REO And Foreclosure Properties

foreclosureOne of the legal terms that homeowners in foreclosure often come across is lis pendens. Foreclosure can be effected only by an order of the court that involves, first, the granting of an order of foreclosure nisi, which effectively gives the mortgagor six months’ grace within which to raise the sums due; if the mortgagor has failed to do this, the foreclosure becomes absolute, whereupon the rights of the mortgagor in the property cease and become vested in the mortgagee.

In most cases of a homeowner behind on the mortgage payments, the lender’s attorneys will file the initial foreclosure lawsuit with the court and a lis pendens will be sent to the county clerk or recorder’s office to indicate that a particular property is in the process of a pending litigation.

Successfully defended a CLEC providing telecommunications services to an ISP debtor in an injunction proceeding brought before the bankruptcy court, wherein debtor sought to force our client to “port” certain telephone numbers to the debtor’s new service providers.

Although the Deed of Trust may outline the minimum delinquency period required before the lender may begin to foreclosure, there is no set time in which they must begin to foreclose on your property and may take the lender as little as 30 day to 6 months (or more) to begin the process.

SRI is a comprehensive service provider and performs a wide-range of the administrative and clerical functions of the foreclosure sale process for its clients: from processing the notice of sale, setting the sale date, verifying that property taxes are current with the county treasurer, answering all phone inquiries, conducting the auctions and recording and finalizing all after sale paperwork such as the clerk returns and deeds.foreclosure