Owning a house is a priority for a lot of people, especially those who have already started their families. However, there is a payment process that needs to be followed, which could take years to complete. As it is, a huge amount of money is involved in buying a house or any similar property, wherein a cash down payment is paid instead of entirely paying the price of the property in full. Once a specific cash amount is paid as down payment, loans are organized, allowing the homeowners to borrow money from lenders so that they could pay the remaining balance of the price of the property.
In the long process of paying for the real property, homeowners are bound by two legal documents. One is the promissory note, which basically creates a debt for which they are liable. The note establishes the homeowners’ responsibility in paying the balance remaining in the property’s purchase price. Another is the mortgage and/or deed of trust, which provides that homeowners pledge the piece of real property where they live as security for the debt that was established by the promissory note.
As an individual who purchased the property, it is your responsibility to pay for your real property’s remaining balance in the most prompt manner possible. However, if you fell behind in your monthly mortgage payments, or basically stopped paying the amount due, you may most likely lose your home via a foreclosure. A foreclosure is a legal process wherein the lender from which you obtained the loan is allowed to sell your already purchased real property without your consent in order for the lender to recover the amount that was loaned to you.
The law on foreclosures differs from one state to another. But basically, there are two types of foreclosures. The first one, called the judicial foreclosure, involves the lender undergoing the judicial process in order to regain ownership of the property. The second one, called the non-judicial or the “power of sale” foreclosure, involves the lender going through the process that is specified by the state where you live without any involvement from the state’s judiciary. In both instances, you are provided with a notice, which generally gives you 30 days to pay the mortgage that are past due. Your failure to do so may pave the way for the foreclosure process to begin, whether in court or otherwise.
Meanwhile, if you strongly want to own the rights to your house, you can actually seek an expert foreclosure law attorney to provide you legal assistance. To begin with, there are defenses against foreclosures. Depending on your situation, you may raise your defense against the foreclosing party’s attempt to put your real property to foreclosure.
Typical defense against foreclosures may involve the homeowner being on military duty, the foreclosing party wasn’t able to follow the procedures on foreclosing a property in the state, or the mortgage servicer responsible for managing the loan account committed a serious error. In your case, it is imperative that you speak with an expert lawyer for foreclosures right away; that way, you can be painted a picture of what to expect in going up against the foreclosing party. Depending on the state you live in, and depending if you are facing a judicial or non-judicial foreclosure, you can defend your home that you pursued for a very long time through the legal assistance of the attorney.