Real Estate Lawyer
Opening up a notice and reading that you are at-risk for foreclosure can be scary for any occupant. A person may worry about what may happen next, and what can be done to avoid foreclosure. Many occupants consider meeting with an attorney to help fight against having to leave their home. Here in the article, we have answered a series of questions that many occupants may ask during a consultation with an attorney:
What does it mean if I file a Notice of Appearance (NOA)?
When it comes to foreclosure, filing a notice of appearance (NOA) means you have chosen certain parties to receive notices and/or appear for foreclosure proceedings. Typically, a person submits a notice of appearance so an attorney can receive information and be present in regards to foreclosure meetings. A person may find this is helpful when hiring a legal professional, so the attorney has access to information about the foreclosure directly, versus having to play the communication middleman.
Do I have to answer my summons?
You do have the right to respond to a summons by replying that you wish to fight the lawsuit, in which case you are the defendant and the bank is the plaintiff. Answering the summons is the first step in trying to avoid having to vacate your home.
If I am the owner and occupant, can I meet for a resolution?
Depending on your state, laws may require that a settlement conference is scheduled. This is where the occupant and a representative of the bank have a discussion in hopes to arrive at a resolution and avoid foreclosure altogether. Many people hire an attorney to represent them during the settlement conference. A person who has never fought foreclosure before, may have no idea how to defend themselves. It can be intimidating and nerve-wracking to argue your side without assistance from an attorney.
What is the benefit of hiring an attorney?
A real estate lawyer Newport Beach, CA relies on can be helpful when creating a strategy to fight the foreclosure, in addition to being a resource for questions and concerns along the way. For the average person, they probably wouldn’t know where to begin in building a case against the foreclosure notice. An attorney can also safeguard the person’s rights to see that there are no errors during the legal process. For example, it is possible that a mistake was made on the original foreclosure notice, and this may be something only an attorney would be able to observe.
How does foreclosure happen?
Foreclosure can occur for a variety of reasons. Perhaps the occupant or homeowner lost a job, recently suffered costly medical problems, became overwhelmed with too many debts, or something else. Foreclosure commonly happens when the borrower has failed to make several payments. When the loan becomes delinquent, the occupant may be at risk of foreclosure. The official start of a foreclosure process is when a notice of default is issued 30 days after the fourth missed monthly payment.
Thank you to our friends and contributors at Terry Mudge, LLP for their insight into real estate law and what to do about a foreclosure notice.