Foreclosure is the one thing that we don’t want to happen to our house. Each of us wants a home for our family to live in. That is the reason why we work so hard, to earn a place to call home. We also try to pay our taxes in order to avail of the housing programs that the government offers. However, it is important that we are consistent with paying our home’s monthly dues in order to not reach foreclosure. The law firm of Hussain Altaf & Khan LLP is here to offer you mortgage help.
WHAT IS FORECLOSURE?
Foreclosure is a process of taking one’s property being mortgaged as a result of the mortgagor’s inability to constantly pay their mortgage dues. In other words, it is the forfeiture of one’s home or property because of their failure to pay their mortgage. With months of having mortgage payment remaining unpaid, the payment of the homeowner gets bigger and bigger until it reaches a time that he can no longer keep up with the needed payment. Foreclosure is not a one-time confiscation of your home when you are unable to pay for its mortgage. Taking your property is just the end of its process. For you to have a view on how the foreclosure process goes here are its stages:
Consistently Missing of Payments
Regardless of how much we want to keep up with our mortgage payment, life circumstances are inevitable that could possibly lead to the missing of payments. These inevitable life circumstances include divorce, unemployment, medical changes or death. The mortgagor may sometimes stop paying his mortgage intentionally either because he will not be able to pay for it anymore or he got tired of managing the property that led to foreclosure.
Issuance of Public Notice
Missing payments for three to six months subjects the mortgagor to the issuance of public notice together with the office of the County Recorder stating that he defaulted his mortgage. In some states, this is known as the NOD or the Notice of Default while in other states, it is known as lis pendis, which is a Latin word that means “suit pending”. The lender may post a notice on the borrower’s front door if the state they are in allows that. This notice is official and is intended to make the borrower mindful of the danger that he might lose his property rights and be evicted from its premises.
Stage of Pre-Foreclosure
The pre-foreclosure stage simply refers to the mortgagor’s grace period after receiving his Notice of Default. Within 30 to 120 days under this period, the borrower can make an arrangement with the lender either to have a short sale of the property or pay his outstanding dues to have a greater chance of saving his property. Within this period, if the borrower will be able to pay the NOD amount, the foreclosure process ends and he will be able to save his home from sale and himself from getting evicted. On the other hand, if he will not be able to settle his payable, the foreclosure process will continue.
Opting for an Auction
If the NOD dues are not settled according to its deadline, the lender or his representative, known as the trustee, can set a date to hold a Trustee Sale. This is referred to as foreclosure auction. An NTSor Notice of Trustee Sale is issued together with the office of the County Recorder with its notifications delivered to the homeowner. The NTS is also posted within the property’s premises and at the same time found in the papers.
Foreclosure auctions can be held within the property itself, on the county’s courthouse, across the country’s convention center, and in the trustee’s office. The homeowner will be given the “right of redemption” in some states for him to still save his property until the house gets auctioned off.
In the auction, not all bidders have that capacity to pay in full on the spot. Because of that, the lender enters an agreement with the new homeowner called “deed in lieu of foreclosure” in order for them to be able to take the property back in the event that the property will be subject back to foreclosure.
Stage of Post-Foreclosure
Post-foreclosure is the final event of the foreclosure process. If the property has not been purchased despite putting it in the auction, it becomes the lender’s property and what is called as a bank-owned property or Real Estate Owned (REO).
HOW CAN A FORECLOSURE ATTORNEY HELP YOU?
Upon receiving the notice of your house being under foreclosure, it is important that you seek out the services of a foreclosure attorney who has expertise. You cannot afford to take risks and the chance of losing your precious home. For you to save your home, entrust your case to the legal services offered by Hussain Altaf & Khan LLP. We are committed to making things seamlessly possible for your needs. Our attorneys at Attorneys Hussain Altaf & Khan LLP law firm ensures an effective and successful manner of giving you assistance with foreclosure concerns using the most up-to-date technologies available.
We make sure to provide a concise and thorough process in handling your case about foreclosure from start to finish. Our attorneys at Hussain Altaf & Khan LLP are experienced and can handle cases involving double closings. We are capable of handling simultaneously the purchasing and selling of your properties. Not only that, we make our services affordable for everyone by offering a scheme called,” wholesale financing”. We take care of the business so you don’t have to worry.
WHAT SHOULD YOU DO IF YOUR HOUSE IS UNDER FORECLOSURE?
Most mortgagors like you do not know what to do after receiving a notice saying that your home is in foreclosure. There are several things that you should do the first time you receive your Notice of Default. Since this situation will involve property legalities, it is best to seek the assistance of foreclosure attorneys. With this, you will be able to get acquainted on your chances of keeping your property depending on your current status.
Keep communicating with your lender. One way to keep your home is having constant communication with your lender. By doing this, you will be able to arrange an agreement like a loan modification or loan workout in order for you to keep your property. Saving for your payments can help in avoiding foreclosure. It is very helpful if you keep saving in order to have the amount to pay for your mortgage. If it is not possible to pay your mortgage in full, at least save what you can afford.
These savings can go a long way in rescuing your home during the foreclosure process. Never miss a court deadline. Continued missing out on your court deadlines will contribute to the fast-track the process and not delay foreclosure. It is recommended that you keep track of all of them so as not to miss out on one. File for bankruptcy if needed. If you are that eager to keep your home, one way to keep it is to declare bankruptcy. However, you should consult an attorney for this move in order to know if this is the right thing to do.