Foreclosure rules
There are no real foreclosure rules. It all depends on your particular situation. Who is you lender? How many mortgage payments have you missed? Are you deeply in debt? Have you taken every opportunity possible to try to contact your lender and pay your mortgage? These are all questions to consider.
Most importantly, the rules you face depends on where you live. Florida will have different foreclosure laws than Washington will have. And rightly so.
The rules you will want to look out for are the following:
- What is the timeline for a foreclosure? Many states will give you 60, 90, or even 120 days to get the whole situation figured out.
- Who has the upper hand in your state? The homeowner or lender? Most states try to look after the homeowner in most situations, but the rules are not always clear cut.
- What are the rules regarding foreclosure auctions and selling your home?
Remember that no one involved in the situation you are in wants your home to undergo foreclosure. This is bad for the homeowner, lender, and the state. No state wants a statistic that reads: “Foreclosures rise 40% year over year, now 3rd in the nation in foreclosures per home”. Just make sure to do your part when it comes to avoiding foreclosures and informing yourself an everything will work out.