Foreclosure defense is one of the most valuable investments you can make. In your situation, you face the prospect of losing your home. A home, as you know, is more than a big, inanimate hunk of property. You have tied your family, your precious memories and your diligent work to that property. Undoubtedly, we live in a precarious world with economic unrest and instability. If you are facing a foreclosure, then you should become more acquainted with the professionals strategically positioned to help you with these challenges.
The right lawyer can analyze the most intricate aspects of foreclosure law and come to your aid. If you live in the Woodland Hills area, then consider finding foreclosure defense in Woodland Hills to address your daunting situation before it is too late.
What Happens when You Default on Your Mortgage?
A few things occur when you default on your mortgage payment. Familiarizing yourself with these steps can help you prepare for the worst, seek the necessary aid and take the right course of action.
The first step in this process entails a Notice of Acceleration. Essentially, this letter informs that unless you resolve your payment issues immediately, that you will enter a state of home foreclosure.
Once you enter foreclosure, this is what you should anticipate. The Notice of Default is the first step. Essentially, your lender will publicly pursue a Notice of Default against you. This will publicly expose your default status in your mortgage payments, and it will put you at risk of losing your home. This will give you about three months to resolve your default status.
Step two in this process is known as the Notice of Trustee’s Sale. If you have reached this point, then you must find foreclosure defense in your area. Essentially, if you persist in your default status, your lender will pursue a more intimidating option than the step mentioned before. They will essentially file a Notice of Trustee’s sale with the county recorder, and organize a sale for your home within a period of only twenty-one days. If you take swift action, you can minimize the possibility of your home being sold. However, unless you resolve this issue at least five days before the sale, you will inevitably have your home sold.
The next step in this process is known as the Notice to Vacate. At this point, you have virtually no hope of ever recovering your home in some cases. As a result, you must find a lawyer to represent before this even happens. If you fail to move within a period of three days, you face the prospect of a lawsuit, as well.
If you receive a notice deeming you an unlawful detainer, you will have five days to respond. Furthermore, you must contact an attorney immediately. Even if you cannot reclaim your home, an attorney might mitigate the issue and buy you more time in some cases. In the worst possible scenario, if you fail to respond or find the adequate legal representation, a Sheriff will be ordered to remove you from your home.
Clearly, in this situation, the most sensible option is to find foreclosure defense in your area. Foreclosure law is a complex field to navigate, but the right attorney can help.
