Foreclosure Knowledge: 2010

Monday, September 13, 2010

Wednesday, September 8, 2010

Finding Foreclosure Help in New Hampshire

Finding Foreclosure Help in New Hampshire

Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and NeighborWorks® America. There is no need to pay a private company for these services.

Manchester Field Office

Norris Cotton Federal Building
275 Chestnut Street, 4th Floor

Manchester, NH 03101-2487

Phone: (603) 666-7510

Fax: (603) 666-7667

TTY: (603) 666-7518
Jurisdiction: State of New Hampshire

Gregory G. Carson
Field Office Director

Office Hours: 8:00 a.m. to 4:30 p.m.
Monday through Friday

New Hampshire Foreclosure Laws Summary

Quick Facts:

Judicial foreclosure process is available.
Non-judicial foreclosure process is available.
The primary security instruments are mortgages and deeds of trust.
The timeline can vary by process, which typically takes 60 days.
The borrower has no rights of redemption.
The lender may sue for deficiency judgements.
In addition to the regular judicial and non-judicial processes of foreclosure, New Hampshire also has special methods to foreclose which includes the Entry under Process, Entry and Publication and Possession and Publication.

Judicial Foreclosure
A complaint must first be filed by the lender in the court that has jurisdiction over the property to issue a declaration of sale. Before the sale can proceed, the court gives a time period for the borrower to pay the amount the he owes plus additional costs that the lender incurred during the foreclosure process. If the borrower is unable to pay his debts, the property can be sold to the highest bidder at an auction. The lender can also bid for the property.

Non-Judicial Foreclosure
If the power of sale clause is present in a mortgage, the non-judicial process is used. This clause states that the borrower has allowed the lender to sell the property to pay off his debts in the event of their default. In this process, the lender or a trustee has the power to sell the property at an auction by following the “Power of Sale Foreclosure Guidelines” below.

Power of Sale Foreclosure Guidelines
If the power of sale clause states the specifics of the sale, these must be followed. If not, the non-judicial foreclosure process must proceed as follows:

A notice of sale must be recorded in the county where the property is located. A copy of this notice must also be sent to the borrower at least 25 days before the date of sale.

The notice of sale must be published in the county newspaper in 3 consecutive weeks so that the public will be informed about the sale. The first ad should be published at least 20 days prior to the foreclosure sale.

The notice of sale must contain the important information regarding the sale such as time and place of sale, as well as a description of the property. This notice will also serve as a warning for the borrower that the property is to be foreclosed.

The foreclosure sale must take place on the property itself if it is not stated in the power of sale clause.

Finding Foreclosure Help in Nevada

Finding Foreclosure Help in Nevada

Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and NeighborWorks® America. There is no need to pay a private company for these services.

Las Vegas Field Office

Dept. of Housing and Urban Development
300 South Las Vegas Blvd.,
Suite 2900
Las Vegas, NV 89101-5833
Phone: (702) 366-2100

Fax: (702) 388-6244

Kenneth J. LoBene
Field Office Director

Office Hours: 8:00 a.m. to 4:30 p.m.
Monday through Friday

Reno Field Office

U.S. Department of Housing and Urban Development
Reno Field Office
745 West Moana Lane, Suite 360
Reno, NV 89509
Phone: (775) 824-3700

Fax: (775) 824-4978

Tony Ramirez

Field Office Director

Office Hours: 8:00 a.m. to 4:30 p.m.
Monday through Friday

Nevada Foreclosure Laws Summary

Quick Facts:

Judicial foreclosure process is available.
Non-judicial foreclosure process is available.
The primary security instruments are mortgages and deeds of trust.
The timeline can vary by process, which typically takes 120 days.
The borrower has rights of redemption.
The lender may sue for deficiency judgements.
Deeds of trust and mortgages may be foreclosed in Nevada using the judicial or non-judicial process.

Judicial Foreclosure
The judicial process is done when there is no power of sale clause in a mortgage deal. This is done by filing a lawsuit to obtain a court order to foreclose the property. When this happens, the lender can sell the property. The borrower may still reclaim the property by curing the default within 1 year.

Non-Judicial Foreclosure
If the power of sale clause is present in a mortgage deal, the non-judicial process is used. In the process, the borrower has pre-authorized the lender to sell the property to pay off his debts in the event of a default. The process of the non-judicial process is outlined below.

Power of Sale Foreclosure Guidelines
If the power of sale clause includes the specifics and terms of the sale, this must be followed. If not, the non-judicial process must be done as follows:

The foreclosure sale must be done during the time and place indicated in the notice of sale. It must also be done the same way that real property are sold.
The borrower has a chance of curing the default within 15-35 days from the declaration of the notice of sale.
An intent to cure must be filed to stop the processing of the foreclosure process. This must be filed 15 days before the foreclosure sale.
At the latest, the payment must be made the noon before the date of the sale.
Lenders have up to 3 months to file for deficiency judgements, while borrowers have no rights of redemption.

Finding Foreclosure Help in Nebraska

Finding Foreclosure Help in Nebraska

Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and NeighborWorks® America. There is no need to pay a private company for these services.

Omaha Field Office

Edward Zorinsky Federal Building
Suite 329
1616 Capitol Avenue
Omaha, NE 68102-4908

Phone: (402) 492-3100

Fax: (402) 492-3150

TTY: (402) 492-3183

Jurisdiction: State of Nebraska

Clifton E. Jones
Field Office Director

Office Hours: 8:00 a.m. to 5:00 p.m.,
Monday through Friday

Nebraska Foreclosure Laws Summary

Quick Facts:

Judicial foreclosure process is available.
Non-judicial foreclosure process is not available.
The primary security instruments are mortgages.
The timeline can vary by process, which typically takes 180 days.
The borrower has rights of redemption.
The lender may not sue for deficiency judgements.
The judicial process is the only foreclosure process available in the State of Nebraska.

Judicial Foreclosure
The lender must file a court order to foreclose. Once the court finds that the borrower is in default, it sets a specific time period for the borrower to pay the balance that he owes. If he is unable to pay within the given time period, the property will be put up for sale.

In Nebraska, a property may be sold entirely or just a portion of it. Once the sale is approved, the borrower may still postpone the sale up to 9 months by submitting a request to delay the foreclosure. This must be done within 20 days after the court has ordered the sale to proceed.

If the suit is still being processed by the court, the borrower can stop the foreclosure process by paying the balance that he owes, plus interest and other costs that have been incurred during the entire foreclosure process. But if any problems still arise in the future, the foreclosure process can still be continued. Once the sale has been confirmed by the court, the borrower cannot reclaim the property anymore.

The sale must be announced to the public through 3 ways:

By posting a notice of sale on the courthouse door.
Posting the same notice of sale in 5 other public places around the county.
Publishing the notice of sale in the newspaper for 4 weeks.

Finding Foreclosure Help in Montana

Finding Foreclosure Help in Montana

Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and NeighborWorks® America. There is no need to pay a private company for these services.

Helena Field Office

Department of Housing and Urban Development

100 Neill Avenue
Suite 5, #27
Helena, MT 59601

Phone: (406) 449-5050

Fax: (406) 449-5052

TTY: (406) 449-5050

Jurisdiction: State of Montana

Joel Manske
Acting Field Office Director

Office Hours: 8:00 a.m. to 4:30 p.m.
Monday through Friday

Montana Foreclosure Laws Summary

Quick Facts:

Judicial foreclosure process is available.
Non-judicial foreclosure process is available.
The primary security instruments are mortgages and deeds of trust.
The timeline can vary by process, which typically takes 150 days.
The borrower has no rights of redemption.
The lender may sue for deficiency judgements but varies by process.
The judicial and non-judicial processes may be used by lender to foreclose on mortgages in default in Montana.

Judicial Foreclosure

In this foreclosure process, the court gives the borrower a time period for him to come up with the payment for his debts. If he is unable to pay after the time period has passed, the foreclosure sale can then proceed.

Non-Judicial Foreclosure
In this foreclosure process, the borrower has already pre-authorized the sale of the property to pay off his debs in the event of a default. This is stated in the power of sale clause. The lender or a trustee has the power to sell the property but must follow the guidelines stated below.

