Here are few Ultimate step by step guides on how to prevent lender from take your property through real estate auction and sell it. You have an options. So foreclosures in are lawsuits, lawsuits filed by banks or other lien holders to acquire real estate, sell it to recoup some amount of money. Lawsuits begin with a complaint being filed, and in foreclosure situations usually end with the property being sold. A lot of times people in will think the sheriff sale is the foreclosure, but in reality it’s just the end, the very last part of the entire process.
Foreclosures, they are based on usually banks, banks suing on notes. Notes are financial obligations, just the same as you give me money and I agree to pay it back. If I don’t pay you that money back, the bank can come in, or you can come and sue me in court to recover that amount of money. What makes foreclosures unique is that it has a mortgage component also, it has a separate document called a mortgage where that entity, the bank or you, can go in and take my real estate, ask that the sheriff sell it in order to recoup your money, or the bank’s money rather, in how to save my house from foreclosures.
So foreclosure process is fairly lengthy. It can be six months on the short term, a year, year and a half or longer on the long term, depending on what kinds of defenses or claims consumers have or you would have to fight it. The foreclosure process again begins with a complaint. If you don’t do anything at all, if you just don’t answer, don’t do anything despite the form saying you’ve got deadlines coming up in a year, those will be irrelevant if you don’t respond. If you don’t respond a default judgment will be taken and the property will be sold probably within a short time thereafter, maybe within about two months or so.
To avoid that from happening, especially if you’re in negotiations with the bank to try to get some kind of resolution, whether that’s a loan modification or if it’s a walkaway with no liability, no deficiency liability, that is you don’t owe anything later on, you can defend the lawsuit. Usually that’s done through counsel, you can hire a lawyer, lawyers go in and look at your loan from beginning to end to determine whether or not you’ve got any kinds of defenses.
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Just because you have some kind of financial difficulty does not mean the bank gets to walk all over you, doesn’t mean that you don’t have any defenses. Good counsel will go in and look at the original loan transaction, was the Truth in Lending Act followed? Was the Real Estate Settlements Procedures Act followed? Were other federal laws followed, and also sometimes were state laws followed? After the closing transaction, then you’ll even look at during the loan process, were all of your payments applied properly? Did they do what they were supposed to do with escrows? You know, sort of look at that.
And then even when you get into foreclosure, there’s certain requirements associated with foreclosing. Sometimes it’s mailing you out a letter before foreclosure, sometimes it’s even taking steps to try to help you avoid foreclosure. If the bank doesn’t do those kinds of things there can be defenses that can be raised, and a lawyer raises those. You certainly can do those yourself as well with the technical background, but lawyers generally assist homeowners with doing that.
Lawyers in the foreclosure process can help you both raise those, as well as act as a buffer and a negotiation mechanism, or a negotiation middleperson, between you and the bank to try to get some kind of deal done. Certainly the more robust your defenses and the more aggressive you are in litigation generally we have found at our firm that the more likely we are to reach a client’s objectives and get some kind of deal done for you. So having counsel involved with foreclosure is pretty important.
You shouldn’t be ashamed, you shouldn’t feel concerned about reaching out for help or reaching out for professional help in the situation. If anything, the sooner you get lawyers involved the more likely it is that you’ll be able to reach some kind of resolution that’s important for you, reaching your objectives within it. So I do think having good counsel is helpful, and I wish you the best of luck with your particular situation. Thank you.
The Foreclosure Process and Saving Your Home
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How to save your house if you are behind on your mortgage