Distraught homeowners often do not know or understand their rights during the foreclosure process. Many assume that once a lender initiates the foreclosure process, they must either bring the payments current or lose their home. Many do not consider their rights as home owners as leverage for slowing or even stopping the foreclosure process altogether.
Some Laws Protect Homeowners
Ideally, whenever notice of foreclosure is received, a homeowner should secure the legal assistance of a foreclosure attorney. Lenders do not like to sit on empty properties. They do not make money this way. For them, the faster they can take back a defaulted property and then unload it, the better. Foreclosure attorneys are intimately familiar with homeowners’ rights and can insure that every possible outlet is explored in saving the house, including taking sneaky lenders that may be hoping to cut some corners in the process in order to pursue a speedy sale of the property to task.
Foreclosure laws for owners vary from state to state, so it’s necessary to consult one’s state laws in order to determine exactly which laws apply. However, one way in which homeowners generally try to cut corners is by not distributing proper notification through the proper sources at the proper times. Another way in which lenders attempt to bend the process in their favor is by not giving home owners the proper amount of time to attempt to resolve situations between the various stages of foreclosure. All in all, when foreclosure is properly pursued, there are several opportunities throughout the process for homeowners to take back control of the situation by bringing their payments current.