Power of Sale Foreclosure Guidelines
If the power of sale clause does not state the specifics of the sale, the non-judicial foreclosure process must be carried out as follows:

Finding Foreclosure Help in Missouri

Finding Foreclosure Help in Missouri

Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and NeighborWorks® America. There is no need to pay a private company for these services.

Kansas City Regional Office

400 State Avenue
Room 200
Kansas City, KS 66101-2406

Phone: (913) 551-5644

Fax: (913) 551-5469

TTY: (913) 551-6972

Jurisdiction: State of Kansas and Western half of Missouri

Office Hours: 8:00 a.m. to 5:00 p.m.

Monday through Friday

St. Louis Field Office

1222 Spruce Street

Suite 3.203
St. Louis, MO 63103-2836

Phone: (314) 539-6583

Fax: (314) 539-6384

TTY: (314) 539-6331

Jurisdiction: Eastern half of Missouri

James Heard

Field Office Director

Office Hours: 8:00 a.m. to 5:00 p.m.
Monday through Friday

Missouri Foreclosure Laws Summary

Quick Facts:

Judicial foreclosure process is available.
Non-judicial foreclosure process is available.
The primary security instruments are mortgages and deeds of trust.
The timeline can vary by process, which typically takes 60 days.
The borrower has rights of redemption.
The lender may not sue for deficiency judgements.
Lenders in Missouri may use the judicial or non-judicial process to foreclose on mortgages in default.

Judicial Foreclosure

In this process, lawsuit have to be filed by the lender to obtain a court order to foreclose. Once the court approves of this, the property can be sold to the highest bidder at an auction.

Non-Judicial Foreclosure
When there is a power of sale clause present in a mortgage deal, the non-judicial foreclosure process is used. This clause gives the lender the authority to sell the property in the event of the borrower’s default. The foreclosure sale must be done by follwing the guideliens stated below.

Power of Sale Foreclosure Guidelines
If the power of sale clause does not state the specifics of the sale, it must be conducted as follows:

A notice of sale must be sent to the borrower at least 20 days prior to the sale.
This notice must also be published in the county newspaper where the property is located.
The trustee is responsible for conducting the auction and selling it to the highest bidder for cash.
The lender is also alowed to bid by subtracting the amount that he bid from the loan of the borrower.

Finding Foreclosure Help in Missouri

Finding Foreclosure Help in Mississippi

Finding Foreclosure Help in Mississippi

Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and NeighborWorks® America. There is no need to pay a private company for these services.

Jackson Field Office

Dr. A.H. McCoy Federal Building
100 W. Capitol St,
Suite 910
Jackson, MS 39269-1096

Phone: (601) 965-4757

Fax: (601) 965-4773

TTY: (601) 965-4171

Jurisdiction: State of Mississippi

Mary Merchant
Acting Field Office Director

Office Hours: 8:00 a.m. to 4:45 p.m.
Monday through Friday

Mississippi Foreclosure Laws Summary

Quick Facts:

Judicial foreclosure process is available.
Non-judicial foreclosure process is available.
The primary security instruments are mortgages and deeds of trust.
The timeline can vary by process, which typically takes 60 days.
The borrower has no rights of redemption.
The lender may not sue for deficiency judgements.
Lenders in Mississippi may foreclose on mortgages in default through a judicial or non-judicial process.

Judicial Foreclosure

The judicial foreclosure process is used when there is no power of sale clause in a mortgage deal. This involves filing a court order to foreclose. Once the court approves this, the property can be put up for sale.

Non-Judicial Foreclosure
In a mortgage with the power of sale clause, the non-judicial foreclosure process is used. This clause states that the borrower has allowed the lender to sell the property to pay off his debts in the event of his default. For the lender to sell the property, he must follow the guidelines stated below:

A notice of sale must be posted in the county courthouse where the property is located, and published in the county newspaper once a week for 3 weeks. This notice must contain the pertinent information required such as the name of the borrower, and the time and date of sale.

For the borrower to stop the foreclosure process, he must pay the remaining balance of his loan as well as additional costs. If he is not able to pay within the given time period, the foreclosure sale will continue and the property will be sold to the highest bidder at an auction, which will be conducted in the property itself.

Borrowers have no right of redemption after the property has been sold.

Finding Foreclosure Help in Minnesota

Finding Foreclosure Help in Minnesota

Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and NeighborWorks® America. There is no need to pay a private company for these services.

Minneapolis Field Office

International Centre
920 Second Avenue South, Suite 1300
Minneapolis, MN 55402-4012
Phone: (612) 370-3000
Fax: (612) 370-3220

TTY: (612) 370-3186

Jurisdiction: State of Minnesota

Dexter Sidney
Field Office Director

Office Hours: 8:00 a.m. to 4:30 p.m.
Monday through Friday

Minnesota Foreclosure Laws Summary

Quick Facts:

Judicial foreclosure process is available.
Non-judicial foreclosure process is available.
The primary security instruments are mortgages and deeds of trust.
The timeline can vary by process, which typically takes 60 days.
The borrower has rights of redemption.
The lender may sue for deficiency judgements.
Lenders may foreclose on mortgages and deeds of trust in Minnesota through a judicial or non-judicial process.

Judicial Foreclosure
When there is no power of sale clause present in a mortgage deal, the judicial process is used. This is done by filing a lawsuit to obtain a court order to foreclose. Once this is approved, the property can be put up for sale.

Non-Judicial Foreclosure
If there is a power of sale clause present in a mortgage deal, then the non-judicial foreclosure process is used. When the borrower defaults on a mortgage, the lender gains the power to sell the property as long as he follows the “Power of Sale Foreclosure Guidelines.”

Power of Sale Foreclosure Guidelines
In the State of Minnesota, there are conditions that need to be met before a non-judicial foreclosure process is to continue. These are:

There must be no existing lawsuit on the mortgage payment.
There are no records of new mortgage lenders.
An existing notice that has been sent 8 weeks before the foreclosure.
The non-judicial foreclosure process can be done by following these steps:

A notice of sale must be published, which includes the description of the property, the names of the parties involved, information about the mortgage, as well as the time and date of the foreclosure sale.

The sheriff we be the one conducting the sale, where the property will be sold to the highest bidder at the auction. A certificate of sale will be given to the winning bidder.

The lender may file for a deficiency suit up to 1 year from the date of the foreclosure sale, but it is limited to the fair market value of the property and the remaining balance on the loan.

Finding Foreclosure Help in Michigan

Finding Foreclosure Help in Michigan

Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and NeighborWorks® America. There is no need to pay a private company for these services.

Detroit Field Office

McNamara Federal Building
477 Michigan Avenue
Detroit, MI 48226

Phone: (313) 226-7900

Fax: (313) 226-5611 or 226-3197

TTY: (313) 226-6899

Lana J. Vacha
Field Office Director

Office Hours: 8:00 a.m. to 5:00 p.m.

Grand Rapids Field Office

99 Monroe Avenue, NW
Suite 402
Grand Rapids, MI 49503

Phone: (616) 456-2100

Fax: (616) 456-2114

TTY: (616) 456-2159

Louis Berra
Field Office Director

Office Hours: 8:00 a.m. to 4:30 p.m.

Flint Field Office

Phoenix Building – 4th Floor
801 S. Saginaw Street
Flint, MI 48502

Phone: (810) 766-5112

Fax: (810) 766-5122

TTY: (810) 766-5106

Louis Berra
Acting Field Office Director

Office Hours: 8:00 a.m. to 4:30 p.m.

Monday through Friday

Michigan Foreclosure Laws Summary

Quick Facts:

Judicial foreclosure process is available.
Non-judicial foreclosure process is available.
The primary security instruments are mortgages and deeds of trust.
The timeline can vary by process, which typically takes 60 days.
The borrower has rights of redemption.
The lender may sue for deficiency judgements but varies by process.
A judicial or non-judicial process may be used to foreclose on mortgages in default in Michigan.

Judicial Foreclosure
The lender files a lawsuit to obtain a court order to foreclose. If the court finds that the borrower is in default, it gives the borrower a specific time period for him to come up with the money that he owes. If the borrower is unable to pay his debts within the given time, the property will be put up for sale.

