FORECLOSURE ADJOURNMENTS: Defendants are entitled to two (2) statutory adjournments. Conventional loans also typically have requirements regarding the condition of the property and might not approve your loan without certain repair contingencies, creating a catch-22 since foreclosures are commonly required to be sold as-is. We work with local real estate agents to review similar listings for price comparisons, assess the property condition, and set an accurate price.
WARNING: Since the Notice of Default is recorded as a public document, many fraudulent companies and scam artists search the public records to send defaulted borrowers offers to help” them avoid losing their homes to foreclosure. If you are an occupant of a foreclosed property where the new owner filed an eviction case, talk to a lawyer or call the Tenant Foreclosure Hotline at 1-888-495-8020 to learn about your rights. Three types of foreclosures may be initiated at this time: judicial, power of sale and strict foreclosure.
In many states, the homeowner has the right to redemption” (he can come up with the outstanding cash and stop the foreclosure process) up to the moment the home is sold at the auction. With foreclosures, a 3,500-square-foot house with a pool in a gated community might sell within days or hours, whereas more modest homes might sit on the market for weeks. In most states, a homeowner must fall 90 days behind on their mortgage before the mortgage lender can legally initiate the foreclosure process.
Note: If you are a tenant and want to find out if the place you rent is in foreclosure, you can record, in your county recorder’s office , a form called a Request for Notice, asking that you be notified of any foreclosure proceedings. On just one street in East Price Hill – McPherson Avenue – almost half the properties went into foreclosure. In this case, the court overseeing the foreclosure process may enter a deficiency judgment against the mortgagor.
Since the proceeds of a sale would be insufficient to pay the amount owed, the borrower/owner must get the lender to agree to allow a sale to a third party and still release its mortgage despite being paid less than is owed on the note. Foreclosure deeds dropped from 51 to 13, and orders of notice dropped from 41 to 20. By any measure, that is a positive development. Adjournments could only be requested in person by the defendant, the defendant’s attorney or individual with Power of Attorney or Notarized Letter of Authorization. Judicial foreclosure involves filing a lawsuit to get a court order to sell the home (foreclose).