For homeowners, the word “foreclosure” is terrifying. Foreclosure can be a bleak future without a home, and not knowing your rights can add to the burden. If you’ve been served a foreclosure notice, it’s important that you understand what exactly is going on. Here’s what you should know:
● According to federal regulations, foreclosure proceedings cannot begin until the homeowner is delinquent for over 120 days. This is supposed to give the homeowner enough time to make monetary arrangements.
● Every state has different foreclosure proceedings. In some states, foreclosures never see the inside of a courtroom. In other states they do, and the lender must file the complaint in court along with a petition that describes the property and the action the lender would like to be taken about it. This helps make sure the lender will eventually collect the money that’s overdue after the property is sold.
● The lender has to grant 20 days to the homeowner for responding to the complaint, before the foreclosure proceedings can start. This time period is meant to give the homeowner time to either refute or accept the claims made in the complaint, and also to give the homeowner their due right to pay the default amount before foreclosure proceedings begin.
● The lender and the homeowner can also look for other solutions that are agreeable to both with the help of their local county.
● Once the 20-day period has passed, the court can give different judgments based on the scenario. There is a default judgment if the homeowner fails to respond, a summary judgment if the owner has responded but the foreclosure still proceeds or judgment after the case is tried.
● No matter the judgment, the homeowner always holds the right to reclaim the property within a stipulated time period.
What can you do to avoid foreclosure?
There’s an easy way to avoid a foreclosure. At Southern Nevada Home Buyers, we buy houses for cash and close the sale in two weeks or less. No hidden charges, no repair costs. Once we take a look at your property, we’ll make a 100% cash offer and buy the property as is. Take this step and get your life back on track!