This Is What Your Lender Dont Want You To Know About The Eviction Process
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
First of all, check the following points that are very common in a FORECLOSURE PROCESS for many states, although every state use to change the names for each one:
1.- DEFAULT: This period is between the first 30 days to 90 days being late in the payment of your mortgage.
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).- When you reach the 120th day being late on your payment, you will receive a Notice of Sale stating when and where will be the public sale of your home.
4. Foreclosure (FC).- After (generally) 2 months of the NOS, the foreclosure sale will be made. Some states take more months for this. (you can stay free at the property)
5.- PERIOD OF REINSTATEMENT: If your house was foreclosed, you still have a chance to find a loan to buy this property again. For this intention, many states allow you to have a Reinstatement Period on which you can also stay making no payments covered by law. NON-JUDICIAL system states dont have this rule.
6.- EVICTION: Following the foreclosure sale, or the end of the reinstatement period, you will be reached by the new title-holder of the property asking you to leave the property. If the property was bought back by the same lender, they may give you some money to leave the property clean and in good condition (this is called Cash for Key). If you don’t leave, after 30 or 45 days they can start an EVICTION PROCESS AT COURT. The Judge will send you an EVICTION NOTICE including the date when you must leave. If you dont leave that day, the sheriff will go to the property to take you out and change the locks. If they lock the doors with your belongings inside, you cannot take them out anymore.
Under your eviction laws, you are protected until the last day. A homeowner can stay without making payments to the mortgage until the last day of the eviction notice.
NOT EVEN A SHERIFF CAN TAKE ANY HOMEOWNER OUT FROM HIS HOME WITHOUT THIS NOTICE FROM COURT.
Generally, you can stay at least 6 months, in other states you can stay even more time protected by the state laws. Check the Eviction Process and the Eviction 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.
Disclaimer: You need to know that I am not a lawyer, or an accountant, or a tax counselor giving you lawful, tax or financial advice. This information is not a replacement for the opinion of a experienced lawyer. Even though I am a Financial Educator in the State of Arizona doing Real Estate investments, Business Coaching, Marketing Coaching, Credit Counseling, Foreclosure Prevention, Residential and Commercial Loans, Mortgage Training and Consulting since 2002, I do not say I am giving you legal counsel in this article to your explicit situation. This article is planned to instruct homeowners in failure of paying their mortgage. Nothing within this article should be interpreted to represent legal advice for your individual conditions. The information given in this article is presented only for individual information. Under no conditions this article stand for a legal counsel to market, purchase or keep any house.