Foreclosure Mediation
If you are a homeowner facing foreclosure you can: represent yourself or get an attorney. Many homeowners do not get a lawyer and fail to file an answer in their court file within 20 days of being served with the complaint. The lender can then get a judgment setting the sale date without a trial or any further notice to the homeowner. If you are behind in your payments, you can decide among other options to 1) Reinstate your mortgage. This means you ask the lender if you can bring your payments current and pay the lender the costs they have incurred. 2) Refinance your property. This means you get a pay off figure from the lender and take out a new loan from another bank. 3) Sell your home and pay off the lender all amounts due. 4) Allow foreclosure.
Foreclosure
The legal and professional proceeding in which a mortgagee, or other lienholder, usually a lender, obtains a court ordered termination of a mortgagor's equitable right of redemption. Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, the lender cannot be sure that it can successfully repossess the property, thus the lender seeks to foreclose the equitable right of redemption. Other lienholders can also foreclose the owner's right of redemption for other debts, such as for overdue taxes, unpaid contractors' bills or overdue HOA dues or assessments.
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