The foreclosure process can be swift, and usually works in the favor of your lender.
Most mortgage lenders file a foreclosure action when a loan becomes more than 90 days past due.
This means your lender has filed a LIS PENDENS.
A Lis Pendens freezes title. This means that you can not sell, or refinance your property without a release from your lender.
In most cases, you the homeowner are given a 20 day period to respond in writing once you have been served with a packet of paperwork from the courts. Once the 20 day period has elapsed, the lender will request a motion hearing and be granted a default judgment for foreclosure. This means any chance you may have been given to appear in court is waived, and your lender can proceed with a sheriff's sale in as little as 90 days. (Depending on whether or not the property is homestead)
This process leaves you with little time to solve your problem. To make matters worse, each day that you wait, the amount of money you will need to pay off your lender will increase. Any equity you have can be quickly eaten up by default interest, taxes, and attorney's fees.
The worst thing you can do is wait.
What can I do?
The fact is, you do have options!
These include, but are not limited to:
· Protection under bankruptcy laws
· Re-Financing your home
· Selling your home, and using the money to start over.
· Negotiate a reduced payoff settlement with your mortgage lender.
How to get help
Ralph Nudi & AssociatesTM is a team of Real Estate, Mortgage, and Debt Relief experts that can help you to determine what solution best fits you and your family's situation.
Our consultation is free of charge, and we will never pressure you to make a decision that is not in your best interests.
Ralph D. Nudi - Foreclosure Intervention Specialist
Weichert, Realtors - Unum Properties