Foreclosure Defense Attorney in Newark
Nothing is scarier or more overwhelming than the thought of losing your home. Aside from equity, your home might have extraordinary sentimental value. Furthermore, you might not be sure of where you and your family will go if you are forced to leave.
Fortunately, you do have options. No matter where you live in the United States, however, foreclosure can be an incredibly fast process, and you have a limited amount of time to implement an effective defense strategy. As such, contacting an experienced professional as soon as possible is imperative.
What Are the Stages of Foreclosure?
Depending on what state you live in, the foreclosure process may be different, however, there are typically six stages when it comes to the foreclosure process.
The 6 stages of foreclosure:
- Payment Default
- Notice of Default (NOD)
- Notice of Trustee’s Sale
- Trustee’s Sale
- Real Estate Owned (REO)
If a borrower has missed one mortgage payment, the lender will send a missed payment notice. When two payments are missed, they will send a demand letter. During this time, the lender may be willing to make arrangements with the borrower to get back on track with payments.
If 90 days pass without payment, the lender will send a notice of default. Usually, the lender will give the borrower another 90 days to settle the payments. If nothing is resolved, then a notice of the trustee’s sale will be recorded in the county where the property is located. The property will be available via public auction for three weeks.
At the trustee’s sale, the property will be put up for auction and will be awarded to the highest bidder. They will have immediate possession of the house, and the borrower must leave the property.
In the event that the property is not sold during the trustee’s sale, the lender will become the owner and will attempt to sell it with the help of a real estate-owned (REO) asset manager. If the property is sold, then the final step is eviction.
The borrower can actually stay in the property until it is sold. Several days are given to allow occupants to remove belongings and a local sheriff will be assigned to inspect the property and ensure that there are no occupants or items left behind. Any remaining belongings will be placed in storage and can be retrieved later for a fee.
Call a Foreclosure Defense Lawyer in Newark (862) 305-4901
Our foreclosure defense lawyer at Dublin Packard, Attorneys at Law has more than 20 years of experience helping financially distressed homeowners. Newark is not just where we work—it is our community, and we are personally and professionally committed to putting our legal skills to work for families throughout the city.
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