Foreclosure is the legal process by which a lender takes control of a property, evicts the homeowner and sells the home after a homeowner is unable to make full principal and interest payments on his or her mortgage, as stipulated in the mortgage contract.
The foreclosure process derives its legal basis from a mortgage or deed of trust contract, which give the lender the right to use a property as collateral in case the buyer fails to uphold his or her repayment obligation.
As soon a borrower fails to make a loan or mortgage payment on time, the loan becomes delinquent. The foreclosure process begins when a borrower defaults or misses a loan or mortgage payment. At this point, a homeowner in default will be notified by the lender. Three to six months after the homeowner misses a mortgage payment, assuming the mortgage is still delinquent, and the homeowner has not made up the missed payments within a specified grace period, the lender will begin to foreclose. The further behind the borrower falls, the more difficult it becomes to catch up on payments because lenders add fees for payments that are late, often after 10 to 15 days.
Attorney Gurdin provides quality local legal services to individuals, corporations and law firms, and gives an initial consultation, with an estimate of his fees and costs, at no charge in the Wilkes-Barre, Scranton area.
Fair and Effective Legal Representation:
- Attorney Gurdin provides quality legal services to individuals, corporations and law firms, and gives an initial consultation, with an estimate of his fees and costs, at no charge.
For help in filing for bankruptcy, or assistance with business matters;
- Call Wilkes-Barre, PA Bankruptcy and Business Attorney C. Stephen Gurdin at his Wilkes-Barre office, (570) 826-0481.