Are You Facing Home Foreclosure? Then You Should Know Your Rights

You have probably seen people on movies and on television that are suddenly kicked out of their homes and left with no place to go. Unfortunately this does not just happen in the movies and on television, but is a real live occurrence every day. With the economy being what it is today, there are more people being put out of their homes than ever before. Most households live from paycheck to paycheck and only need one misfortunate occurrence to force them out of their homes. If you are one of the unlucky individuals who are facing foreclosure, you may want to know who what rights you have as a consumer.

The very first thing that you should be made aware of is that even though you are facing eviction, there are strict laws which govern this action. The lending institution which holds the mortgage to your home cannot simply force you out in the street in one day. In days gone by this was a procedure which very well could be done by the deed holder with the local sheriff in tow. Current laws are made to protect the homeowner from such occurrences.

For your mortgage holder to be able to forcefully evict you, they would have to have a court order stating that you are in loan default and that you must evacuate the premises. Before a court order is issued for eviction, the lender must perform several legal actions before the court order is issued.

Depending upon which state you live in, it may take while before the eviction is served. Normally it takes approximately six months before you can be removed from her home, but the time allowed varies by state. During the foreclosure process you do not have to vacate the house. Once the legal proceedings are over, the house will be auctioned off to the highest bidder and the title will be transferred from your name to theirs. When this has occurred you have just became a tenant in what used to be your own home. The new owner will have to go through certain legal proceedings to get you evicted from the home. Again there is a certain time frame which varies on how long you will remain in the home legally.

Once the new owner has the home in their name, they will naturally want you to leave the premises as soon as possible. There is usually a period of 72 hours before the eviction notice will be served. This means that once you have been instructed to leave the home by the new owner, you have 72 hours to comply. If for some reason you decide not to comply with the new owner’s eviction notice, then there will have to be a court case where a judge will order you removed from the home.

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The Spartanburg Housing Development Corp. will host mortgage default and foreclosure clinics at 10 a.m. and 1 p.m. Saturday at the Spartanburg County Headquarters Library, 151 S. Church St.

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