Important Facts To Understand The Eviction Laws
The Eviction Laws can be misunderstood by many homeowners and an Eviction Process can be really intimidating for many home owners in default. I received recently, a question from a homeowner in stress:
“If you live in a house and are losing it , have been living in it for 6 months paying no mortgage, will they just show up at our door and say ok you have to leave? or will we get some kind of 30 notice to leave?”
Response: An EVICTION NOTICE SIGNED BY A JUDGE FROM COURT must be shown in order to legally take you out from your home. Nobody can do this without this notice. Check your Eviction Laws, though, because every state is different, so you need to understand it very well. You can go to foreclosurelaw.org to find the legal rules for your case. Check also if your state is a JUDICIAL or NON-JUDICIAL system as this is very important to know.
Generally, this is the whole EVICTION process (some states put different names on 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).- At 90 days late, you will receive a Notice of Default from the lender, asking for the payment or your house will be foreclosed.
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. Reinstatement.- After the FC sale, there is a period of REINSTATEMENT, where you can apply to stay more in your property with the reason to find a mortgage that qualifies you to repurchase the property. (It is in around 50% of the states)
6. Eviction.- In order to the new owner take you out from your home, it must be through an official document named EVICTION NOTICE. After the FC sale, you need to leave the property after 2 to 4 weeks depending in the state (some states take months for this), but if you didn?t get out from the property at that time, the new buyer of the property has to file a complaint in court, then an EVICTION NOTICE will be sent to you with a new dead line date, stating the sheriff will take you out from the property with all your family if you don?t leave. On the Sheriffs eviction, the belongings may stay at the property and you will not be able to take it out under the eviction laws.
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.
Many states allow homeowners to stay legally free at least six months without making mortgage payments. Other states allow up 18 months. See your state laws.
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.
Category: Home Equity Loans
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