What Is A Foreclosure And How Does It Work?
Especially in the case of homeowners who own multiple properties, they may find that their mortgage company has had the locks changed on a house in foreclosure. To successfully use a lease-option to stop the foreclosure process, you must negotiate lease payments that cover most or all of your mortgage payment, property tax and insurance obligations – enough that you can make up any difference and still pay to live somewhere else.
Within 10 days of filing the foreclosure lawsuit, the lender must send by certified mail a copy of the complaint and a “Notice to Lien Holders and Tenants of Filing of Action” to you and anyone with an interest in your property, such as your tenants and other lenders.
In fact, a lis pendens specifically indicates that the property is facing foreclosure, and the document will show anyone, such as a title company or prospective foreclosure refinance lender, …