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First and foremost, foreclosure is a process. It's the process your lender must go through to enforce its right to force the sale of your home to collect an outstanding debt. We can help by organizing your documents and preparing the information you need for the path you decide to take to protect your home.
How did your lender get this right? You gave it to your lender when you signed the mortgage or deed of trust for your home loan. A mortgage or deed of trust was one of the many documents you signed when you originally took out your loan to purchase your home. In this document, you gave your lender a security interest in your house to guarantee repayment of your mortgage. Once you stop paying, your house can be sold without your consent so your lender can recoup what they loaned you.
Foreclosures typically take one of two major paths: judicial (in court) or nonjudicial (out of court). If your home loan is secured by a mortgage, chances are good you'll have a judicial foreclosure. If your loan is secured by a deed of trust, you'll probably have a nonjudicial foreclosure. Which one applies depends on the law in your state.
A judicial foreclosure often takes longer — a lot longer — than a nonjudicial one. A judicial foreclosure also gives you a ready-made opportunity to oppose the foreclosure and assures that your home won't be lost to foreclosure unless a judge signs off on it.
If your house can be sold at auction in as few as 30 days after you first get notice of the foreclosure, you'll need to act differently than if you have three or four months to negotiate with your lender or explore other options. Even in short-notice states, you can generally count on learning about the intended sale in time to act.
You receive formal notice that your lender is beginning the foreclosure process.
Depending on your state, you may have anywhere from 30 days to several months before a sale date is set.
Once a sale date is set, the information for your chosen path needs to be ready before it arrives.
IWILLSAVEYOURHOME.COM is not a law firm and does not provide legal advice or legal representation. Sean C. Ferrero is not a licensed attorney. We provide mortgage analysis, document organization, and administrative support services only. We do not prepare legal documents, court filings, or bankruptcy petitions on your behalf.
All decisions about which legal or financial path to pursue remain yours. We strongly encourage every homeowner to consult a licensed attorney regarding their legal rights and options.
Sean C. Ferrero, U.S. Air Force Veteran, is your direct point of contact in all 50 states. Click your state to start your free evaluation.
SEAN C. FERRERO
IWILLSAVEYOURHOME.COM
President/CEO
P.O. Box 144, Jamul, CA 91935
U.S. Air Force Veteran
619-268-3687 (business cell)
1-888-816-7859 (toll-free)