Foreclosure occurs when a creditor, such as a bank or mortgage company, obtains a court order preventing a mortgagor from their right of redemption. For example, when a homeowner is unable to make payments on a mortgage or deed of trust to a lender, the creditor can pursue foreclosure to sell the property of the owner and apply the proceeds to the debt and peruse. Before foreclosure is complete, the owner of the property generally has a cure period to pay-off the debt to the creditor. However, if the creditor is successful in a judicial foreclosure, the creditor can serve you a legal notice to evict you from the property. New statutory changes have increased cure periods, but have done away with many redemption rights so that a sale date can equal an eviction date.
Our real estate attorneys at Jorgensen, Brownell & Pepin, will work diligently with you to protect your interests in the event of a foreclosure and eviction. Contact our attorneys to see how these legislative changes can affect your liens and mortgages. |
