The truth is that any homeowner who is struggling to pay their mortgage, who is in danger of foreclosure – is struggling with an incredibly stressful and emotional ordeal. Thinking clearly is not always possible, so at Fair Property Brothers we feel it’s important to counsel anyone who comes to us so that they understand that they have rights, and that they are entitled to certain protections under the law.
Knowing your rights will help you negotiate the difficult waters of this painful process; you aren’t as helpless as you may think you are, or as you feel. Here are some of the things everyone who is at any point in the process of foreclosure should know:
- As a homeowner, you have the right to talk with the lender about possible payment options other than foreclosure, including renegotiation of your loan, or other restructured payment options.
- As the homeowner, you have the right to pursue the possibility of privately selling the property to the lender, rather than letting it go into foreclosure. Sometimes a private sale will bring a higher selling price than a foreclosure, in which case it’s a “win-win” for both you and the lender.
- When a lender has sent the Notice of Trustee Sale informing you that they intend to foreclose on your property, you have the right to stop the foreclosure by paying the total of the payments missed plus any late fees that have accrued at any time up until the actual sale of the property.
- Contrary to many other states, however, in , when a property is sold, however, there is no “right of redemption.” Some states allow a homeowner to “redeem” or buy back their property for up to a year after it’s been sold at auction, but doesn’t.
- You have the right, as the homeowner, to be treated fairly. This means that your lender must follow all requirements laid out in the foreclosure process adequately. It also means that if there is any money left over after the mortgage, late fees, and foreclosure costs have been paid – that money should go to you.