Foreclosure Rights of Your Mortgage Company
While it is important to understand your foreclosure rights
, it is equally important to understand what the rights are of your mortgage company. That way you know what is coming and it can make it easier to prepare yourself. The most basic right of your mortgage company is their right to foreclose on your home if you have defaulted on your payments. Check your loan documentation to see if you can figure out when your bank will begin filing foreclosure paperwork. In some cases, your mortgage documents will tell you exactly how the foreclosure process will play out for you. They may tell you the time, place, and even the terms of how the sale will occur. Be sure to check your documents thoroughly to see if this is the case in your situation. Your lender will typically try to contact you before they begin foreclosure proceedings to try to workout a solution with you. In some states, part of your lender's foreclosure rights is the right to get a deficiency judgment from you. What does this mean for you? It means that if your house sells at a foreclosure auction and it sells for less than what you owe your lender, your mortgage company has the right to come after you for the remainder. Will your mortgage company actually do this? It depends but in some cases they have the right to do so. If your lender retains the home after the foreclosure sale, they also have the right to evict you. At that point, your mortgage company legally owns the house and can give you as little as three days to move out. If you want to prevent this, you may try talking to your lender to see if you can rent from them for a period of time until you can find alternate housing.Foreclosure Rights of Your Mortgage Company
By: Jill