Rights of a Home Owner in USA While Facing Foreclosure

Posted by Tristatehouse on September 26th, 2013

Life can hit you hard at times however, it is important not to lose hope and keep moving forward. The financial crisis is an evil, which can haunt any person, and its effects can be very bad. Especially, if you have a lot of loans and if your wallet is completely drought hit, it is highly probable that lenders could make your life miserable. If you have borrowed money from a bank and if you are unable to make payments for an extended time, the bank would resort to foreclosure so that it can be repaid by selling your property. Foreclosure is a completely legal procedure, and hundreds of borrowers face this situation every month in New York, New Jersey and Connecticut. Unfortunately, many homeowners are unaware of their rights related to foreclosures.

If you are facing foreclosure, the most primary right is that the bank must send you a notice in advance so that you can make necessary arrangements. If you do not receive any pre-foreclosure notices, you can fight this matter legally. An owner who has been given a foreclosure notice has all the rights to sell his property himself and use the amount to repay his loans if he wishes. According to a new law passed in 2010, the owner must be given a window of at least 90 days before the foreclosure. There are plenty of real estate investors in and around NY, NJ and CT, who are ready to buy properties that are facing foreclosure. You must be aware of all the details of The Home Equity Theft Protection Act when you want to sell it to legitimate buyers. However, you must note that there is no statutory right of redemption where you can get back your foreclosed property after repaying the loan.

Another right that an owner has is that the court must arrange a settlement conference, where, the lender and the borrower can arrive at a resolution and avert the foreclosure, if possible. New York State prohibits individuals or companies who offer services to distressed homeowners from charging any upfront fees from their clients. There are many other rights regarding foreclosures that homeowners must be aware of. You can search the internet to know more about the foreclosure and mortgage laws, as well as bills passed by New York State and other governments.

About The Author:

Tri State House is a financial investment company in Real Estate, and their focus is to buy Real Estate from financially distressed home owners in NY, NJ & CT areas that are anxious to sell. Although Tri State House is a buyer of distressed properties, they also provide financial advice, credit knowledge, and borrowing techniques.