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Foreclosure Rights Of Your Mortgage Company

While it is critical to understand your foreclosure rights, it is also critical to comprehend your mortgage company’s rights. That way, you’ll be aware of what’s coming and can better prepare yourself. Checkout Mortgage Company for more info.
Your mortgage company’s most basic right is to foreclose on your home if you have fallen behind on your payments. Examine your loan documents to see if you can determine when your bank will start filing foreclosure papers. In some cases, your mortgage documents will detail how the foreclosure process will unfold in your case. They may inform you of the date, time, and location of the sale, as well as the terms of the transaction. Make sure to double-check your documents to see if this is the case in your case. Before starting foreclosure proceedings, your lender will usually try to contact you to work out a solution with you.
Part of your lender’s foreclosure rights in some states includes the ability to obtain a deficiency judgement against you. What does this imply for you personally? It means that if your house sells for less than what you owe your lender at a foreclosure auction, your mortgage company has the right to pursue you for the difference. Is this something your mortgage company will actually do? It depends, but they have the right to do so in some cases.
Your lender has the right to evict you if they keep the house after the foreclosure sale. Your mortgage company will then have legal ownership of the property and can give you as little as three days to vacate. If you wish to avoid this, speak to your landlord about renting from them for a period of time so you can find some place to live.

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