A. Foreclosure law governs the process of a bank or financial institution foreclosing on a home – or insisting that the occupant vacate the premises. Typically, the home will be then sold to regain monetary interest in the home.
A. Typically, when you become late on payments, you will be sent late notices. After a certain period of time, you may be required to send the full amount of the home cost. Then, the financial institution will take you to court and the financial institution will seek ownership of the home.
A. The laws vary from state to state, however, you typically do not have to actually vacate your home in the foreclosure process. After the financial institution seeks ownership of the home, you become a sort of ‘tenant,’ forcing the institution to go through an eviction process.
A. Generally, paying the amount of money that you are in arrears for will stop the foreclosure of your home. If you’re unable to do that right away, filing bankruptcy can significantly slow the process so that you have a chance to catch up. A lot of this will depend on how aggressive your financial institution is.
A. Many people do not hire an attorney when they are facing foreclosure, however it is always recommended. An attorney knowledgeable in foreclosure can help you determine your options and be sure that you are within the laws as you fight to keep your home. It’s a good idea to have someone like this fighting for you.
A. This is depending upon the financial institution and the laws and statutes in your state. Typically, when three to six payments are missed, the financial institution will start the foreclosure process.
A. No. In order for the bank to make you leave your home, they must first seek a court order stating that you have to leave. In order for this to happen, several processes must be followed and this can take months.
A. You shouldn’t avoid your bank or financial institution. Call them immediately and let them know the situation and why you are going to miss a payment. Chances are, they will work with you to ensure that you get caught up as soon as possible.
A. You could be, but it usually happens when a homeowner does not contact the financial institution with plans to catch up in payments. In order for you to be forced to pay the full amount, the financial institution will need to get a court order called ‘acceleration.’
A. Typically, yes it does. However the laws are different for different states. Most places require for the foreclosure notice to be published in local newspapers more than once during the process.