Laws associated with eviction: What mortgage defaulters must know

Author: Todd Christiansen | Category: Eviction

When you’re purchasing a house with mortgage and asking yourself “ How much house can I afford?”, you must calculate your existing debt liabilities and compare it with your income to determine the amount you can comfortably pay as monthly mortgage payments. Assessing your affordability is important as you may also lose your house to a foreclosure and get evicted from your property if you default on your mortgage. However, you can also get back your property with the help of your rights guaranteed under laws associated with eviction.

What is eviction?
Eviction is a legal process by which a homeowner can be asked to leave the house after it is foreclosed. If the homeowner or his family members does not leave voluntarily, they can be forced out of the house and the new homeowner will have the right to do whatever he wishes with the contents of the house.

What are the laws related to eviction?
Laws that guide eviction procedure varies from state to state. However, in all the states, it is mandatory to serve the defaulter with an eviction notice before the actual foreclosure eviction takes place. So when you are served with a notice, you must check the deadline mentioned on it. Generally, the deadline is 3 to 5 days from the day of its issue. It is better to leave the house by the specified date. But before doing this, you must find out if your state allows a redemption period to enable you stay in the house before the actual eviction takes place.

What is right to redemption?
In some of the states, homeowners have a right to redemption. With the right to redemption, homeowners can reclaim their home during or after foreclosure by paying the outstanding mortgage balance along with the cost incurred by the lender due to foreclosure. So, if your financial situation improves during the redemption period, you can take advantage of this right and get back your property. The redemption period differs with states and is generally around 3 to 12 months.

However, if you are unable to reclaim your house and do not have any other shelter, you can seek help from your county housing authority.

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