Does Foreclosure Mean I am Being Sued

Sell House Fast - Allentown PA: When you receive a notice warning you that your lender may be ready to file a foreclosure action on you it might be the precursor to a lawsuit. In many states when you default on your home loan, you will simply be given a date to leave the premises if you cannot come up with the payments that are in arrears. In that case there isn’t a lawsuit and the actions can move along more quickly. Pay close attention to the dates you are given throughout the process. Obtain a lawyer to help you through it or try to work something out alternatively with the lender.

In many states, however, a foreclosure can only be filed and processed through an official lawsuit filed with the county in which you live. It must be heard by a judge, just like any other lawsuit. This may give you a little more time, but will still require expedient action on your part if you are able to stop it. Take all notices that you receive from your lender seriously.

Whether they are letting you know that your homeowner’s insurance sent them a notice that you have been dropped for nonpayment or it’s a matter of interest rate changes, fee changes, or anything else having to do with your loan. You can avoid much trouble by paying close attention to those who hold your mortgage loan, and thus the roof over your head, when they have something they think you need to know about. It costs time and money for them to mail you a notice of any kind, so when they do it’s either for legal purposes or for information you need to be aware of.

In most all states the procedure for default on a mortgage loan has a very specific process that must be strictly adhered to. They cannot, and should not, deviate from the legal process in any way. You can arm yourself with information relevant to the state and county in which you live to find out what the rules are. More specifically, an important piece of the puzzle for you will be the timeline of events that take place. Know how far beyond your payment due date you can go without being penalized. Know what it will cost in late fees if you do. You should also know how many payments you can skip before the process begins and how long you have to catch up.

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