Foreclosure is all about losing. The homeowners lose their home and thelender loses money. If the homeowners understand the process, they canusually save their home. The problem is that most people don't understandthe process, and are at a disadvantage from the beginning in this strugglewith their lender.Over the years, the legislature has tried to create a system of foreclosurewhich is fair to both the lender and the defaulting homeowner. Thissystem attempts to give the homeowner ample time to cure a default,while at the same time, giving the lender a speedy remedy in the event thehomeowner cannot cure the default.Unfortunately, the lawmakers’ efforts toward fairness do not balance theadvantage that well-prepared and well-practiced lenders have over thehomeowner who is relatively inexperienced in foreclosure proceedings.
The lender has all the advantages.
Their lawyers, who are trained professionals, and who can and willenforce the lender's legal rights against the borrower.2.
The knowledge, experience, and understanding of how the bankingcommunity deals with mortgages in foreclosure.3.
The financial resources to pursue the foreclosure and enforce theirrights.4.
A sympathetic judicial system which applies a basic truth that thehomeowner borrowed the money and did not pay it back.
The homeowner, on the other hand, has all the disadvantages.
A lack of money and financial resources.2.
Fear, concern, and worry that they are about to lose their home.3.
No law firm or financial consultant to advise and assist them.4.
A total lack of any knowledge, experience or understanding of howthe mortgage business functions and how foreclosures are treated by thebanking industry.5.
The emotional distress which very often prevents them from actingto protect themselves in this upcoming foreclosure battle.