When a homeowner stops making payments on a property, foreclosure is the response from the lender. It is a sequence of legal procedures, during which time a lender sells or otherwise repossesses the home or property in question. As you can imagine, for the involved homeowner, this can be incredibly difficult to endure. Knowing and understanding the foreclosure process will only benefit you and your family, as it is vital you understand your rights and responsibilities throughout these proceedings.
Foreclosure begins when mortgage payments are missed for a minimum of 90 days. Once this occurs, the lender will generally record a public notice, mailing it to the homeowner. You are then allowed a 3-month period, during which time you are expected to create an arrangement with the lender, sell the property, or otherwise provide the required cash. If 3 months are completed without success, the home is likely put up for auction. If no one can come up with the cash on the spot, an agreement is made with the homeowner in order to get the property back. Finally, the property becomes bank-owned by the lender, opening it up to be sold to the general public.
CONTACT OUR TEXARKANA REAL ESTATE LAWYERS
No matter how prepared you are, the foreclosure process can quickly become incredibly complicated. This is why it is important you get ahead of the curve by enlisting in the help of a Texarkana real estate attorney you can trust, such as ours at Potter & Marks. Fighting a foreclosure is not easy, and our legal team believes we will be an invaluable asset for you during this particularly challenging period of your life.
To schedule an initial consultation with a member of our team, contact us at your earliest convenience by calling (870) 729-8223.