Can the bank put my loan in foreclosure if the court has not yet grantedit a judgment for default?

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

Can the bank put my loan in foreclosure if the court has not yet grantedit a judgment for default?

I requested hearing and it still is pending. I have been in constant contact with my bank and making payments, plus catching up past due payments. When I call in for info and to pay monies they have been telling me for the last 6 months that my home is not in foreclosure. The last payment I made they told me my loan was past due $4222; this represents $3083 mortgage payments and $1139 in late fees/lawyer fees. I called them 4 days later to pay the $4222. They put me in foreclosure that day and refused my payment Now the say they will send me a re-instatment amount with added fees to get me out of foreclosure.  

Asked on July 7, 2011 under Real Estate Law, New Mexico

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 13 years ago | Contributor

In most States in this country, there are two ways a lending institution holding a mortgage that secures a loan for real property can foreclose if payments are not being made under the terms of the loan.

The first is a non-judicial foreclosure where by a State's statute, a lender whose loan is secured by a mortgage on real property can start and conclude a foreclosure without the nedd to fille a lawsuit and have court intervention. The laws of each State vary on how a non-judicial foreclosure occurs assuming a given State has this procedure.

The other way a foreclosure can occur in many States is by way of a judicial foreclosure where a lawsuit is filed in a county court of a given State against the property owner and the property owner is served with the summons and complaint, typically personally.

You should confirm in writing what you owe the lending institution and try to get current on the property's loan as well as confirm that once the payment is made, any notice of default as to your proeprty is removed by the lender.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption