What is Foreclosure?

Originally posted 2009-02-11 11:04:33. Republished by Blog Post Promoter

Foreclosure takes place when the deed is foreclosed through court action. It takes court action to <a href=”www.taylorbrownrealestatetalks.com”>foreclosure</a> on a home. 

 

The borrower uses his or her home as security or collateral for a mortgage. If the lender does not pay as agreed the lender can accelerate the mortgage and then places a lien on the property. Along those same lines, however, when the borrower pays off the loan, the lender gives the borrower a satisfaction of mortgage. The satisfaction of mortgage removes the lien on the property.

 

The <a href=”www.taylorbrownrealestatetalks.com”>foreclosure</a> progress begins with the lender’s attorney filing a summons and a complaint to the borrower and any other parties that may have rights in the property.  A trial is held, but once the borrower is notified the borrower has twenty days to respond to the complaint.  The borrower can challenge the lender on the foreclosure lawsuit.  If the borrower challenges the foreclosure, the court has 40 days to respond back to the borrower.  Each challenge must be related to the mortgage <a href=”www.taylorbrownrealestatetalks.com”>foreclosure</a>.  This process can go back and forth between the lender and the borrower as long as the borrower finds something incorrect information in the complaint. This, of course, slows the <a href=”www.taylorbrownrealestatetalks.com”>foreclosure</a> proceedings because it must be hear in court.  By virtue of the back and forth of this procedure many homeowners can stay in their homes for months often years after they have stopped paying their mortgage.

 

At Last…Indiana Has Recognize Troubled Homeowners Plight

Originally posted 2009-07-29 10:53:03. Republished by Blog Post Promoter

In an effort to curtail home foreclosure in Indiana, state officials signed in to law a regulation that require lenders to notify homeowners 30 days prior to filing a foreclosure notice.  The law also gives homeowners a chance to renegotiate terms and interest rate to allow the homeowners to keep their homes. 

The state also have 700 attorneys and mediators trained to defend homeowners who want to renegotiate their mortgage terms and rate.  Do not think that you will not be paying for the renegotiation.   The attorney and mediators will also defend low income homeowners for free. 

With more than 5,500 homes in some state of foreclosure and the fact that Indiana is rank 13th in the amount of foreclosure, it is about time that Indiana has taken action to help trouble homeowners.

Residents facing foreclosure can contact the Indiana Foreclosure Prevention Network at 877 GET-HOPE.  The counseling received by homeowners who take advantage of it is free.

Under this new law if a homeowner request a conference to discuss the terms or interest rate on his or her mortgage, the lender can not continue the foreclosure proceedings.

It is interest to point out that a similar law has enacted in Ohio has resulted in fewer foreclosure, so it is hoped that Indiana has similiar results with fewer foreclosures.