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Given that the economy has been dipping in recent years and unemployment rates are totally unimpressive which could always change if businesses were not taxed and regulated incessantly, an increasing number of people find themselves behind on mortgage or loan payments and end up being subject to foreclosure in which they lose their homes.
Even those who are responsible with money, savings, and so forth can find themselves in such a predicament because of certain unforeseen events such as medical emergencies, an accident, loss of job, etc. People who are behind on their payments and are hardly able to make ends meet on a daily basis may feel helpless and like they have no options, but there are some legal options which can help anyone in such a situation.
The good news is that you are in the right place. You are on the site that can offer you up the right legal pro to help you get through these trials and tribulations that are afflicting you. We have the legal counselors that can help you see the light again.
Foreclosure is a process where the creditor (the bank) acquires the property of the borrower (the homeowner) and sells it in order to recover either a part of or full outstanding balance which the borrower owes to the creditor. This happens in cases where the borrower fails to abide by the material terms of the note, mortgage, and loan agreement.
In practice, one of the most common violations which lead to the initiation of the foreclosure process is the non-payment of the outstanding loan debt by the borrower.
The foreclosure process starts when the creditor sues or files suit against the borrower in a circuit court of the county where the borrower’s home or property is situated. Once the suit is filed, the borrower then has a period of twenty days within which he or she has to file an answer. Failure to respond in this time frame will usually result in a default judgment being passed against the borrower.
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