Foreclosure is a powerful word, and it means a lawsuit has been brought against the homeowner by the lender. Most people don’t know that just like that lender, they, too, have powerful rights. These rights include forcing the lender to prove everything they bring against the homeowner, which forces them to say more than – hey, you’re behind on your mortgage. There are, by law, specific steps that lenders must take. These steps have to happen in the right order, with the timing pre-determined for the most part, by law.
Without these steps done in the correct order, and proper timing, a foreclosure can’t take place, legally. So basically what they have to do is to prove that you owe money, but they are required to show how they calculated the amount you owe at the same time, and that, yes, they own the mortgage in question.
This whole operations sounds easy, but it’s not, and many times when challenged, the foreclosure process stops right there.
A lot of this information is from the Mortgage Daily and Bank Rate sites which you can visit. Just remember that the whole foreclosure process varies from State to State. And you have to understand this process if this is happening to you and you care. Time is NOT your friend here, but if you have the ammunition you can make a better decision based on facts!
