What Homeowners In Foreclosure Should Know… Part 1

The Pre Requisites to Commencing

Homes are expensive. Most people save up for years before they can even think about purchasing a home. Life’s ups and downs can cause someone’s financial situation to change, and the home they’ve worked so hard to obtain may be in jeopardy. Many homeowners do not understand their rights when it comes to a foreclosure lawsuit against them.

There is a procedure that needs to be followed prior to a foreclosure lawsuit being commenced. It is imperative to consult with an attorney who can evaluate if the proper pre-foreclosure notices have been sent.  A default letter and notice of intent to foreclose are both prerequisites to commencing a foreclosure lawsuit.

There is a statute of limitations that applies once a lender has accelerated the debt. Legal counsel can evaluate whether this has been complied with and if the action has been commenced timely.

It should not be forgotten that if you have applied for and are currently being reviewed for a loss mitigation option including a loan modification, forbearance agreement or other such option, this review should be completed prior to the commencement of a foreclosure action.

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