8:00 PM TO MIDNIGHT
SATURDAY, DECEMBER 12
DEFINITION OF FORECLOSURE: The forced sale of real estate to pay off
a loan on which the owner of the property has defaulted (failed to live up
to the terms of the mortgage and note). The foreclosure usually requires
publication of notice of a Sheriff's Sale at the county in which the property
is located in.
WHAT IS FORECLOSURE? Foreclosure is a legal process by which a bank, a
mortgage company or other creditor holding a lien on a home attempts to
obtain possession of that homeowner's property in order to satisfy a debt.
The foreclosure is the result of nonpayment of the mortgage (the first
mortgage, second mortgage and/or home equity line of credit).
However, people also may lose their homes due to unpaid property taxes.
As a result of the completion of the foreclosure, the homeowner loses the
rights he or she had to the property. Foreclosure is a time-consuming pro-
cess on the part of the lending party and so borrowers should understand
that just because they are served with a Foreclosure Notice does not mean
they will be evicted from their home imminently within receipt of such
notice. It could take up to 300 days.
KEY COMPONENTS: Sheriff's Sale - Placing the real estate (your home) up
for bid to the highest bidder in public auction to repay the mortgagee the
sum owed by the mortgagor. The auction must be advertised in either a pub-
lic newspaper or legal publication for a period of four to six weeks prior to
the actual sale date. During this time, you can continue to live in the home.
Redemption period - the time period in which a mortgagor may retain
the real property by paying the mortgagee a lump sum. Once the redemp-
tion period is up, A Writ of Restitution is issued, giving title of your home
to the lender (mortgagee). It allows the local authorities to forcibly evict
you from the home. The redemption period is usually six months as long as
you continue to live in your home.
Write of Restitution - is a formal legal document, issued by the district
court, that gives the sheriff the right to forcibly evict anyone still remain-
ing in the home after the redemption period has expired. The timetable
to obtain a Writ is very different from one district court to another. It is
highly advisable that you locate other housing prior to this time.
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applies to reduce your mortgage payments;
• Assist you with a short payoff on your mortgage;
• Counseling and education regarding your current mortgage and a review
of your financial situation to determine other housing affordability
• Negotiation to set up a repayment plan with your mortgage servicer;
• Negotiation to set up a loan modification or work out plan with your loan
• Referral to community resources to assist you with issues preventing you
from meeting your financial obligations;
• Financial assistance is possible depending on the family's specific needs.
It is important that you reach out for assistance as soon as you realize that
you will be having problems meeting your expenses.
I've tried to contact the mortgage company on my own and don't feel
like I'm getting anyplace? What kind of assistance is it supposed to pro-
vide and why can't I find anyone to help me?
A: Due to the current economic crisis, mortgage companies were caught
off guard to handle the volume of calls and requests for assistance that have
been bombarding them. Nevertheless, every week improvements are being
seen as to responsiveness and alternatives being offered to help homeowners
try to save their homes. There are no specific rules or regulations governing
what mortgage companies have to offer, so each company's process is slight-
Foreclosure on page 14
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December 3 • 2009