Non-Judicial Foreclosure
This foreclosure process is used when there is a power of sale clause present in a mortgage deal. This means that the borrower has pre-authorized the sale of the property in the event of his default. The lender or a trustee may sell the property following the “Power of Sale Foreclosure Guidelines.”

Power of Sale Foreclosure Guidelines
The following guidelines are to be followed if there are no specifics of sale included in the power of sale clause:

A notice of sale must be published in the county newspaper where the property is located. This must be done at least once a week for 4 consecutive weeks. A copy of the notice must also be posted on the property itself within 15 days of publishing the ad in the newspaper.

The notice of sale should have the important information about the sale, including a description of the property, the parties invovlved, the time and place of sale, etc.

The sheriff or the trustee can conduct the auction at any time between 9am-4pm of the specified date.

A sale may be postponed by putting up a notice during the originally scheduled date of sale. If it is to be postponed for more than a week, it must be advertised the same way the original sale was done.

Finding Foreclosure Help in Massachusetts

Finding Foreclosure Help in Massachusetts

Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and NeighborWorks® America. There is no need to pay a private company for these services.

Boston Regional Office

Thomas P. O’Neill, Jr. Federal Building
10 Causeway Street, 3rd Floor
Boston, MA 02222-1092

Phone: (617) 994-8200

Fax: (617) 565-6558
TTY: (617) 565-5453

Jurisdiction: State of Massachusetts

Richard A. Walega

Regional Administrator

Office Hours: 8:00 a.m. to 4:30 p.m.
Monday through Friday

Massachusetts Foreclosure Laws Summary

Quick Facts:

Judicial foreclosure process is available.
Non-judicial foreclosure process is available.
The primary security instruments are mortgages and deeds of trust.
The timeline can vary by process, typically 90 days.
The borrower has no rights of redemption.
The lender may not sue for deficiency judgements.
Lenders in Massachusetts can use a non-judicial process or an entry by possession to foreclose on mortgages or deeds of trust in default.

Foreclosure by Possession
The lender may gain possession of the property if a borrower defaults in the mortgage. This is done by obtaining a court order and entering the property peaceably. If the lender remains in possession of the property after 3 years, he then becomes the permanent owner.

Non-Judicial Foreclosure
This process is used when a power of sale clause is present, which means that the borrower has agreed that the lender sell the property in the event of his default. The lender or his representative may sell the property by following the guidelines stated below.

Power of Sale Foreclosure Guidelines
Unless the terms of the sale are included in the power of sale clause, the foreclosure process must be carried out as follows:

A notice of sale must be recorded in the county where the property is located, and a copy must also be sent to the borrower at least 14 days before the date of sale. An ad announcing the sale must be published in the newspaper once a week for 3 weeks with the first ad published at least 21 days prior to the sale.

This notice of sale should contain the important information about the sale, which includes time and date of the foreclosure hearing, date of the mortgage, names of the parties involved, etc.

The sale is to be conducted at the time and place specified on the notice of sale, through a public auction where the property will be sold to the highest bidder.

The borrower has no rights of redemption.

Finding Foreclosure Help in Maryland

Finding Foreclosure Help in Maryland

Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and NeighborWorks® America. There is no need to pay a private company for these services.

Baltimore Field Office

City Crescent Building
10 S. Howard Street, Fifth Floor
Baltimore, MD 21201-2505

Phone: (410) 962-2520

Fax: (410) 209-6670

TTY: (410) 209-6681

Jurisdiction: State of Maryland (Except as noted below under Washington, DC)

James Kelly
Field Office Director

Office Hours: 8:00 a.m. to 4:30 p.m.
Monday through Friday

District of Columbia Field Office

820 First Street, NE, Suite 300
Washington D.C., 20002

Phone: (202) 275-9200

Fax: (202) 275-6381

TDY: (202) 275-6388

Jurisdiction: Washington, DC; City of Alexandria, VA; Fairfax County, VA; Arlington County, VA; Prince William County, VA; Loudoun County, VA; Montgomery County, MD and Prince George’s County, MD.

John E. Hall
Field Office Director

Office Hours: 8:00 a.m. to 4:30 p.m.

Monday through Friday

Maryland Foreclosure Laws Summary

Quick Facts:

Judicial foreclosure process is available.
Non-judicial foreclosure process is available but with restrictions.
The primary security instruments are mortgages and deeds of trust.
The timeline can vary by process, typically 90 days.
The borrower has no rights of redemption.
The lender may sue for deficiency judgements.
Three foreclosure processes can be used by lender to foreclose on mortgages in default in Maryland. These are by judicial, assent to decree, or non-judicial foreclosure process.

Judicial Foreclosure
When no power of sale is present in a mortgage deal, the lender must file a lawsuit to obtain a court order to foreclose. Once the court has proven that a default has occurred, it will set the amount that the borrower has to pay in order to cure the default. The borrower must pay the amount within a given time period, or the property will be sold to pay for the debt.

Assent to Decree Foreclosure
In this foreclosure process, it has been previously agreed on by the lender and borrower that for a specific default, the lender is permitted to sell the property. This will be done by filing a complaint to the court but no more hearing is necessary for the foreclosure sale to proceed.

Non-Judicial Foreclosure
The non-judicial foreclosure is used when there is a power of sale clause present in a mortgage deal. This clause states that the borrower permits the selling of the property to pay off his debts in the event of his default. An order to docket must first be filed for the foreclosure sale to start but no hearing will be needed.

Foreclosure Guidelines
A notice of sale must be published in the county newspaper where the property is located. This must be done for 3 weeks with the first ad not later than 15 days before the sale, and the last ad not more than 1 week before the sale. The notice of sale must also be sent to the borrower not more than 30 days and not less than 10 days before the sale.

The sale is to be conducted by an authorized person, which can be held at the property itself, in the county courthouse or any place indicated in the notice of sale.

If the sale needs to be postponed, the announcement should be done in the same way that the original sale was advertised.

Once the sale has been completed, the person who conducted the sale must file a report with the court. The clerk will then issue a notice that describes the property and states that the sale will be approved within 30 days as long as no reason has been found that proves that the sale should not push through. This will be published n the county newspaper for 3 consecutive weeks until the 30 day period expires.

Deficiency judgements may be filed until 3 years after the sale, but it is limited to the difference between for the balance of the loan in default and the price of the property during the sale.

Finding Foreclosure Help in Maine

Finding Foreclosure Help in Maine

Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and NeighborWorks® America. There is no need to pay a private company for these services.

Bangor Field Office

Margaret Chase Smith Federal Building
202 Harlow St., Suite 101
Bangor, ME 04401-4919

Phone: (207) 945-0467

Fax: (207) 945-0533

TTY: (207) 945-0401

Jurisdiction: State of Maine

William D. Burney
Field Office Director

Office Hours: 8:00 a.m. to 4:30 p.m.
Monday through Friday

Maine Foreclosure Laws Summary

Quick Facts:

Judicial foreclosure process is available.
Non-judicial foreclosure process is not available.
The primary security instruments are mortgages.
The timeline can vary by process, typically 90 days.
The borrower has rights of redemption.
The lender may sue for deficiency judgements.
Lenders in Maine may foreclose on mortgages in default through a judicial process or a strict foreclosure process.

Strict Foreclosure

In this type of foreclosure, the property belongs to the lender for the duration of the mortgage. As long as the borrower settles all of his debts, the property will be returned. But if any conditions of the agreement are broken before the debt has been paid, the property permanently become owned by the lender. He may choose to keep it or put it up for sale.

Whatever the lender chooses to do, the borrower has a 3-month (post-1975 mortgages) or 12 month period (pre-1975 mortgages) to reclaim the property. The lender must hold on to the property for the entire duration of the redemption period for the foreclosure process to be finalized. If the lender wishes to sell the property, he must first file a lawsuit and wait for the redemption period to pass before continuing with the sale.

Deficiency suits may be filed but is limited to the difference between the fair market price and the remaining balance of the loan.

