| Everything You Need To Know About The Eviction Process |
| Articles - Mortgage |
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Past week I received a question from one person worried to receive an Eviction Notice:
Past week I received a question from one person worried to receive an Eviction Notice: "I'm really worried because I have not paid my mortgage in six months. Can a police officer or the sheriff come for me and my family to take us out? Answer: It will depend in your state. Some states are under a Judicial foreclosure and others under a Non-Judicial foreclosure system. You may want to understand the Foreclosure Process and the Eviction Laws of your state. Look at foreclosurelaw.org Generally, this is the whole EVICTION process (some states put different names on each one): 1. In Default.- (30 to 90 days late) 2.- NOTICE OF DEFAULT (NOD).- The 90th day being late, your bank will send you a Notice of Default, stating that if you dont pay, they will send your case to foreclosure. 3. Notice of Sale (NOS).- At 120 days late (most states) a trustee or an attorney will send you a Notice of Sale. In this letter, they must specify when will be the date of the FC sale. 4.- FORECLOSURE SALE (FC).- Depending in your state, it can take from 2 months to 18 months for the sale of your property after the NOS. All this time you can legally stay at your home without making payments. 5.- REINSTATEMENT PERIOD.- Around 50% of the USA states use to give by law a period of Reinstatement once the property was foreclosed, so you can find a loan to purchase again the property. It also gives a legal permission to stay into the property rent free for a determined period of time. Do your state allows Reinstatements?? If so, for how long? 6. Eviction.- In order to the new owner take you out from your home, it must be through an official document named EVICTION NOTICE. After the FC sale, you need to leave the property after 2 to 4 weeks depending in the state (some states take months for this), but if you didn?t get out from the property at that time, the new buyer of the property has to file a complaint in court, then an EVICTION NOTICE will be sent to you with a new dead line date, stating the sheriff will take you out from the property with all your family if you don?t leave. On the Sheriffs eviction, the belongings may stay at the property and you will not be able to take it out under the eviction laws. Don't forget you have legal rights. Homeowners can stay rent free into their home until receiving an official notice from court. See your eviction laws. NOT EVEN A SHERIFF CAN TAKE ANY HOMEOWNER OUT FROM HIS HOME WITHOUT THIS NOTICE FROM COURT. There are a lot of states allowing homeowners to stay into the property up 18 months without making payments to their mortgage. You need to check the laws of your state. My best recommendation is TO LEARN HOW TO AVOID FORECLOSURE. You can do it yourself. Don?t trust on strange companies that can keep your home for them. Specifications: You have to understand I?m not an accountant, or a lawyer, or a tax analyst giving you tax, financial or legal advice. These suggestions are not a substitution for the outlook of a knowledgeable attorney. Nevertheless I?m a Financial Instructor in Arizona doing Business Coaching, Marketing Coaching, Real Estate investments, Credit Repair, Foreclosure Prevention, Residential and Commercial Loans, Mortgage Training and Origination since 2002, I dont declare Im giving legal guidance in this piece of writing to your exact circumstances. This writing was created to inform homeowners in mortgage stress. This writing should be not interpreted to be legal advice for your own conditions. This writing is only for individual information. Under no conditions this article should be understood as a legal advice to market, purchase or keep any house. DISCLAIMER: This article is provided as information only and is not to be taken as financial advice. Looking to find the best information on the Eviction Notice, then visit www.foreclosureinprocess.com to find the most advanced information on The Eviction Process right now. |