How can I save my home from foreclosure?

Foreclosures 2021

When we receive the official communication from the bank notifying us of the non-payment of the mortgage, we might think that all is lost. However, this is not the case. In this case, the best solution to avoid foreclosure is to pay the bank back the money we owe and this payment must be made before the auction is held. In this way, we would be able to cancel the foreclosure as long as the financed property is our habitual residence.

Contrary to what we would like, it is not always possible to pay off the debt with the entity. If we could not, in any way, repay the bank the overdue payments, then we could try to negotiate the following solutions:

With the mortgage grace period we will increase the final amount to be paid, we will have to extend the term when this transition period ends if we do not want the installment to increase a lot and, after all, we will still owe the bank the same money.

It could be that the foreclosure was not carried out respecting our rights as consumers, because the process or the contract itself included abusive clauses. If so, the judge could declare the eviction null and void in the following cases:

How to stop foreclosure?

In this case, the best solution to avoid foreclosure is to return the money we owe to the bank and this payment must be made before the auction is held. In this way, we would be able to cancel the foreclosure as long as the financed property is our habitual residence.

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How many months can the mortgage be left unpaid?

Under the new rule, the default must be 12 months or equivalent to 3% of the total amount of the mortgage, if it is in its first half; and 15 months or 7% of the amount in the second half of the loan.

What to do when you finish paying the mortgage?

That is to say, it is necessary to request the certificate of zero debt from the bank, go to the notary to request the preparation of the deed, pick it up once it has been signed by the bank’s representative, fill out the IAJD 600 form and present it to the tax office and, finally, take all the documentation to the registry office.

I have missed a mortgage payment for 5 years

Having exhausted all remedies, or if you have one of those loans that does not qualify for any of the loss mitigation alternatives, the Bankruptcy Law may give you an alternative to save your home, through a payment plan. If saving the house is no longer an alternative, since the income is not enough to meet the mortgage payment, you could eliminate any deficiency or remainder that remains unpaid, after a foreclosure, along with other debts such as credit cards, loans, among others.

The first thing to understand is that the filing of a bankruptcy will consider your entire economic situation, and requires a weighted analysis of: assets, debts, income and expenses. This is because it is necessary to evaluate, in the first instance, if you are an eligible debtor to be able to file. This is why a bankruptcy attorney will request information about all of your finances, even if, for you, the consultation is exclusively related to your home.

How to stop the auction of a house?

In this type of situation, in order to paralyze the mortgage auction, the defendant must appear in the proceeding with the assistance of a lawyer and attorney in order to be able to oppose the foreclosure and suspend the auction.

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What happens to the deeds of a house when it is mortgaged?

What happens if I buy a mortgaged house? When buying a house with mortgage debt, along with the rights to the property, you also acquire the obligation to pay off the loan, but to make this payment you have different alternatives depending on the status of the house.

When a house is mortgaged, can it be repossessed?

The only cases in which a property catalogued as a family home can be seized is if the lien or mortgage existed prior to the registration of the property under this figure, and if the mortgage was made for the purpose of acquiring, building or improving the home.

Purchase of past due mortgages

Most homeowners don’t pay attention to educating themselves about the foreclosure process. Look at it this way: if you’re buying a home and you don’t know about the foreclosure process and your options, you’re like a soldier without a rifle-you’re flying blind. Educating yourself about the foreclosure process and your options is one of the first things a homeowner should do before or after buying a home. This blog will explore the foreclosure process and how you could save your home or investment property through Bankruptcy.

Many homeowners have a vague idea of what a foreclosure really is, therefore, I believe it is important to start at the beginning. A foreclosure is the lender’s way of recovering the collateral provided by the homeowner to borrow the funds used to purchase the property. To be clear, the lender cannot simply recover the collateral through an eviction; it has to file a lawsuit (foreclosure lawsuit) and win, before it can repossess the property. This is a foreclosure process, and it all starts with the default on the mortgage.

What happens if a house is mortgaged?

By mortgaging a house free of liens, the bank allows you to obtain the capital invested in it and use the money according to your personal preference, unlike mortgage loans in which it is necessary to allocate the money for the purchase of a specific real estate property.

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What happens if I owe three months’ mortgage?

If you are three months in arrears, this will be considered as legal arrears and the bank may send formal demands for payment. If this stage is reached, in addition to default interest, the bank may apply collection costs, which would increase the debt even more.

How many unpaid fees for foreclosure?

“The new agreement raises the months of non-payment to foreclose (proceed with an eviction) to 12 months or 3% of the debt.” for a term at least equivalent to twelve months. at least equivalent to fifteen months.

Foreclosure

When the foreclosure process begins or is perceived to be near, homeowners must decide whether to stay in the home or move. This is not an easy decision to make. They may want to talk to an attorney or financial advisor before finding a solution. After foreclosure documents or letters from a lender arrive, many homeowners give up. They may begin to ignore all the calls and letters about foreclosure. However, they can benefit from being proactive before and during foreclosure. Being aware of the options will help. Here are some tips to help homeowners who decide to stay in their homes and for those who decide to move.