Foreclosure Process

A foreclosure is the process where the property is seized due to the owner’s inability to pay the monthly installments. Delinquency, Foreclosure & Eviction are the various stages that the owner goes through to be forced out of his or her property.

If a homeowner misses the mortgage payments on the first of the month, a late fee is charged on the mortgage amount for the next 15 days. However, if the homeowner misses the payment by 60 days, then a demand letter is sent, noticing and giving them an extension of 30 days to pay the delinquent amount.

Going further, if the homeowner passes 90 days in paying the amount, then the loan is transferred to the foreclosure department. The default notice is then transferred to the county and the same is mailed out to the homeowner within ten days. From here, the homeowner is given another 90 days to make the payment for the delinquent amount.

In case of no payments are made after a period of 90 days, a notice of sale is recorded. According to the notice, the lender will sell the house within a period of 21 days. The copy of notice of sale is recorded on the county and a similar copy is sent to the homeowner. Following the sale of the property, the eviction process starts from the foreclosed owners.

Foreclosure and Eviction Process

Many times due to unfortunate circumstances, several homeowners have to face foreclosure and eviction from there homes. The process can be exhausting process with the family leaving the property and moving to a new place.

Foreclosure is the process of selling a debtor’s property to recover the loan amount. Generally, a foreclosure takes place if the debtor is late behind his/her payments for around 3 to 6 months. If the debtor is unable is pay the amount after this period, banks order foreclosure of the property to recover the loan amount.

Once the property is put for foreclosure, the eviction process law varies from state to state. Some states give a period of one year for homeowners to stay and redeem the property and some states do not have any eviction period. An eviction process generally takes about 2 to 4 weeks, where the homeowner is given the notice to look for another place to live. But once, the notice period gets over, locks are changed and the homeowners are put on the streets if they have not evicted the property yet. Therefore, it is better to look out for a new place before the sheriff comes home for the eviction process.

Evictions – Why Hiring an Attorney can be Beneficial?

Evicting a tenant from your house is not something one looks forward to excitedly. However, for a landlord, it is something, which at many times become unavoidable. And if you are someone who has rented more properties, you are more likely to go round and round the courts to get the eviction proceedings done.

Most of the landlords are of the view that they can handle the eviction process on their own. However, in reality, eviction is a long and tedious process. Hiring an attorney specializing in evictions could be extremely helpful in such a situation.

Going to courts is extremely time consuming. For a busy individual, driving to a court and attending the hearings can take most of the day. Imagine sitting in the court aisles and waiting for your turn. This is where eviction attorneys can help you out. Apart from saving your precious hours, hiring an attorney would also give you a professional edge in your case. Attorneys know the intricacies of the law and can put a better case for you, ensuring that you do not fall to the tricks used by tenants to win the case.

Hire a professional attorney who can represent you in court and help you in winning it against your tenant.