If you have defaulted on your mortgage, the next steps that the mortgage lender will take will depend on whether or not there is a power of sale clause in your mortgage. If this is not the case, you may have to participate in a judicial foreclosure and will need help with judicial foreclosure defense.
How the Power of Sale Works
Some states include the power of sale in a lender's right to foreclose on a property. This is initiated when you fail to make a mortgage payment on time. A judicial foreclosure is still available to you under these circumstances, but you will need to act quickly by speaking to an attorney who specializes in judicial foreclosure lawsuit strategies.
For the power of sale to work, the lender must follow specific rules that are outlined by your state as well. Therefore, if you can prove that the lender has deviated from these rules, you may be able to stop the power of sale.
When a lender lacks the power of a sale clause, the lender will need to proceed through the courts. Under this circumstance, you will need to make a legal case for why the lender cannot foreclose on you and you may also have time to catch up on your payments and cure the default.
The court will need to find that the mortgage is in default. If the court determines this, it will then be possible to schedule an auction. However, if you attempt to fight foreclosure, this will only benefit you. The burden of proof rests on the lender and fighting your foreclosure will delay it.
The Right to Redemption
Regardless of what stage of foreclosure you are currently in, you might have the right to redemption. If this is the case, you will have the right to stop a foreclosure if you pay back taxes and liens on the property. You might be able to stop your property from being foreclosed on.
With the help of an attorney, you will have several options available to you. You will be able to attack the holes and inaccuracies in the claims made by the lender. In addition, you will be able to submit your own evidence such as affidavits and canceled checks. If the court grants a judgment in favor of the lender, this will end the case and the foreclosure will proceed. But you will still have an opportunity to delay the foreclosure. To learn more, contact a judicial foreclosure lawsuit defense service.