Your Rights During Foreclosure
Posted on February 5, 2010
Filed Under Foreclosures | Leave a Comment
When a bank sends you a letter telling that their home has entered the foreclosure process than it does not means that you should move out of your house, actually moving out of the house will the last stage of a foreclosure process. The house is your property unless it is sold by you or by the public auction. You can continue to stay in that house till you are actually asked to evict. Starting a foreclosure is a mere process after which you can follow many steps to ensure that you still own the house.
If you have a strong desire to keep the home then you can do a simple research and find out that there are numerous ways to save your house. The harder you try the better you get in return. At times the lender himself may have certain good options to deal with this problem. Some of the options that the lending companies avail to its users are changing repayment plans, or loan modification or they can even provide you with a refinance option.
Refinance is an option that most lenders giver to their customers to stop the foreclosure process, it can be obtained from other financial institutions too. It involves getting another loan from the same financial institution or a different company. This automatically stops the foreclosure process since you pay the payments. Some companies do no provide this kind of option while the home is in foreclosure. You can even sell the home if you wish to and settle your loan and also gain profits if possible.
Another good option that is available is that you can redeem your house even after the foreclosure process. You may get enough money to redeem your house through the refinance process. You can pay the loan and then redeem all your rights regarding the house. This is all done in the redemption period given to the borrower in which he can earn more money to pay off the loan. You can still continue to stay at this house. You must refer an attorney to know your rights in this state.
Since you still own the house, you must be given respect and you should not be hassled. It’s up to your knowledge that you are in redemption period but this cannot lead you from losing your basic rights of getting respect. The bank is not allowed to leave twenty messages a day in your answering machine, or call you before eight in morning and after nine at night. They are not allowed to threaten you in actions or call you in your name to ask the money. If you notice your company involved in such illicit action, you must immediately consult a lawyer.
Verify that you are positioning yourself as the rightful owner of the house; you are not the first or last person in a financial trouble. As a law abiding citizen you have rights at every stage and you must learn your rights to follow them correctly.