The Education of the Homeowner

THE EDUCATION OF THE HOMEOWNER

The current foreclosure crisis is affecting millions of homeowners nationwide. Unfortunately, most homeowners are uneducated regarding the foreclosure process in their respective states. It is the duty of the mortgage company to provide the homeowner with all possible information regarding foreclosure; sadly, the mortgage company rarely provides the homeowner with any information.

If the mortgage company refuses to take the time and effort to educate homeowners properly, the duty then falls to the homeowner. Homeowners facing foreclosure must take it upon themselves to learn as much as possible about the state foreclosure laws that apply to their homes. Close examination reveals that the process of foreclosure varies greatly from state to state.

For example, in Nevada, many mortgages allow lenders to sell a property when an owner defaults without filing a legal action. Homeowners in Nevada have been ransacked by that staggering revelation. How many homes in Nevada could have been saved, by taking early action, if homeowners would have been informed?

Also, Texas foreclosures are very fast when compared to other states. It is not uncommon for foreclosures in the state of Texas to be complete in 3 months. In most states, if a homeowner has not paid their mortgage in 3 months, foreclosure is started. In Texas, the home would be sold at auction.

Redemption rights also vary between states. In some states, homeowners have a right to redeem their home after it has been sold at auction. In other states, the owner has no post-auction rights.

It should also be noted that foreclosures may be processed in and out of court. The regulations vary greatly by state. Some foreclosures require lengthy court proceedings. In others, the homeowner may never have to appear in court.

It must be concluded that the education of homeowners should be a primary concern of all involved with the foreclosure process. How many homes could have been saved if a homeowner had been educated? How many homeowners had the power to save their homes but did not due to a lack of information? It is the duty of the homeowner to obtain proper knowledge of all foreclosure proceedings in their respective states, and to respond in accordance to those guidelines to maximize the possibility of a foreclosure being stopped.

Helpful Resources-
Lewisstates.com
Stopforeclosurecenter.com
Nationalforeclosureblog.blogspot.com
Foreclosure-help.bizForeclosure-solutions.biz