Wrongful Foreclosure Explanation

A wrongful foreclosure explanation is one that is given to a distressed homeowner by the bank or creditor who holds the lien over the property. In foreclosure situations, the owner has no other choice but to give in to the bank's demand. However, this does not mean that he has given up on any rights that he had previously established. There are certain fundamental rights that every American citizen should be aware of. One is the right to redemption. This means that a home can be taken back after it has been seized by the bank.

If you have experienced the unfortunate incident of foreclosure, you are probably in dire straits financially. You may find yourself in debts beyond your ability to repay. This is the time to seek ways to save your property from the clutches of the bank. This is what property auctioning is all about. It is the only legal way of avoiding foreclosure. You may be wondering how exactly auctions work and how you can go about buying a property at a foreclosure sale.

The first thing that you should know is that the banks are not allowed to auction a property without first having sold it to the public at a public auction. Banks must first put the property on the auction block. The maximum number of days during which the property will be accessible for bidding is usually three. If a person buys a property within the three days, he pays the corresponding fee.

You should attend at least one public auction in order to bid on a property. This is one thing that will allow you to understand the process of the auction. At an auction, each item will be laid out in front of the bidders. They will then be given a time limit within which they must buy the item or else they will have to walk away from the auction with nothing.

If you are successful in purchasing a property at an auction, you will be given a certificate. This is your proof of ownership. You will need to take this certificate to the local courthouse. The bank will then obtain a lien over your property. This means that the bank can use the court to foreclose on your house at any time. You do not have to worry about losing your property because the bank has to give you a notice prior to repossessing you.

There are two possible methods that the bank uses to repossess a home. First, they can hire a sheriff to physically take your home from you. The downside to this method is that it takes a lot of time and costs a lot of money. Second, the bank can use a process known as "short sale" wherein they will allow you to sell your house for less than what you owe on it. This method is more complicated and can take up to a year to complete.

When you are unable to pay back your loan, the bank must start the foreclosure process. This explains why it takes such a long time to foreclose a property. The bank has to submit the proper paperwork and wait for the right time to get in front of the judge. There are certain rules and regulations that must be followed and the bank can get into legal trouble if it does not follow them.

You should contact an attorney if you think that you are going to be faced with a wrongful foreclosure. You want to ensure that you are properly represented and that your rights are protected. Having representation can make things much easier and prevent you from having to deal with a devastating foreclosure. The attorney will explain everything that you need to know about foreclosure and give you an explanation of how to stop it.