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Assistance for Non-Judicial and Judicial Foreclosure

Where a borrower has failed to make regular payments on their housing loan, a lender may seek redress in law. This process will follow one of two routes, depending on the terms of the agreement. If this is a Mortgage Bond, then Judicial Foreclosure applies (in the case of a Deed of Trust, the lender has the option of following the cheaper, quicker Non-Judicial Foreclosure path instead). In either case, the borrower must seek foreclosure help as soon as possible in order to stop foreclosure. This foreclosure assistance is essential, because an undefended foreclosure action means that the borrower might lose their home.

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How to Get Foreclosure Help

Foreclosure Help

Foreclosure help is available from local government offices and housing boards. Government foreclosure help like this includes discussion of available foreclosure options and other useful foreclosure information too. The government also usually provides foreclosure assistance like this free. Foreclosure loans from banks cost money though, but may also provide relief. When a borrower in financial difficulty understands the foreclosure process, the foreclosure laws and the options open to them, they are in a better position to stop home foreclosure happening to them too.

Non-Judicial Foreclosure

Non-Judicial Foreclosure

If a Deed of Trust underpins a housing loan (as opposed to a Mortgage Bond), the lender may avoid the costs associated with a day in court and follow the cheaper, quicker Non-Judicial Foreclosure route. This process involves little more than a notice of default followed by a notice of sale before the lender may sell the home literally from under the troubled homeowner′s feet. Non-Judicial Foreclosures may happen very quickly too. It is, therefore, vital that a homeowner defends a foreclosure process like this, before judgment is taken and everything is lost. Families often fail to understand that a Deed of Trust is a legal agreement with harsh penalties.

Lenders follow Strict Foreclosure Processes

Strict Foreclosure

In law, everything is either black or white, and there are no shades of grey. Banks and other lenders know this too, and this is why they adhere to strict foreclosure rules. A Non-Judicial Foreclosure action is particularly harsh because the parties do not even meet in Court. A foreclosure bank foreclosure laws policy regarding the way they process Judicial Foreclosure is equally rigid. For these reasons, a homeowner facing foreclosure must not ignore the letters they receive. Non-Judicial and Judicial Foreclosure are harsh realities that cannot easily be reversed.

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