Judicial Foreclosure
The strict foreclosure process is the main method used in Maine, but the judicial process may be used under special circumstances.

Finding Foreclosure Help in Louisiana

Finding Foreclosure Help in Louisiana

Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and NeighborWorks® America. There is no need to pay a private company for these services.

New Orleans Field Office

Department of Housing and Urban Development
Hale Boggs Federal Building
500 Poydras Street, 9th Floor
New Orleans, LA 70130

Phone: (504) 671-3001

Email: LA_Webmanager@hud.gov
Fax: (504) 671-3751

Marvel Robertson
Field Office Director

Office Hours: 8:00 a.m. to 4:30 p.m.
Monday through Friday

Shreveport Field Office

Department of Housing and Urban Development
Shreveport Office Building
401 Edwards Street, Suite 1510

Shreveport, LA 71101-5513

Phone: (318) 226-7030
Email: LA_Webmanager@hud.gov
Fax: (318) 676-3506

Martha Sakre
Field Office Director

Office Hours: 7:45 a.m. to 4:30 p.m.
Monday through Friday

Louisiana Foreclosure Laws Summary

Quick Facts:

Judicial foreclosure process is available.
Non-judicial foreclosure process is not available.
The primary security instruments are mortgages.
The timeline can vary by process, typically 60 days.
The borrower has no rights of redemption.
The lender may sue for deficiency judgements.
Lenders in Louisiana may foreclose on mortgages using the judicial foreclosure process.

Judicial Foreclosure
Louisiana has two types of judicial foreclosure process, the executory process and an ordinary process.

The executory process is used when a mortgage deal has an authentic act that imparts a confession of judgment. This is done by the borrower acknowledging to the obligations of the mortgage in the presence of a notary public and 2 witnesses. The lender may just present the original note and a certified copy of the mortgage, and the foreclosure process will proceed quicker and easier.

This process entails the lender to send a notice of demand for delinquent payments to the borrower. If the borrower is unable to come up with the payment within 3 days, the property can be put up for sale after 30 days of advertising.

Deficiency judgments may be filed but borrowers have no rights of redemption.

Finding Foreclosure Help in Kentucky

Finding Foreclosure Help in Kentucky

Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and NeighborWorks® America. There is no need to pay a private company for these services.

Louisville

Dept. of Housing and Urban Development
Gene Snyder Courthouse
601 W. Broadway, Room 110
Louisville, KY 40202

Phone: (502) 582-5251

Email: KY_Webmanager@hud.gov
Fax: (502) 582-6074
TTY: (800) 648-6056

Jurisdiction: State of Kentucky

Krista Mills
Field Office Director

Office Hours: 8:00 a.m. to 4:45 p.m.,
Monday through Friday

Kentucky Foreclosure Laws Summary

Quick Facts:

Judicial foreclosure process is available.
Non-judicial foreclosure process is not available.
The primary security instruments are mortgages.
The timeline can vary by process.
The borrower has rights of redemption.
The lender may sue for deficiency judgements but with restrictions.
Lenders in Kentucky may foreclose on mortgages in default through a judicial foreclosure process.

Judicial Foreclosure
In the judicial foreclosure process, the lender files a lawsuit to obtain a court order to foreclose. If the court finds that the borrower is in default, it sets a time period for the borrower to cure the default. If the borrower is unable to pay his debts within the allotted time, the property will then be advertised for sale.

The property will first be appraised before it can be put up for auction. If the winning price is less than 2/3 of the appraised value, the borrower has 12 months to match this price plus interest to be able to reclaim the property.

If the borrower is personally served with a lawsuit or fails to answer, a deficiency judgment may be filed. This amount can only be the difference between the foreclosure sale price and the original mortgage price.

Finding Foreclosure Help in Kansas

Finding Foreclosure Help in Kansas

Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and NeighborWorks® America. There is no need to pay a private company for these services.

Kansas City Regional Office

400 State Avenue
Room 507
Kansas City, KS 66101-2406

Phone: (913) 551-5644
Email: KS_Webmanager@hud.gov

Fax: (913) 551-5469
TTY: (913) 551-6972

GENE LIPSCOMB
Deputy Regional Director

Jurisdiction: State of Kansas and Western half of Missouri

Office Hours: 8:00 a.m. to 5:00 p.m.
Monday through Friday

Kansas Foreclosure Laws Summary

Quick Facts:

Judicial foreclosure process is available.
Non-judicial foreclosure process is not available.
The primary security instruments are mortgages.
The timeline can vary by process, which typically takes 120 days.
The borrower has rights of redemption.
The lender may sue for deficiency judgements.
In Kansas, lenders may use the judicial foreclosure process to foreclose on mortgages in default.

Judicial Foreclosure

The lender must file a lawsuit to obtain a court order to foreclose. Once the order to foreclose has been approved, the property can then be sold at an auction to the highest bidder.

A notice of sale must be published in the newspaper once a week for 3 consecutive weeks to inform the public about the upcoming sale. The last ad should be published no later than 7 days, and not more than 14 days before the sale. Also, another notice must also be sent to the borrower 5 days after the first ad has been published.

The auction will be held at the county courthouse where the property is located. The winning bidder shall receive a certificate of purchase, as well as a sheriff’s deed which will certify that he will be the owner of the property once the borrower forfeits on his right of redemption, which usually lasts up to 1 year.

A deficiency judgement may be sued by the lender, but only for the difference between the foreclosure sale price and the original mortgage price.

Finding Foreclosure Help in Iowa

Finding Foreclosure Help in Iowa

Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and NeighborWorks® America. There is no need to pay a private company for these services.

Des Moines Field Office

210 Walnut Street
Room 239
Des Moines, IA 50309-2155

Phone: (515) 284-4512
Fax: (515) 284-4743

TTY: (515) 284-4728

Jurisdiction: State of Iowa

Bruce Ray
Field Office Director

Office Hours: 8:00 a.m. to 4:30 p.m.
Monday through Friday

Iowa Foreclosure Laws Summary

Quick Facts:

Judicial foreclosure process is available.
Non-judicial foreclosure process is not available.
The primary security instruments are mortgages.
The timeline can vary by process, which typically takes 150 days.
The borrower has no rights of redemption.
The lender may not sue for deficiency judgements.
Lenders in Iowa may use the judicial or alternative to non-judicial foreclosure process to foreclose on mortgages in default.

Judicial Foreclosure
A complaint must be filed by the lender to obtain a decree of sale for a foreclosure process to start. When the court finds the borrower in default, he will give the borrower some time to settle all of his debts. If he is unable to cure the default, the foreclosure sale will then be continued.

A notice of sale must be put up in public places around the county, with one being posted in the courthouse. Two weekly ads must also be published in the county newspaper, with the first ad published at least 4 weeks before the sale. Another notice must also be sent to the borrower at least 20 days before the sale.

The sale will be by public auction, which will be presided over by the sheriff anytime between 9am-4pm. Before the sale, written bids may be given to the sheriff, together with the payment for the property. The written bids are sealed until the day of the auction comes where the bids will be opened and announced by the sheriff. Losing bidders will have their money returned to them.

A sale can postponed up to 3 days only, and the announcement of the postponement should be done during the originally scheduled date.

Alternative Non-Judicial Foreclosure
The whole filing of a suit to foreclose may be avoided if the borrower willingly gives up the property and transfers all his rights to the property over to the lender. When the lender accepts, he will automatically become the new owner of the property but he will lose the right to sue for a deficiency judgement.

For this process to be official, both the borrower and the lender must sign a “disclosure of notice and cancellation” which says that the borrower willingly gave up his rights to the property, and that the lender has accepted this as payment.

Finding Foreclosure Help in Indiana

Finding Foreclosure Help in Indiana

Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and NeighborWorks® America. There is no need to pay a private company for these services.

