Foreclosure Rights
Posted on March 2, 2010
Filed Under Florida Foreclosure |
Do you know how to protect your rights during a foreclosure? It can feel like you do not even have any rights during your foreclosure. I know that I felt like my life was in the hands of the mortgage company during my foreclosure process and I really wish that I would have gotten more educated about what my foreclosure rights were and how to protect them.
You have the right to legal counsel. The foreclosure workout document I got encouraged me to consult and attorney before signing them. I sincerely wish that I had. An attorney that knows the foreclosure laws for your state can help you protect your rights. The mortgage company has lawyers fighting for their rights, you should have an attorney fighting for your foreclosure rights too.
You have the right to fully understand every document that you are signing. Do not sign something just because the mortgage company tells you to. Read it and be sure that you understand every line. If you do not and you can not get an attorney, call your representative at your mortgage company and ask them to explain it to you. If they have done their job well, you understand what the document is and what you are signing before it ever gets to you. I called my mortgage company representative to ask him to explain what some of the documents I was signing were. They want you to sign them so they should have no problem taking the time to explain them in full to you. Understanding the documents you are signing is big part of protecting your foreclosure rights.
You have the right to bug your mortgage company as much as you need to. I was almost constantly following up with my mortgage company to make sure that they received documents, that they received the agreed upon payments. I was also calling them often with questions about my foreclosure and what was next in the process. You have a right o understand where you are at in the process and to make sure that the mortgage company received everything that they needed. Your foreclosure rights include the right to call your mortgage company as many times as you need to in order to make sure everything is on track.
Jill Borash
http://www.articlesbase.com/mortgage-articles/foreclosure-rights-704185.html
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4 Responses to “Foreclosure Rights”
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Does anyone know renter's rights in CA regarding foreclosure in the home that we are renting?
We have a lease for another five months and have found out that the owners have been defaulting on their loan. They are in pre-foreclosure right now. Are we legally obligated to pay the rent now that they have defaulted? How long does it usually take for the home to enter foreclosure? Do renters ever get to stay in the home after the foreclosure notice is posted or does the bank usually evict?
You need to continue paying rent as long as you live there. Your lease is still valid, and the financial situation with the landlord has no bearing on your lease nor on your responsibility to pay him the rent. A new federal law basically allows you to continue to the termination of your lease once a foreclosure has occurred. Nothing will change except that the bank will be your landlord after the foreclosure is completed.
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Tenants in foreclosed properties are now protected under federal law from immediate eviction. The "successor in interest"/new owner must give tenants a minimum of 90 days notice to vacate. Tenants may be entitled to remain in the unit for the remainder of the lease term, unless the new owner intends to occupy the foreclosed property. Even if the new owner does intend to occupy, the 90 day notice requirement applies.
You must continue to pay rent or you can be evicted like any other non-paying tenant, and the 90 day notice requirement would not apply.
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stop paying rent. If your landlord is acting irresponsible and not fullfilling his legal obligations to pay his mortgage, then two can play the same game. Dont let them "pocket" your hard earned money, (this is actually stealing since its really the banks money!) dont let them steal from you, dont give them a dime. If it goes to the courts, tell them that your landlord failed to pay the mortgage, and since you where scared to death to be evicted by the bank (and lose your deposit) you decided to withhold rent. Better safe then sorry, dont get screwed like many people are getting screwed right now by greedy, spineless landlords
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