There were 31,877 foreclosure filings in the United States in July 2023. This is down 9% from June 2023 but up 5% year-over-year from July 2022. Commute times are based on typical traffic conditions, not actual traffic, and will not include activities such as a crash or construction in the commute time calculation.
- That’s why we’ve answered common questions about avoiding foreclosure to help you make informed decisions.
- In a strict foreclosure, the borrower doesn’t necessarily have to surrender the home.
- As the seller, the bank will be responsible for the agent’s commission.
- It would be best if you engaged lawyers who get results to protect you and meet your needs.
- Your eviction will be on the lender’s terms, unlike alternative solutions that give you more flexibility and control over your transition.
Most deeds of trust and other security instruments allow non-judicial foreclosure, by which the lender can foreclose without going through the court system. Judicial foreclosure requires a lender to file a lawsuit and obtain a court order. Your legal rights in foreclosure vary depending on state law, your mortgage contract, and your situation. To learn more about your rights, consult with a local foreclosure lawyer who can help you navigate the process and ensure that your rights are protected. If you do not have a right to reinstate through state law or your mortgage contract, the lender may allow you to reinstate after considering your request. If the lender refuses, you can ask a court to allow the reinstatement.
Contesting a foreclosure
As the lender is usually in a hurry to sell the property, a buyer may be able to bargain and negotiate a better deal if there is no competition. They are usually listed on the MLS only when they fail to sell in an auction. It’s also a good idea to have your financing lined up before making a bid.