure proceedings are different in different states. For example, in Virginia, foreclosure proceedings can happen without involving the court. But in Wisconsin, foreclosures are judicial, i.e. the lender must file a complaint in the court. Lenders also file a lis pendens – a petition that describes the property to be foreclosed and the action to be taken. This allows the petitioner (the bank) to collect any money that’s overdue after the sale of the property.
• The house owner has 20 days to respond to the complaint. This gives time and opportunity to the defender to refute or accept claims made in the complaint.
• They can also contact their local county- managed Foreclosure Mediation Program to look for viable solutions agreeable to both, the lender and the house owner.
• The lender has to wait for 20 days before beginning foreclosure proceedings against the homeowner. This is to give the borrower the right to pay defaults.
• After 20 days, the court may give a default judgment (if the house owner fails to respond), a summary judgment (if the owner has responded, but the judge is of the opinion that foreclosure should proceed), or judgment after trial (the case goes on trial).
• The house owner also has the right to redeem his property (irrespective of the type of judgment) within a stipulated period.
How To Avoid A Foreclosure:
We can help you avoid a foreclosure. We buy houses for cash. Call us if you need to sell your home in 2 weeks or less. We’ll come and take a quick look at your house and make a 100% cash offer. Don’t pay closing costs, or worry about cleaning – we’ll buy the property as it is.