When you buy a home, it's often the starting point of a new chapter in your life. You may be recently married, expecting a child or even recently retired. A home is often the biggest investment people make in their lives. When you lose it to foreclosure, you don't just lose your home. You lose memories and months or years of investment as well.
The thought of losing your home might keep you awake at night. The stress of knowing that the home you worked so hard for might not be your home any longer can seem crippling. If you are facing foreclosure on your home, think about these four points as you decide how to handle the foreclosure process.
Being at risk of losing a home can be a substantial weight on an individual's shoulders. Foreclosure affects many people, and often, these individuals are uncertain about what options they may have for foreclosure defense. Parties who are facing such a predicament may wish to gain more information on viable prevention paths.
Those who are familiar with national housing markets know that there have been significant improvements nationwide in terms of the number of homeowners in foreclosure. In August, a total of 37,000 home foreclosures were reportedly completed, which represents a 3.2 percent decrease from July and a 42.4 decrease from August 2015. A total of 0.9 percent of homes with a mortgage are currently in some stage of foreclosure, which is significantly down from 29.6 percent in August 2015.
In our previous post, we began speaking about the workers’ compensation exclusive remedy rule and mentioned that New York law does recognize a couple exceptions to rule. One exception is when the employer fails to secure or maintain workers’ compensation insurance. Another exception is when there is intentional injury on the part of the employer.
When you buy a home, there is a litany of paperwork you must sign. From inspection reports to loan documents, it can seem like an endless sea of contracts. One important document that's part of obtaining financing for a home is the promissory note. This is different from the mortgage in that it is the actual document that outlines your promise to repay the money you've borrowed.
Americans owe a great deal to the servicemen and women of the U.S. military. For this reason, there are numerous laws designed to protect military members' rights and provide them with certain benefits. For example, the Servicemembers Civil Relief Act (SCRA) offers military personnel some legal protections against foreclosures.
Foreclosure is a serious issue. If successful, it results in the loss of a home, a consequence that courts take very seriously. Accordingly, when a lender initiates foreclosure proceedings, it must strictly follow a number of state laws to move forward. If the lender does not comply with these laws, a court may rule to halt the foreclosure.