Indianapolis Field Office

Indianapolis Office
151 North Delaware Street, Suite 1200
Indianapolis, IN 46204-2526

Phone: (317) 226-6303
Fax: (317) 226-6317

TTY: (800) 743-3333

Jurisdiction: State of Indiana

John Hall,

Field Office Director
email: John_R._Hall@hud.gov

Office Hours: 8:00 a.m. to 4:45 p.m.
Monday through Friday

Indiana Foreclosure Laws Summary

Quick Facts:

Judicial foreclosure process is available.
Non-judicial foreclosure process is not available.
The primary security instruments are mortgages.
The timeline can vary by process, which typically takes 150 days.
The borrower has rights of redemption.
The lender may sue for deficiency judgements.
Lenders in Indiana may foreclose on mortgages in default through a judicial process.

Judicial Foreclosure

The judicial foreclosure process is used when there is no power of sale clause present in a mortgage deal. The lender must first file a lawsuit and obtain a court order to foreclose. Once this has been approved, the property can then be sold to the highest bidder at an auction.

Once a mortgage has been signed, the lender typically has to wait 3-12 months before a suit can be filed to foreclose. The borrower may waive this time period so that the sale can occur at anytime. But in this case, the lender loses his right to file for a deficiency judgement.

For a sale to take place, a notice of the sale must first be published in the county newspaper 30 days prior to the date of sale, once a week for 4 consecutive weeks. The notice must also be sent to the parties involved informing them about the upcoming foreclosure sale. The owners may still reside in the property, but must leave once the foreclosure sale has been completed.

Finding Foreclosure Help in Illinois

Finding Foreclosure Help in Illinois

Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and NeighborWorks® America. There is no need to pay a private company for these services.

In Chicago

Call: (312) 353-5680
Fax: (312) 886-2729
TTY: (312) 353-7143

Ralph Metcalfe Federal Building
77 West Jackson Boulevard
Chicago, Illinois 60604

Office Hours: 8:30 a.m. to 5:00 p.m.
Monday through Friday

In Springfield

Call: (217) 492-4120
Fax: (217) 492-4154
TTY: (217) 492-4101

John W. Meyers,
Field Office Director
email: john.w.meyers@hud.gov

500 West Monroe, 1SW
Springfield, IL 62704

Office Hours: 8:00 a.m. to 4:30 p.m.
Monday through Friday

Illinois Foreclosure Laws Summary

Quick Facts:

Judicial foreclosure process is available.
Non-judicial foreclosure process is not available.
The primary security instruments are mortgages.
The timeline can vary by process, which typically takes 210 days.
The borrower has no rights of redemption.
The lender may sue for deficiency judgements.
There are a number of options available to foreclose on mortgages in default in Illinois.

Judicial Foreclosure
At least 30 days before the court’s judgement to foreclose, a notice of sale must be sent to the borrower and other parties involved informing them about the intent to foreclose. When the court approves the foreclosure, the specifics of the sale that are indicated in the notice of sale must be followed as long as it follows the minimum standards set by the Illinois Statutes.

The sheriff or a judge may conduct the sale at the property itself, and the borrower loses his rights of redemption as soon as the sale is completed.

Deed of Lieu Foreclosure
When a borrower defaults on a mortgage, he has the option of giving the deed of the property to the lender and surrendering any rights that he has over the property. If the lender accepts, he forfeits the right to obtain a deficiency judgement.

Consent Foreclosure
This type of foreclosure is similar to the Deed of Lieu foreclosure, but in this case, the court orders the title of the property to be given to the lender in the event of a default. The borrower has no rights of redemption and the lender cannot file for a deficiency judgement.

The state of Illinois does not allow the non-judicial foreclosure process, but the common law strict foreclosure method may be used by lenders.

Finding Foreclosure Help in Idaho

Finding Foreclosure Help in Idaho

Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and NeighborWorks® America. There is no need to pay a private company for these services.

Boise Field Office

800 Park Blvd, Suite 220
Boise, ID 83712

Phone: (208) 334-1990

Email: ID_Webmanager@hud.gov

Fax: (208) 334-9648
TTY: (208) 334-9094

Jurisdiction: State of Idaho

William B. Jolley

Field Office Director

Office Hours: 8:00 a.m. to 4:30 p.m.,
Monday through Friday

Idaho Foreclosure Laws Summary

Quick Facts:

Judicial foreclosure process is not available.
Non-judicial foreclosure process is available.
The primary security instruments are deeds of trust.
The timeline can vary by process, which typically takes 150 days.
The borrower has rights of redemption.
The lender may sue for deficiency judgements.
Lenders in Idaho may foreclose on mortgages in default through a non-judicial process.

Non-Judicial Foreclosure
When a power of sale clause is present in a deed of trust, this means that the borrower has pre-authorized the sale of the property to pay off any debts in the event of their default. The power to sell the property is in the hands of the lender or a representative, usually referred to as the trustee. The sale must be done following the guidelines outlined below.

Power of Sale Foreclosure Guidelines
If there are no terms of sale stated in the power of sale clause, the foreclosure process must be done as follows:

A notice of sale must be sent to the borrower at least 120 days prior to the date of sale. This notice must also be recorded in the county where the property is located. The same notice must also be published in the county newspaper once a week for 4 consecutive weeks, with the last ad published at least 30 days before the date of sale.

The notice must contain information about the sale such as a description of the property, where it is located, the names of the parties involved, time and place of sale, as well as the person to contact when inquiring about the sale.

The sale must be conducted on the date indicated on the notice of sale. If it must be postponed, it can only be rescheduled at least 30 days before the originally scheduled date.

For properties greater than 20 acres, the borrower has until 1 year to reclaim the property. For properties smaller than 20 acres, the time period is reduced to 6 months.

Finding Foreclosure Help in Georgia

Finding Foreclosure Help in Georgia

Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and NeighborWorks® America. There is no need to pay a private company for these services.

Atlanta Regional Office

Five Points Plaza Building

40 Marietta Street
Atlanta, GA 30303

Phone: (404) 331-5136
Email: GA_Webmanager@hud.gov

Fax: (404) 730-2392
TDD: (404) 730-2654

Jurisdiction: State of Georgia

Ed Jennings, Jr.

Regional Administrator

Office Hours : 8:00 a.m. to 4:30 p.m.,

Monday through Friday

Georgia Foreclosure Laws Summary

Quick Facts:

Judicial foreclosure process is available.
Non-judicial foreclosure process is available.
The primary security instruments are mortgages and deeds of trust.
The timeline can vary by process, which typically takes 90 days.
The borrower’s has rights of redemption varies by process.
The lender may sue for deficiency judgements but varies by process.
Lenders may use the judicial or non-judicial process to foreclose on mortgages in default in Georgia.

Judicial Foreclosure
The judicial foreclosure process is used when there is no power of sale clause in a mortgage deal. The lender files a lawsuit to obtain a court order to foreclose. Once this is approved, the property can be auctioned off to the highest bidder.

Non-Judicial Foreclosure
When a power of sale clause is present in a mortgage deal, the non-judicial foreclosure process is used. This clause just means that the borrower has pre-authorized the sale of the property in the event of his default. The power to sell the property goes to the lender or a representative, usually referred to as a trustee.

Power of Sale Foreclosure Guidelines
Unless the power of sale clause specifies the time, date and terms of sale, the non-judicial foreclosure process must be carried out as follows:

A notice of sale must be sent to the borrower at least 15 days before the date of sale. Waiver or release rights cannot be considered valid if the dates are the same as the original documents. The counting starts from the day that the letter is postmarked.

A notice of sale must also be published in the county newspaper where the property is located, once a week for 4 consecutive weeks. The sale must take place on the first Tuesday of the month, and anytime between 10am-4pm in front of the county courthouse.

Deficiency suits may be filed in Georgia.

Finding Foreclosure Help in Florida

Finding Foreclosure Help in Florida

Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and NeighborWorks® America. There is no need to pay a private company for these services.

Jacksonville Office

Charles E. Bennett Federal Building
400 W. Bay Street, Suite 1015
Jacksonville, FL 32202

Phone: (904) 232-2627
Email: FL_Webmanager@hud.gov

Fax: (904) 232-3759

Jurisdiction: The following 36 counties in North Florida: Alachua, Baker, Bay, Bradford, Calhoun, Columbia, Clay, Dixie, Duval, Escambia, Flagler, Franklin, Gadsden, Gilchrist, Gulf, Hamilton, Holmes, Jackson, Jefferson, Lafayette, Leon, Levy, Liberty, Madison, Marion, Nassau, Okaloosa, Putnam, St. Johns, Santa Rosa, Suwannee, Taylor, Union, Wakulla, Walton, and Washington.

