When a house go's into foreclosure do they send u notice of it?
Question:
Answer:
It is silly to let a house go into foreclosure unless you've exhausted your other options.
If the house is worth at least the amount of the loan, you should put it up for sale immediately.
Yes, they should remain in constant communication with you. Are you thinking about claiming bankruptcy?
The lender is required to send you a Federal Fair Debt Collection Practices Act notice giving you 30 days to dispute the debt. When the foreclosure is filed they will issue a summons and attempt to personally serve you. Next they will file a motion for summary judgment and mail you a copy. Next they will set a hearing and mail you notice. When the judge enters the order of foreclosure he will mail you a copy. And when the house is auctioned off you will get a notice. The the buyer at the auction will file for a writ of possession to kick you out, he will mail you a copy. Then the sheriff will post the writ of possession on your door. Then the sheriff will come back a few days later and remove you.
You can delay the proceedings by a couple of months by filing bankruptcy (at least under the old bankruptcy rules) but you cant prevent the foreclosure.
The good news is that if the house sells for more than the balance due on the mortgage, the extra money is YOURS.
More Related Questions & Answers...