There are no specific rules for how to handle things if your
home is already in foreclosure. Lenders
vary in how they handle things, and beyond this, the laws vary from state to
state. In some states, the foreclosure
process may take months; in others, everything could happen within a matter of
days. This is why it is crucial to speak
with a foreclosure defense attorney immediately if your lender has already
placed your home in foreclosure.
The best thing you can do is fight back. The more you fight, the longer the
foreclosure process will take—this will allow you more time to get in a better
financial situation and work to keep your home. Even if the foreclosure goes
through, you should continue to fight because of the redemption period. This is a period of time in which former
homeowners can buy back their property if they decide to do so. This redemption period varies from state to
state: it is 30 days in Alabama and up to 10 months in Delaware.
The thing to keep in mind is that the foreclosure process
isn’t a simple one. There is a lot of
paperwork that has to cross a lot of desks, and anything you can do to stall
that paperwork between desks will help you find more time (and money!) to get
your home out of foreclosure. Speaking
with an attorney early in the process will be your best bet to help you stay in
your home.
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