Recovering Your Property During A Foreclosure Proceeding

During the course of a foreclosure proceeding

, there are specific times when various notices are given for a particular duration before the next action is carried out. These proceedings can be cut short or stopped when notices are given for a specific action to be carried out. Any person interested in continuing to hold legal rights to their property must act quickly during such times to forestall their houses from being taken over by the lender or their agents.

Processes Involved in a Proceeding

A foreclosure proceeding is usually a legal process instituted by a lender against the borrower as a result of a breech in an agreement by both parties. The breech of agreement is usually anchored around defaults in payment of agreed regular mortgage payments. Several court notices are usually served to the borrower after which the court is compelled to order the property to be foreclosed if there is no action by the borrower to salvage their property.

The first notice of a foreclosure proceeding is usually issued after the borrower must have defaulted in payments of the regular mortgage for up to three months. There are various processes which follow thereafter, but this generally depends on the type of mortgage, the clauses that were contained in the agreement signed by both parties and even location. This is because a law that may be at work in one state may not be work in another state or location. Most states usually have some peculiar laws on real estate that are not applicable elsewhere.

Salvaging Your Property During A Proceeding

Sometimes, a borrower is not left with many options on how they can redeem their properties when a foreclosure proceeding has been instituted. But there are a number of things they can do to salvage their property. One of such things is to hire a professional, particularly a real estate attorney when you know that some clauses in your agreement which the lender has violated. Your attorney should be able to help you present a good case against your lender in the court. Other options you can use include negotiating a short sale, or acquiring a loan elsewhere to pay for the outstanding mortgage payment. Most times, your attorney will evaluate your situation and advise on the best option to adopt. In addition, you can still be able to recover their property even after a legal process is instituted to foreclose it.

by: Joseph B. Smith

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