A nonjudicial foreclosure occurs when the mortgage holder files a foreclosure action in county court without a mortgage company’s involvement. Nonjudicial foreclosure is a much faster and automatic process than a judicial foreclosure. The reason is that in the case of a nonjudicial foreclosure, the homeowner is given just thirty days notice of default. The thirty-day period does not begin until the mortgage company receives a copy of the default notice. Thus, if the homeowner does not attend the specified time frame to cure the default, the lender has the authority to commence the sale of the home at the public auction referred to as a public default. Foreclosure attorney at merrickgarlandproject.com has enough knowledge on how to stop a non-judicial foreclosure to help you keep the house.
What is Non Judicial Foreclosure Process
When a homeowner falls behind in his mortgage payments, and if there are no qualifying events like bankruptcy, the bank will often attempt to go through the nonjudicial foreclosure method. If the nonjudicial process goes through, it is much faster (it may take less than a month) and less intensive on the homeowner than judicial foreclosures. However, there is an obvious downside – lower property value, more time for the bank to sell the house, and a longer time frame for the court date. This article will provide information about non judicial foreclosure in detail.
Nonjudicial foreclosure occurs when the homeowner does not qualify for the “fast track” provision of the loan agreement through no fault of their own. In a judicial foreclosure, the bank files a lawsuit against the borrower to access the loan documentation. In a nonjudicial foreclosure, the bank merely sends a notice of default to the borrower, indicating the exact amount of money due on the mortgage. The borrower has 30 days to cure the default and either pay the deficiency or face foreclosure.
The primary benefit to borrowers going through a nonjudicial foreclosure is how the process can occur. Although it may take more time for the bank to complete this action, it can happen quickly and without court involvement. One important note: in a nonjudicial foreclosure, the bank can sell the property on auction, which could further accelerate the sale date. Borrowers should consider carefully if they would be better off avoiding foreclosure by paying the deficiency and waiting for the foreclosure date to come around. Some states have “precedence” laws, which give lenders additional rights to foreclose once the borrower has fallen behind on their payments.
Stop Non-Judicial Foreclosure
There are only two ways to on how to stop non judicial foreclosure. The problem with this is that lenders have all kinds of ways of getting things done, and it helps them if they can get someone like you to voluntarily move out of the house before a certain amount of time has gone by. If you still love your home after such a time has passed, then the chances are excellent that you’ll be able to push through with the remaining portion of the loan after you move out.
This is why it’s essential to act quickly when you think that you might be about to lose your home to foreclosure. It’s also why it’s always a good idea to seek out the services of a foreclosure lawyer or other experienced professional in this field when you’re facing non-judicial foreclosure.
Stop Making Any Payments on Your Mortgage
Lenders are pretty good at figuring out what will happen if they simply ignore a payment for a month or so, and they’ll eventually decide that there is no longer any use in collecting on a specific piece of property. You should be particular about this, though, so that you prevent lenders from hounding you for money that you don’t owe. If you do not stop making payments, then you might find that you are suddenly cut off from the entire process and that you are stuck waiting for the lender to decide on your next move.
Loan Modification
Another way to stop non judicial foreclosure is to keep up with any loan modifications that the lender sends your way. It’s not unusual for things like late payments and missed payments to end up getting changed, which means that you might have to deal with a different type of monthly payment altogether. If you try to stop working with the original loan modification company that lent you the money, you could find that you have to deal with monthly payments that are entirely new. If you try to work with the original lender, you could see that they will be more than happy to work with you to develop a new plan for your loan, one that they hope will help you avoid foreclosure. Just remember that anything that sounds too good to be true often is. It’s just a matter of trusting your gut when dealing with these kinds of situations.
Stop Foreclosure Attorney – Is Hiring A Foreclosure Attorney Worth It?
Your chances of stopping the foreclosure process depend on whether you’re able to make payments to your mortgage lender before they take possession of your house. Some homeowners can keep their homes after filing for bankruptcy, while others must make payments before the date of the scheduled foreclosure sale. It’s essential to make payments if you can to make sure you don’t lose your house to foreclosure. While there are no guarantees, many people find that keeping up with their mortgage payments helps them avoid foreclosure, so it’s certainly worth a try.
But, if your payments aren’t enough to make your house eligible for a mortgage modification or loan refinance, then your only real way to stop foreclosure is to call your mortgage lender and explain your situation to them, and hope that they can work out a solution. So, there’re different ways on how to stop a non judicial foreclosure, but contacting an attorney is the first on each of these ways.
How to Stop a Non Judicial Foreclosure 