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Debt Relief – Insolvency – Bankruptcy Information » Uncategorized » Understanding Foreclosure Laws

Understanding Foreclosure Laws

Understanding the ins and outs of foreclosure can be difficult. The whole process can be quite confusing and if you are not aware of what to do you could easily pass up the opportunity to save your home from foreclosure. Each state has different laws regarding foreclosure. Some states allow the homeowners more time than others to settle their debts with their mortgage company and some states are a bit less lenient. Knowing the laws is imperative in understanding how  foreclosures work in your state can assist you in either preventing or navigating through a foreclosure.

Understanding state laws regarding foreclosures can assist you greatly in either preventing or at least understanding the process of foreclosure. In most states foreclosure is a legal process and your mortgage lender has to serve papers stating that your home is being foreclosed. There are some states however that don’t require this method of notification although they are few and far between. Some states only have to post the legal document on your property in a visible area stating that your home is being reclaimed and can begin initiating the eviction process in as little as a week. For this reason it is very important that as a homeowner you make yourself knowledgeable about the foreclosure laws and proceedings in your state.


Likewise, in all the states there is usually a time period between the actual declaration of a foreclosure and the sale of a home. This grace period, also known as the right of redemption, gives the homeowner the opportunity to settle their mortgage delinquency and prevent the foreclosure process from proceeding to a more elevated level. Knowing the local laws related to the foreclosure process can assist you in preventing a foreclosure and saving your home. There are even some states that will allow you to stall a foreclosure by issuing a written request for a delay to their local courthouse. Many people who are eligible to do this don’t because they have usually waited too long to respond to submit this request. Time limits are a big part of the foreclosure process and the lack of knowledge about time limits to submit certain requests for foreclosure delays and other important documents can result in missed opportunities to resolve your mortgage problem.

If you are not able to resolve your mortgage delinquency in a timely home a notice of default will be filed against you and eventually your right to redemption will end. Once the auction has occurred and a new owner is obtained for the property you will have to leave immediately. Before this period you should receive a legal document stating when and where the auction of your home is going to be. It is important to note this date because if you are not able to redeem your property than you should be making plans to leave the home at once. In many cases an officer of the law, usually a sheriff, will go to the residence and make sure that the property has been vacated. In some cases the property will be secured with a steel padlock to deter entry. Unfortunately this is the forlorn ending to a mortgage delinquency.

If you are behind on your mortgage payments it is very important that you research the laws in your state so that you can understand how foreclosures work, and hopefully prevent the loss of your home.

Mel Ullman is an expert in the field of help with foreclosure, and likes to share her knowledge on her blog that teaches people everything about foreclosure laws, and anything related to real estate, mortgages, and foreclosures.


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