Foreclosure

Foreclosure and Eviction Means Kicking You Out to the Curb

Foreclosure is just the beginning of a legal process whereby the lender gets control of their property because the mortgagee was not paying the mortgage in accordance with the agreed terms of the mortgage contract. The reason that a court would grant a foreclosure is because the lender wants their money back and since the mortgagee is not paying, the lender must be able to get the property back in its procession in order to resell the property and try and recoup the money that they originally loaned the mortgagee.

But foreclosure is only the first step towards kicking you to the curb. After a foreclosure has been approved by the court, the lender now has to go through the legal act of having you evicted in order to sell the home again. Laws vary from state to state regarding both foreclosure and eviction. Therefore if you are in this position, you should contact a competent attorney for details related to your state.

The double whammy of (Foreclosure + Eviction) is to affect the lender the power to legally extinguish all of your rights to your mortgaged home, sell your property if they desire, and unequivocally evict you from the premises. They can even have the sheriff come and forcefully remove you if you do not leave on your own recognizance. If the lender does not want to sell at this time, that is their right. By law and in most circumstances however, the bank cannot and will not hold on to the property forever. Laws regarding this issue are ever changing, therefore this should also be discussed with an attorney depending on the state in which you reside.

Foreclosures don’t sneak up on homeowners as it starts with the homeowner not paying their mortgage or falling behind. Then there is a legal process that the lender must follow in order to foreclose. You should receive a (NOD) “Notice of Default” and you will know that the foreclosure may be forthcoming. Some states are faster than others in granting a foreclosure, therefore although you still have time to act, when you get a notice of default and you are not ready to pay your lender in full, it is strongly suggested that you hire a lawyer immediately or risk getting thrown under the bus by the lender.

Remember, the lender – however nice they may have seemed when they approving your sub prime Alt-A home loan, is not your friend. They are only interested in the business proposition of making money (they could not and would not exist if they couldn’t make money) of course excluding the Government Bailout paid to them with our tax money. But that is fodder for another article on another day.

To learn more about the specifics of foreclosure and eviction in your state, either select a lawyer in the top right of this page or browse our forums as there is a plethora of information there allowing you to educate yourself and read about what others have gone through when they were foreclosed on.