Earl Cox
Acting Field Office Director

Office Hours: 8:00 a.m. to 4:30 p.m.
Monday through Friday

Miami Office

Brickell Plaza Federal Building
909 SE First Avenue,
Room 500

Miami, FL 33131-3028

Phone: (305) 536-5678
Email: FL_Webmanager@hud.gov
Fax: (305) 536-5765

TTY: (305) 536-4743

Jurisdiction: The following 10 counties in South Florida: Broward, Charlotte, Collier, Dade, Glades, Hendry, Lee, Martin, Monroe, and Palm Beach.

Armando Fana
Field Office Director

Office Hours: 8:00 a.m. to 4:30 p.m.

Monday through Friday

Orlando Office

3751 Maguire Blvd.,
Suite 270
Orlando, FL 32803

Phone: (407) 648-6441

Email: FL_Webmanager@hud.gov
Fax: (407) 648-6310

Jurisdiction: The following 9 counties in East Central Florida: Brevard, Indian River, Lake, Okeechobee, Orange, Osceola, St. Lucie, Seminole, and Volusia.

Paul C. Ausley, Jr.

Field Office Director

Office Hours: 8:00 a.m. to 4:30 p.m.
Monday through Friday

Tampa Office

Timberlake Federal Building
500 E. Zack Street,

Suite 402
Tampa, FL 33602-2945

Phone: (813) 228-2026
Email: FL_Webmanager@hud.gov
Fax: (813) 228-2431

TTY: Dial 711 to use Florida Relay

Jurisdiction: The following 12 counties in West Central Florida: Citrus, De Soto, Hardee, Hernando, Highlands, Hillsborough, Manatee, Pasco, Pinellas, Polk, Sarasota, and Sumter.

KAREN JACKSON SIMS
Field Office Director

Office Hours: 8:00 a.m. to 4:30 p.m.

Monday through Friday

Florida Foreclosure Laws Summary

Quick Facts:

Judicial foreclosure process is available.
Non-judicial foreclosure process is not available.
The primary security instruments are mortgages.
The timeline can vary by process, which typically takes 180 days.
The borrower has rights of redemption.
The lender may sue for deficiency judgements.
In Florida, mortgages are impartially foreclosed and a foreclosure action is separated from any counterclaims against the lender. A jury is also not needed during a trial for a foreclosure process.

Upon approval, the court states the time and place where the foreclosure sale is to be held. It is the lender’s responsibility to place an ad in the newspaper announcing the upcoming sale to the public.

The borrower’s Equitable Right of Redemption ends as soon as the foreclosure sale is completed. A 10 day period is allotted for the court to review the sale to make sure that the property has been sold for a fair price, and all procedures have been properly followed. Once this is approved, a Certificate of Sale is filed. If something wrong has been discovered, a new sale must be held.

Deficiency suits may be filed in Florida.

Sunday, September 5, 2010

How to Stop Foreclosure in Hawaii

How to Stop Foreclosure in Hawaii
For many residents of Hawaii, foreclosure is fast becoming a reality to most of them. They choose to foreclose the house and auction it so as to cut back on their losses. There are tons of reasons why a house or property is foreclosed ranging from corporate downsizing to divorce up to rising interest rates. Regardless of the reason, you can do something to keep your house intact.

Step 1
The thought of just letting your house just be auctioned so as to be done with it is tempting. However, letting your house be auctioned off can severely damage you credit rating and would later on affect your capability to buy other items in the future such as a car or another house. A bad credit rating would even prevent the electric company from turning on your power without some sort of deposit. This will stay in your record for up to seven years.
Step 2
Seek advice carefully. Make sure that the person you are getting advice from is someone who is knowledgeable and understands the process of foreclosures. Some may advise you to declare bankruptcy while other may opt to talk with your lender or house realtor. Regardless of the advice, it would be better to consult with a professional that knows foreclosure.
Step 3
Banks lend money, not sell houses. Simply put, they lose income whenever a house is foreclosed. This means that as much as possible, they would like you to keep you house as well so that you will pay them the proper mortgage. This being the case, most banks and lenders are open to the suggestion of adjusting your mortgage. There are a couple of means to do this but regardless of what method it is, talking with your lender to arrive at a compromise should be your priority if you think you are having a hard time paying your dues.
Synopsis of Hawaii Foreclosure Laws
Judicial Foreclosure Available: Yes

Non-Judicial Foreclosure Available: Yes

Primary Security Instruments: Deed of Trust, Mortgage

Timeline: Typically 60 days

Right of Redemption: None

Deficiency Judgments Allowed: Yes

In Hawaii, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.

Judicial Foreclosure

The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, the property will be auctioned off to the highest bidder.

Non-Judicial Foreclosure

The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A “power of sale” clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the “Power of Sale Foreclosure Guidelines”.

Power of Sale Foreclosure Guidelines

If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:

The notice of intent to foreclose must be published once a week for three (3) successive weeks, the last publication to be not less than fourteen (14) days before the day of sale, in a newspaper having a general circulation in the county in which the mortgaged property is located.Copies of the notice must be mailed or delivered to the mortgagor, the borrower, any prior or junior creditors, the state director of taxation and any other person entitled to receive notice. Additionally, the notice must be posted on the premises not less than twenty-one (21) days before the day of sale.
Said notice must state: 1) The date, time, and place of the public sale; 2) The dates and times of the two (2) open houses of the mortgaged property, or if there will not to be any open houses, the public notice shall so state; 3) The unpaid balance of the moneys owed to the mortgagee under the mortgage agreement; 4) A description of the mortgaged property, including the address or description of the location of the mortgaged property, and the tax map key number of the mortgaged property; 5) The name of the mortgagor and the borrower; 6) the name of the lender; 7) The name of any prior or junior creditors having a recorded lien on the mortgaged property before the recordation of the notice of default; 8 ) The name, the address in the State, and the telephone number in the State of the person in the State conducting the public sale; and 9) The terms and conditions of the public sale.

Additional wording, as required by the State of Hawaii, may be found here.

Up until three (3) days before the sale, the borrower may cure the default and stop the sale by paying the lien debt, costs and reasonable attorney’s fees, unless otherwise agreed to between the lender and the borrower.
The sale, which may be held no earlier than fourteen (14) days after the last ad is published, is to be made at auction to the highest bidder.
Any sale, in which notice has been given, may be postponed from time to time by public announcement made by the lender or their representative.

How to Stop Foreclosure in Delaware

How to Stop Foreclosure in Delaware
Foreclosure is one of the most dreadful things you can be faced with when it comes to matters of owning a home because this is a process that actually revokes all your rights to a home that you have been living in or have been paying for some time now. This means that if you have already shelled out a certain amount of money, you wouldn’t want your investment to be put to waste.

Foreclosure is tricky because it can happen to anyone faced with a situation wherein you find yourself unable to pay for your dues and mortgages. This simply means that you would no longer have to pay for anything but would also mean that you no longer have a property or investment under your name.

Basically, foreclosure takes place after you’ve missed out on your payment dues after a couple of days. Worse, it happens and happens quite rapidly for people who avoid contacting their lenders or banks to discuss their current financial situation. This is basically why even if you feel that you can no longer pay your debt and feel ashamed about it, you would still have to face your lender and explain so that other payment and settlement options can be offered to you.

Usually, the notice of default or during the pre-foreclosure stage is sent by email. There, certain information are stated and that which you have to reply to as soon as possible. When you reply and state certain reasons, there would be assistance ready to guide you. Otherwise, you would be alone in your problem.

In the end, it is greatly advisable to first see if you truly have the money to check your needs and claims before investing in something that would require you to spend much. This way, you can be certain that you have enough money to spare to pay for your dream home.

Synopsis of Delaware Foreclosure Laws
Judicial Foreclosure Available: Yes

Non-Judicial Foreclosure Available: No

Primary Security Instruments: Mortgage

Timeline: Typically 90 days

Right of Redemption: No

Deficiency Judgments Allowed: No

In Delaware, lenders may foreclose on a mortgage in default by using the judicial foreclosure process.

