Foreclosure Statute Information

The laws of each state vary regarding foreclosure proceedings.  Every state has their own foreclosure statutes which must be followed by the parties involved. Foreclosures are instituted by lenders when borrowers default on their mortgages.  A foreclosure can be conducted by filing a lis pendens with the court in a judicial foreclosure proceeding or authorizing the trustee to file a notice of default and record the same to institute a non-judicial foreclosure proceeding. The borrower and any junior lien holders must be given notice of the proceedings in accordance with governing statutes where the property is located. The borrower has an opportunity to respond to the proceeding.  Most borrowers hire an attorney to represent them in a foreclosure matter.

Foreclosure Statutes

Common foreclosure statutes contain the following information:

• Type of foreclosure proceeding – judicial foreclosure or non-judicial foreclosure
• Notice Provisions
• Borrower’s rights and remedies
• Foreclosure Auction Sales and procedures
• Redemption rights if any of borrower to redeem the property after the sale
• Deficiency judgment laws
• Anti Defieciency Laws
• Attorney’s fees, court costs

What Foreclosure Statutes Signify?

Foreclosure statutes provide the rules and laws under which foreclosure actions may be conducted and the rights and remedies of the parties. Through statutes and case law foreclosure laws are enacted, enforced and changed.

The Role Foreclosure Statutes Play in the Process

The foreclosure statute laws must be followed exactly or the foreclosure process cannot take place.  Lenders who fail to comply with the laws will have to initiate foreclosure proceedings all over again if they do not follow the statutes. Borrowers who do not respond in a timely manner risk losing their home to foreclosure sale.

Help from a Foreclosure Attorney

Interpreting foreclosure statutes is complex.  It is recommended that you seek legal advice regarding foreclosure proceedings if you are a party to a foreclosure action.  An attorney can help you defend yourself in a foreclosure action and can advise you of your legal rights, remedies, and other options. The attorney may be able to help you stop the foreclosure proceeding by negotiating a solution with your lender.  

However, if your attorney has committed legal malpractice that resulted in you losing your home to foreclosure or you suffered other damages, you should speak to an experienced attorney.