The real estate market does not have an industry-wide timetable for a foreclosure. Many banks have fallen so behind that it's been nearly two months since they have processed Notice of Defaults (NOD). Many consumers fail to realize that it is a time-consuming process, especially during an economic crisis. It is the responsibility of the bank to inform you of the foreclosure auction date and they are required to give you prior notice for you to move out. The only good news is, you will not be out on the street without plenty of time to modify or make other living arrangements.
An NOD can be filed anytime a payment is past due - except in the State of California. A homeowner is defaulting when their mortgage payment is missed, in other words, they are breaking the terms of the loan documents. However, this does not necessarily mean that any lender is going to file NOD in that particular manner. Mortgage lenders are filing NOD is after 3-5 months of receiving no mortgage payments. Once an NOD is filed with the county recorder's office in a particular state, the homeowner still has a good amount of time to respond by paying the total balance, selling the home or agreeing on forbearance or working out a loan modification.
After an NOD is filed a homeowner must check with their state's laws on how long they have to cure the default. Most states give home 3 months to pay up or sole the problem through other channels before they decide to foreclose the home. Around 21 days after the grace period is up, the mortgage company will set an auction date for the home to be sold to the highest bidder. In today's real estate market receiving funds from equity is an inevitable conclusion.
When an auction date has been scheduled there is a very slim chance of modifying your home loan. Your bank has decided to move on and focus their attention on other houses. The banks feel that the homeowner was given a sufficient amount of time to fix their financial dilemma. At this point in time, the only possible way to save your home is to file a lawsuit or place a restraining order on your note. Keep in mind that there has to be reasonable cause (ex. predatory lending, RESPA and Truth in Lending violations) for a judge to allow a homeowner to pursue this type of lawsuit.
Alanis have been writing articles for nearly 2 years. Come visit his blogs more often for tips and advice that helps people with the interest for foreclosures in wyoming and great passion and knowledge for wyoming foreclosures for sale and all the different options & providers available in the market today. Find out for more info also here foreclosuresinwyoming.net
No comments:
Post a Comment