Judicial Foreclosure

Lenders in Delaware are given a number of options in which they may pursue judicial foreclosure, but the most commonly used procedure is the Scire Facias.

This proceeding is quite different from other judicial foreclosures because instead of the lender having to prove the borrower is in default of the mortgage, the borrower has to prove he isn’t. Although the suit to obtain an order for foreclosure is filed by the lender, the borrower must appear in court within twenty (20) days of being served a writ to provide evidence as to why the foreclosure should not take place. Unless the court is satisfied with the borrowers explanation and evidence, they will authorize a foreclosure sale.

Said sale must be conducted by the sheriff and held either at the courthouse or at the property itself at least fourteen (14) days after the notice of sale is posted on the property and in other public places throughout the county in which it is located.

The buyer has no right of redemption once the court has confirmed the sale.

How to Stop Foreclosure in Connecticut

How to Stop Foreclosure in Connecticut
There are different types of loans and mortgages that you can apply for but the most futuristic of all would be the ones that you apply for in order to own a home. This is because everybody wants to have their own place where they can build their families and call it their own. For this very reason, it gets a little bit frustrating when you are faced with the fact that you can no longer own your home because you can no longer pay for it.

By definition, foreclosure is a legal process that lifts a person’s ownership of his or her property because of inconsistency when it comes to payment or inability to pay at that. There are many reasons why foreclosure can take place such as divorce, loss of job, reduction in wages and so on. But whatever the case is, what is important is to have a budget that would allow you to pay for your loans and mortgages even when all these factors set in already.

There are different types of foreclosure and each one is different from the others. The only thing with it is that you are given a notice and then this notice is provided to you considering the ample time you have to once again consider to pay up your debts.

The process of foreclosure for the home is pretty simple. After a notice from the bank is sent to you, you are required to pay for your dues. Otherwise, your home will be auctioned and you will lose ownership.

To avoid foreclosure in Connecticut, the most important thing you have to bear in mind would be budgeting. This means that you have enough money and have the capability to prioritize your spending. Also remember that it is important to have good relationships and ties with the agent at all times.

Synopsis of Connecticut Foreclosure Laws
Judicial Foreclosure Available: Yes

Non-Judicial Foreclosure Available: No

Primary Security Instruments: Mortgage

Timeline: Typically 60 days

Right of Redemption: No

Deficiency Judgments Allowed: Yes

In Connecticut, lenders may foreclose on a mortgage in default by using the judicial foreclosure process.

Judicial Foreclosure

The judicial foreclosure process in Connecticut is carried out by either strict foreclosure or a decree of sale.

With strict foreclosure, no actual foreclosure sale is held. Instead, the lender goes to court to try and obtain a court order demonstrating the borrower is in default of the mortgage. If successful, the title transfers to the lender immediately.

However, the court sets an established amount of time in which the borrower may redeem the property, but if they fail to do so, the title becomes absolute to the lender and the borrower has no longer has any claim to the property. The lender then has thirty (30) days to record a certificate of foreclosure, which must contain a description of the property, the foreclosure proceedings, the mortgage and the date the title became absolute.

With a decree of sale, the court: 1) establishes the time and manner of the sale; 2) appoints a committee to sell the property; and 3) appoints three appraisers to determine the value of the property.

The borrower may stop the foreclosure proceedings at any time before the sale by paying the balance due on the mortgage. If no such payment is made, the committee will go forward with the sale.

The lender may sue to obtain a deficiency judgment in Connecticut.

How to Stop Foreclosure in Colorado

How to Stop Foreclosure in Colorado
Each state has a different process when it comes to foreclosure even if we know for a fact that it is basically a process that prevents you from owning your home simply because you can no longer pay for it. There are several different types of foreclosures.

First is judicial and non judicial foreclosure. In Colorado, this type of foreclosure can take place when there is no power of sale on your investment. If in case you cannot pay for your home any longer, a lawsuit can be filed on your name to grant it the power to foreclose your home. The idea behind is that, the borrower or the purchaser, with his or her inability to pay the home, would be authorized to foreclose it in certain conditions.

When there is inability to pay on the part of the lender, then a public trustee can be appointed. A lawyer or the lender can file a dispute at the Office of the Public Trustee in the area where the home is situated and where the debtor currently resides in. Once this is filed, and the debtor is informed but still no payment is made, then the public trustee can file a notice of election and demand. This notice is advertised on the newspapers for about 5 weeks and states that the property may be available on the market in the coming weeks.

A copy of the letter should be mailed to the public trustee within 10 days of issuance. The homeowner should be contacted too within 21 days otherwise it would no longer be feasible for the home owner to still own the same home.

In the end, the idea is to pay your dues on time to be able to avoid such problems in the future and still own a home.

Synopsis of Colorado Foreclosure Laws
Judicial Foreclosure Available: Yes

Non-Judicial Foreclosure Available: Yes

Primary Security Instruments: Deed of Trust, Mortgage

Timeline: Typically 60 days

Right of Redemption: Yes

Deficiency Judgments Allowed: Yes

In Colorado, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.

Judicial Foreclosure

The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, your home will be auctioned off to the highest bidder.

Non-Judicial Foreclosure

The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A “power of sale” clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the “Power of Sale Foreclosure Guidelines”.

Power of Sale Foreclosure Guidelines

The foreclosure process in Colorado is quite a bit different than in other states because here, the governor appoints a “Public Trustee” for each county in the state. The trustee must act as an impartial party when handling a power of sale foreclosure. In Colorado, the non-judicial power of sale foreclosure is carried out as follows:

The process begins when the attorney representing the lender files the required documents with the Office of the Public Trustee of the county where the property is located. The Public Trustee then files a “Notice of Election and Demand” with the county clerk and recorder of the county. Once recorded, the notice must be published in a newspaper of general circulation within the county where the property is located for a period of five (5) consecutive weeks.

The Public Trustee must also mail, within ten (10) days after the publication of the notice of election and demand for sale, a copy of the same and a notice of sale as published in the newspaper, to the borrower and any owner or claimant of record, at the address given in the recorded instrument. The Public Trustee must also mail, at lease twenty-one (21) days before the foreclosure sale, a notice to the borrower describing how to redeem the property.

The owner of the property may stop the foreclosure proceedings by filing an “Intent to Cure” with the Public Trustee’s office at least fifteen (15) days prior to the foreclosure sale and then paying the necessary amount to bring the loan current by noon the day before the foreclosure sale is scheduled.

The foreclosure sale must take place between forty-five (45) and sixty (60) days after the recording of the election and demand for sale with the county clerk and recorder. The Public Trustee may hold the sale at any entrance to the courthouse, unless other provisions were made in the deed of trust.

The lender has the option to file a suit for deficiency in Colorado and the borrower has up to seventy five (75) days after the sale to redeem the property by paying the foreclosure sale amount, plus interest.

How to Stop Foreclosure in Arkansas

How to Stop Foreclosure in Arkansas
When it comes to owning a home and paying your debts based on the terms you have previously agreed upon, remember that one of the most important things you can take into consideration would be calling your lender.

Most people disregard the importance of doing this and resort to avoiding making any contact with their lender whenever they realize that they can no longer pay for your dues. In fact, it would be good for you to know that when you try to contact your lender, chances are, you would be lucky enough to have your debt problems resolved.

You can easily find your lender because chances are he or she will try to contact you the moment he or she realizes that you have a lapse in your payment. If in case you find it hard to contact your lender, then you can simply research on some of the information that you can find readily available online.

Once you have created a link to your lender once again, make sure that the information that you are supposed to disclosed has already been prepared. This way it will be a lot of easier for you to answer questions consistently and would likewise find it easier to make a personal appointment if need be necessary.

Some of the information that you can disclose should include your factual salary, and what other sources of income you might possibly have. Remember to only disclose truthful information so that nothing will be taken against you.

To avoid such problems, it would then be advisable for you to simply pay your dues on time. Do not resort to buying a home if you know for a fact that you cannot really sustain the payment terms. This way in the end you wouldn’t have problems settling your dues.

