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It can be a challenge to know what your foreclosure rights
are. In part because the laws that govern foreclosure are
not laws that are true across the board in every state. Each
state gets to determine their own foreclosure laws and how
foreclosing on a house will happen in their state. Because
of that, there are no general guidelines that can tell you
exactly how to stop foreclosure in every situation. There
are, however, a few things that you can look for.
Foreclosure timeframes. This is an area that differs
extensively by state. In some places where you can find info
on this, it has a listing that indicates that a number of
areas have a foreclosure procedure phase of just 27 days and
others with a procedure phase of up to 300 days. With this
sort of broad difference between states, this is a vital
part of your rights that you must have knowledge about. To
be certain of what your foreclosure timeframe is, confirm it
with your local government agencies.
A second part of the foreclosure timeframe that you must
have knowledge about is the redemption phase. The redemption
phase is basically the total of time after your house has
been sold that you have to find the total amount of money
that you owe your lender. Some states do not have a
redemption phase at all and one state is said to have a
redemption phase of 5 years. This is a vital part of your
foreclosure rights to understand since it gives you the
chance to salvage your house following the sale. Once more,
your local government agencies are great sources of
information about whether or not there is a right of
redemption in your state.
Yet another area that you should inform yourself about is if
you have a right to cure your loan and how that process
works. The right to cure is a bit better than the right to
redeem. The right to cure means that you only need to get
back payments, late cost, lawyer costs, court costs and
other miscellaneous costs to your lender. You do not have to
pay your entire loan amount in full, just what you are late
on and then all of those fees.
I filed a right to cure on my home and can tell you how it
worked for me. I contacted my public trustee’s office to get
the form I needed. I filled out that form and then filed it
with the public trustee for my county. This form had to be
filed no more than 15 calendar days before my sale date. The
good thing about this is that it gave me until noon on the
day before my home’s scheduled sale date to save my home.
Again, this process works differently in different states so
you need to figure out how it works in your state. But this
is an important part of understanding your
foreclosure rights.
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