Why David Stanger Advises Homeowners Know Their Rights

After reaching one of the highest rates in the history of the nation in 2009, the percentage of properties that face foreclosure is now the lowest it has been in 13 years. At just 0.47%, it is a great indicator of how the economy and the housing market are doing. Unfortunately, even such a minuscule figure translates to a whopping total of 624,753 properties. In other words, the number of families that have gone through the unpleasant experience of battling foreclosure in 2018 is still undeniably high. So, regardless of how unlikely it may seem, preparing for this situation is extremely important, and one way to do so is to learn about your foreclosure rights.

The Basics of Foreclosure

According to David Stanger, who works for a reputable real estate company, Westmarq Realty, foreclosure is what happens when your mortgage lender decides to take over your home due to missed payments. Generally speaking, this stems from a specific clause within your loan agreement that entitles the lender to take legal action and use the home as collateral. Even if there are no specific contract clauses, each state has foreclosure laws that permit mortgage providers to do this. Therefore, the most important thing that you should remember is that foreclosure comes after a poor payment record.

Receiving Notice

If your lender wants to foreclose on your home, the first right that you have the right to is to receive proper notice. For it to qualify, it must be a written letter that outlines the exact reason for the adverse action against you. It also needs to contain precise disclosure about the upcoming steps that the company will take against you. Whenever the lender fails to meet this requirement, which happens quite often, you immediately have a legal defense that could delay the process.

 

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