Synopsis of Arkansas Foreclosure Laws
Judicial Foreclosure Available: Yes

Non-Judicial Foreclosure Available: Yes

Primary Security Instruments: Deed of Trust, Mortgage

Timeline: Typically 120 days

Right of Redemption: Varies

Deficiency Judgments Allowed: Varies

In Arkansas, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process. However, an appraisal of the property must be made prior to the schedule date of foreclosure.

In any foreclosure under a mortgage or deed of trust in Arkansas, the property must sell for not less than two-thirds of the appraised value. If it does not, then it may be offered for sale again within twelve (12) months. The second sale may be to the highest bidder without reference to the previous appraisal.

Judicial Foreclosure

In judicial foreclosure, a court decrees the amount of the borrowers debt and gives him or her a short time to pay. If the borrower fails to pay within that time, then the clerk of the court, as commissioner, advertises the property for sale.

Sales of real property under court order will be on a credit of not less than three (3) months, but not more than six (6) months, or on installments to not more than four (4) months credit overall. To secure payment, a lien will be retained on the property for its price and the purchaser must also give a bond with surety for the amount of the purchase price.

The lender may bid at the sale by crediting a portion (or all) of the amount the court found was owed to the lender against the sales price of the property purchased at the foreclosure sale. If the real estate does not sell for an amount equal to what’s due on the mortgage loan, then the lender may seize other property from the borrower as in an ordinary judgment.

The borrower has one (1) year from the date of the sale to redeem the property by paying the amount for which the property was sold, plus interest.

Non-Judicial Foreclosure

The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A “power of sale” clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the “Power of Sale Foreclosure Guidelines”.

Power of Sale Foreclosure Guidelines

If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:

The trustee must record a notice of sale in the office of the recorder of the county where the property is located. The mortgagee’s or trustee’s notice of default and intention to sell shall be mailed within thirty (30) days of the recording of the notice by certified mail to the borrower. This includes any borrower of record or of whom the lender has actual notice. The notice must also be mailed to anyone who records a Request for Notice that specifically described the mortgagee including its recording information.

Within five (5) days after the notice is recorded, the trustee must mail, by certified mail, a copy of the notice of sale to each of the people who are parties to the trust deed, except for himself. Additionally, the notice of default and intention to sell must appear in a newspaper in the county where the property is located once a week for four (4) consecutive weeks, with the last notice being published not less than ten (10) days prior to the date of the sale.

Said notice of default and intention to sell must contain the names of the parties to the mortgage or deed of trust, a legal description of the trust property and, if applicable, the street address of the property, the book and page numbers where the mortgage or deed of trust is recorded or the recorder’s document number, the default for which foreclosure is made, the mortgagee’s or trustee’s intention to sell the trust property to satisfy the obligation, including, in conspicuous type, a warning as follows: “YOU MAY LOSE YOUR PROPERTY IF YOU DO NOT TAKE IMMEDIATE ACTION” and the time, date, and place of sale.

Any person including the mortgagee (lender) may bid at the sale, except the trustee, who may bid on the behalf of the beneficiary (lender) but not for himself or herself in deed of trust sales. The high bidder must pay the price bid at the time of sale, or within ten (10) days. The lender may bid by canceling out what it is owed on the loan, including unpaid taxes, insurance, costs or sale and maintenance, but for cash for any higher price.

The trustee may postpone the sale by public proclamation at the time, place and date last appointed for sale, up to seven (7) days past the original date, but if for a longer time, then the whole notice procedure must be performed a second time, including the sixty (60) day wait.

Once the sale is complete, the proceeds will go to the pay for the expenses of the foreclosure sale, then toward the obligations secured by the trust deed that was foreclosed and then to junior lien holders in order of their priority. The original borrower is entitled to receive any remaining funds. The successful bidder receives a trustee’s deed.

The lender may sue the borrower for a deficiency within twelve (12) months of a power of sale clause foreclosure. The lender may sue for (1) the difference between the foreclosure sale price and the balance due on the loan, or (2) the balance due on the loan minus the fair market value of the property, whichever is less.

Stop Foreclosure in Arizona

Stop Foreclosure in Arizona
More and more homes in the US are faced with the problems of foreclosure because of the current economic crisis. This is because more and more people find themselves in debt because of their low income and cannot anymore sustain the money that they use to spend for paying the home that they have been investing in. One of the states that have been experiencing this kind of problem is Arizona.

There are several ways on how Judicial foreclosure can be prevented in Arizona. For one, it is best to consider checking out the Home Protection Pilot Program. This program has taken into effect since 2004 that is aimed at helping owners prevent themselves from experiencing foreclosure due to job loss. This program offers 0% interest rate and loans up to $20,000. The repayment of the loan can be deferred to up to 15 years too.

The next thing you can do is to contact legal aid. There are free legal aids to seek advice from on how to handle foreclosure. There are probono attorneys that can give good and sufficient advices as to what can be done when experiencing foreclosure.

The other thing you can do is to call the HOPE hotline. Financial volunteers here are very much available to help and answer questions when it comes to foreclosure and other related matters free of charge.

You can find a Defense Project that you can coordinate with. They on the one hand can connect you with people in your area or state that may be able and willing to help you in this kind of situation.

In the end, these options are made readily available to you so that you would be able to make the most out of your purchases and in the end would allow you to simply live in the home that you have been paying for.

Synopsis of Arizona Foreclosure Laws
Judicial Foreclosure Available: Yes

Non-Judicial Foreclosure Available: Yes

Primary Security Instruments: Deed of Trust, Mortgage

Timeline: Typically 90 days

Right of Redemption: None

Deficiency Judgments Allowed: Varies

In Arizona, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.

Judicial Foreclosure

The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, your home will be auctioned off to the highest bidder.

Non-Judicial Foreclosure

The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A “power of sale” clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the “Power of Sale Foreclosure Guidelines”.

Power of Sale Foreclosure Guidelines

If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:

The trustee must record a notice of sale in the office of the recorder of the county where the property is located. Within five (5) days after the notice is recorded, the trustee must mail, by certified mail, a copy of the notice of sale to each of the people who are parties to the trust deed, except for himself. Additionally, the notice must appear in a newspaper in the county where the property is located once a week for four (4) consecutive weeks, with the last notice being published not less than ten (10) days prior to the date of the sale.

Optionally, if it can be done without a breach of the peace, the trustee can post the notice at least twenty (20) days prior to the date of the sale, in some conspicuous place on the property to be sold and/or he or she can post the notice at the courthouse or at a specified place at the place of business of the trustee in the county in which the property is located.

The trustee or the trustee’s agent must conduct the sale. The sale is for cash to the highest bidder, except that the lender can make a “credit bid,” which means to cancel out some part (or all) of the money the borrower owed the lender on the lean, instead of paying cash. A successful high bidder must pay the bid price by 5 pm of the day after the bid, other than a Saturday or legal holiday. Every bid is an irrevocable offer until the sale is completed, which happens when the bidder pays the bid price to the trustee’s satisfaction. If the high bidder fails to make the payment by 5:00 pm, the day after being notified of the option to buy, then the trustee may postpone the sale.

The trustee may postpone the sale to another time, or another place, by giving notice of the new date, time and place by public declaration at the last place and time the property was offered for sale. No other notice is required. A trustee may also, by written agreement, extend the time for a buyer to come up with the payment.

Once the sale is complete, the proceeds will go to the payment of the obligations secured by the deed of trust that was foreclosed, then to junior lien holders in order of their priority. The successful bidder gets a trustee’s deed, which provides conclusive evidence that the trustee conducted the foreclosure sale property.

A note regarding Deficiency Suits: A lender may not bring a deficiency suit against a person who lost a property that is 2.5 acres or less at a foreclosure, provided the property was a single one-family or a single two-family dwelling. This is so even if the high bid at foreclosure was less that the balance due on the loan. However, in foreclosures against other types of property, a deficiency suit is allowed, but is limited to the difference between the balance owed and the fair market value of the property, and then only if the suit is brought within ninety (90) days of the power of sale foreclosure.

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