What To Do When You Face A Foreclosure?

Are you looking to for what to do when your property has been foreclosed

? Well, you have come to the right place. In this article, we will provide you with important information about foreclosures.

It is the legal process by which a lender acquires a termination order by court for the owner's right to the property. Whenever a lender offers a mortgage debt, he/she acquires a security interest from the person who is borrowing the money. A property like a house is mortgaged by the borrower when he secures the loan. If at any point of time the borrower defaults to repay the loan, his/her right of the property is lost. In the procedure of foreclosure, the mortgaged property is forcefully sold at a public auction. The money earned when the property is sold is used by the lender to pay off the mortgage debt along with any legal costs.

Most people don't know that there is a powerful strategy that you can use to stop foreclosure. You can fight back and prevent the bank or lender from taking your home away. You have the opportunity of postponing the proceeding of the bank and in this grace time, you can easily work with the system of the court and negotiate again. A large number of people do not understand the fact that a lot of mortgages are full of legal discrepancies. This is because the bank in most cases does not want you to know. Usually mortgages are sold a number of times and converted into bonds. Since it changes hands so many times, it is difficult to analyze and understand who the true owner of the mortgage is.

A mortgage contract is signed by the borrower when he/she secures a loan. When multiple sales take place and at times mortgages are also divided and sold, this contract or note gets misplaced or destroyed. You have the opportunity to ask the bank to produce the note and in case they fail to do so, you can stop foreclosure. The bank becomes liable.

Forensic loan audit is another technique that you can try if it is hard for you to maintain a record of your monthly payments. By carrying out the audit, you can evaluate all the mortgage documents for any violations and discrepancies. The audit will eliminate the chances of denial of a traditional loan modification. This may be advantageous for the borrower.

by: David Windsor.

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