When a debt owed on a house has not been paid, the lender or mortgage holder can initiate a foreclosure. A foreclosure is the legal mechanism used by creditors to repossess the property so that it can be sold and the debt owed on the home can be repaid. Creditors can foreclose a property anytime after the homeowner starts missing payments on the mortgage, unless otherwise stated otherwise in the mortgage terms, or in the laws of the state where the property is located.
If the deed to the property has more than one person listed on it, it is possible that a notice of foreclosure could be sent to only one of the listed deed holders. In the event that this occurs, the party that received the notice of foreclosure has 20 days after the date that the petition for foreclosure was served to service the other deed holder with the foreclosure documents. If this does not occur, the party not receiving notice of foreclosure can request a default motion. This will speed up the final hearing process to finish your case.
Foreclosure cases are all unique because there are many factors that impact the foreclosure process. If your HOA has filed a default motion in your foreclosure case, you need to immediately retain an attorney to help you navigate the foreclosure proceedings. An attorney will be able to assist you in understanding the nuances of your particular foreclosure case and equip you with the resources you need to try to save your home being repossessed.
No foreclosure case is exactly alike, so an attorney will be able to answer all of your individual questions about the foreclosure action against you. An attorney may also be able to take an immediate action to help slow the foreclosure process, including filing a motion for continuance. This is why you need to retain an attorney as soon as you receive the first foreclosure notice because waiting too long may prevent the appropriate motions from being filed.
Even though a creditor may technically own your house, it still feels like your own personal property. Make sure you retain an attorney to help you fight to save your home.
Stephen K. Hachey, a Florida real estate attorney, can help your wade through this process and determine a positive solution. Contact him at 813-549-0096.
The opinions in this post are solely those of the author. The author takes full responsibility for the content. Like all blog posts, this is offered for general information purposes and does not constitute legal advice.