Getting a notice of foreclosure is a frightening thing and heralds a legal fight you aren’t ready for and don’t want to deal with it. Don’t let that feeling of dread keep you from taking steps to save your home. There are solutions to your problems, and you have several options to avoid foreclosure.
Why Should I Fight Foreclosure?
It doesn’t matter why you are behind on your mortgage or think you can catch up; you must take immediate steps to fight foreclosure. You could lose your home and destroy your credit. Along with those two very big things, there are a lot of little headaches you’re going to have to deal with including finding a new place to live and moving.
Foreclosure Basics in Montana
You have alternatives to losing your home to foreclosure in Montana, but before you can decide how to proceed, you need to understand some of the basics of foreclosure in the state. We’ll discuss Montana’s foreclosure laws below:
Types of Foreclosure:
There are two main types of foreclosure available in Montana: judicial and non-judicial foreclosure.
When a homeowner wants to challenge a foreclosure because of negligent lender practices or the bank made a major clerical error, you can contest the foreclosure in court. That is known as judicial foreclosure.
For a non-judicial foreclosure, the home is sold in a Sherriff’s sale. This process moves very quickly, so your window to challenge is narrow.
Montana Foreclosure Laws
Small Tract Financing
The Small Tract Financing Act states that lenders must notify a borrower of a Sherriff’s sale at least 120 days before the sale of their home. Additionally, lenders must put a notice of sale on the property at least 20 days before the foreclosure auction.
Reinstatement of Loan
If you negotiate with a lender to reinstate your mortgage, you must so do before the Sherriff’s Sale under state law.
There are no protections for lenders with high-cost mortgages in Montana, and there is no right to redemption in Montana.
When you receive a foreclosure notice, you can speak to a housing counselor in Montana to discuss the first few stages of the process. Below is the address for HUD which can refer you to a housing counseling service in Montana:
US Housing & Urban Development Department
Helena, MT 59626
Montana Board of Housing
301 S Park Ave, Helena, MT 59601
When you meet with one of our foreclosure lawyers in Montana, they will cover some of the following topics:
Our team of foreclosure lawyers will look at your financial state and decide which course of action is best for you. Sometimes, it’s just not possible for a homeowner to fight foreclosure and they are better off walking away from their home. Other homeowners are good candidates for a foreclosure alternative. You can always count on our team of attorneys to be candid about your options and give you honest advice. Let USAttorneys connect you with a skilled foreclosure lawyer in Montana.