El proceso de foreclosure o ejecución es distinto en cada estado. Si usted tiene este problema y esta preocupado porque no puede hacer el pago de su hipoteca, entonces tiene que enterarse acerca de las leyes de foreclosure y el proceso en su estado en particular. Todos los estados han establecido distintas reglas por las cuales se rigen, por ejemplo varían las fechas de envío de cierta documentación, cantidad de tiempo para el rescate de la propiedad, los programs and publication of notices regarding the auction of the property. However in this site will give you a general idea of \u200b\u200bwhat can happen. Information about what you can expect is available on our website on Implementation Risk.
Usually, lenders or mortgage companies begin the process of foreclosure or foreclosure about 3 to 6 months after the first payment being late. These being late charges apply after 15 days, but most mortgage companies recognize that owners may face financial hardships in the short term. It is very important that you keep in touch with your lender within the first month after in arrears.
After 30 days, the borrower is in default and implementation processes begin to accelerate. If you do not call your bank and ignore the calls from your lender, then the implementation process will begin much earlier. At any time during the process, talk to your lender or a housing counselor about alternatives and solutions that can be. But under no circumstance should be left without doing anything. If you do something before things get worse, each time will be harder to save their property.
Three types of foreclosure or execution may be initiated in this time judicial power of sale, and strict enforcement. All types of execution required to publish notices to all interested parties to be notified as to the measures. Once the properties are sold by auction, families have a short time to find a place to live and move before the sheriff post an eviction.
Foreclosure or judicial enforcement. All states allow this type of performance, and a warrant. The lender files the complaint with the judicial system, and the borrower will be notified by mail demanding payment. The borrower then has only 30 days to respond with a payment to avoid foreclosure. Failure to make payment after a certain period of time, the mortgaged property be sold by auction to the highest bidder by a local court or the sheriff's office.
Power of Sale. This type of foreclosure or execution, as well as performing statutory knowingly, is allowed by many states if the mortgage contains a power of sale clause. or power of sale. After a homeowner behind on payments on your mortgage, the lender sends out notices demanding payments. Once it has been a waiting period, the mortgage company instead of local courts or the sheriff's office, conducts a public auction. Auctions nonjudicial foreclosure or enforcement are often more appropriate, although they may be subject to judicial review to ensure the legality of the proceedings.
Foreclosure or strict enforcement. There are few states that allow this type of foreclosure. In strict foreclosure action, the lender makes a lawsuit against the owner who has ceased making your payment. If the borrower can not pay the mortgage within a specific target time requested by the court, the property returns directly to the provider of the mortgage. As a general rule, Strict executions occur only when the amount of the loan are larger than the value of the property.
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