Monday, June 5, 2017

Foreclosure Facts For Every Property Owner

It’s a tough time whenever property owners are faced with the prospect of foreclosure. It’s always best to be well prepared for this. Here are a facts property owners need to know about foreclosure.

Definition

A foreclosure is a home that the bank owns, which used to belong to a homeowner. Whether the homeowner abandoned the home or gave the home to the bank, it is the bank that foreclosed the mortgage.

Image source: thebalance.com

Reasons

There are several reasons homeowners stop paying their mortgage. Homeowners either lose their jobs, accumulate excessive debt, experience increased bills, incur deteriorating health, go through divorce, or go through anything else that significantly interferes with the steady income. Many of them can no longer afford to keep the house.

Proceedings

Proceedings for foreclosure depend on the state. For states where mortgages are used, homeowners may stay in a property for nearly a year after. In other states though, the time period is less than four months. But the fact is, almost every state has a period by which the property can be redeemed, which is usually termed a period of redemption.

Image source: thebalance.com

Action

The first course of action for homeowners facing foreclosure is to contact a real estate lawyer who specializes in foreclosure proceedings.

Olympia Law P.C. is a Los Angeles and Orange County-based law firm that deals with real estate litigation, including foreclosure. To learn more about real estate law, read the firm’s blogs here.








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