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The FindLaw Guide to Surviving a Foreclosure

The FindLaw Guide to Surviving a Foreclosure

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Published by FindLaw

If you or a loved one are behind onmortgage payments, you may be lookingto avoid foreclosure or you may alreadybe part of the foreclosure process. Here,we provide information that can help youthrough this diffcult time.

If you or a loved one are behind onmortgage payments, you may be lookingto avoid foreclosure or you may alreadybe part of the foreclosure process. Here,we provide information that can help youthrough this diffcult time.

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Published by: FindLaw on Aug 29, 2012
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The FindLaw Guide to Surviving A Foreclosure
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 Te FindLaw Guide toSurviving a Foreclosure
Table of Contents
•
Introduction
•WhatisForeclosure?•TypesofForeclosure•ForeclosureProcess•HowtoAvoidForeclosure•ShouldIContactanAttorney?
Introduction
Ifyouarefacingaforeclosureandneedhelpunder
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standingforeclosurelaws,typesofforeclosureyouface,theforeclosureprocess,orhowtoavoidforeclosure,FindLawanditsdirectoryofattorneysareheretohelp.
What is Foreclosure?
Foreclosureistheprocesswhereyourlender(mortgageholder)gainsownershipofyourproperty,isgiventhelegalrighttosellthepropertyandusestheproceedstopayothemortgage.isusuallyhappenswhenyouareindefaultonyourmortgagepayments.elendercangenerallyinitiateforeclosureanytimeaeradefaultonthemortgage.However,therearenumerousstatelawsandregulationsthatgovernforeclosuretoprotectboththehomeownerandthelender.
Types of Foreclosure
erearetwomaintypesofforeclosure.erstisforeclosurebyjudicialsale.isisavailableineverystateandistherequiredmethodinmany.Aforeclosureby judicialsaleisthesaleofthepropertyunderthesuper
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 visionofacourt,withtheproceedsgoingrsttosatisfythemortgage,andthentosatisfyotherlienholders,andnallytothemortgagor.Becauseitisalegalaction,alltheproperpartiesmustbenotiedoftheforeclosure,andtherewillbebothpleadingsandsomesortofjudicialdecision,usuallyaerashorttrial.esecondtypeofforeclosure,foreclosurebypowerofsale,involvesthesaleofthepropertybythelender,thoughnotthroughacourt.istypeofforeclosureisgenerallyfasterthanaforeclosurebyjudicialsale,butitisnotavailableineverystate.ereareothertypesofforeclosuresalsoavailableincertainstates.Forexample,yourstatemayallowstrictforeclosurewhichgivesthepropertytothelenderwithnoobligationtosell.Youshouldtalktoarealestateattorneytolearnwhattypesofforeclosureyoumayface.
Foreclosure Process
eforeclosureprocessisdierentineverystate.Tolearnmoreaboutyourstateforeclosurelawsandprocesses,pleaseseeourStateForeclosureResourcesforeverystate.
I you or a loved one are behind onmortgage payments, you may be lookingto avoid oreclosure or you may alreadybe part o the oreclosure process. Here,we provide inormation that can help youthrough this difcult time.
Page 1 o 2
 
The FindLaw Guide to Surviving A Foreclosure
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How to Avoid Foreclosure
Foreclosureisadicultprocessthatusuallyresultsinyoulosingyourhomeandtakingahitwithyourcreditrating.Sotryingtoavoidforeclosuremaybethebestbetforyou.Ifyouarehavingtroublemakingyourmortgagepayments,itisbesttoseekassistanceassoonaspossible.Someearlystepsyoucantakeinclude:•Contactingyourlenderassoonasyourealizethatyouhaveaproblem.Lendersdonotwantyourhouse.eyhaveoptionstohelpborrowersthroughdicultnancialtimes.•Knowyourmortgagerights.Findyourloandocumentsandreadthemsoyouknowwhatyourlendermaydoifyoucan’tmakeyourpayments.Learnabouttheforeclosurelawsandtimeframesinyourstate(aseverystateisdierent)bycontactingtheStateGovernmentHousingOce.•Understandforeclosurepreventionoptions.Valuableinformationaboutforeclosureprevention(alsocalledlossmitigation)optionscanbefoundathttp://portal.hud.gov/hudportal/HUD?src=/topics/avoiding_foreclosure.•ContactaHUD-approvedhousingcounselor.eU.S.DepartmentofHousingandUrbanDevelopment(HUD)fundsfreeorverylowcosthousingcounselingnationwide.Housingcounselorscanhelpyouunder
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standthelawandyouroptions,organizeyournancesandrepresentyouinnegotiationswithyourlenderifyouneedthisassistance.FindaHUD-approvedhousingcounselornearyoubyvisitinghttp://www.hud.gov/oces/hsg/s/hcc/hcs.cfm.
For More Information
Regardingforeclosures,pleasevisitourwebsiteathttp://www.ndlaw.comorhttp://realestate.ndlaw.com/foreclosure/
Send Us Your Feedback
We’relistening!Sendusyourfeedbackhere.
Disclaimer: The inormation you obtain in this publication isnot, nor is it intended to be, legal advice. You should consultan attorney or advice regarding your individual situation. Disclaimer |Terms|Privacy 
Page 2 o 2
 
STOP
Should I Talk to an Attorney?
Ifyouarefallingbehindonyourmortgagepaymentsandrealizethatyoumaybefacedwithaforeclosure,youmaywanttocontactanattorneytolearnyouroptions.Anattorneycanprovideinsightintotheprocessandcantellyouwhatyoucanexpectduringthistumultuoustime.Additionally,alawyercanhelpyousteerclearofforeclosurescamsandpredatorswhopreyonthenanciallyunstable.YoucanndanexperiencedforeclosurelawyerinyourareabyvisitingFindLaw’sDirectoryofattorneys.

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