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Foreclosure by Advertisement -
The Start -
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Pre-foreclosure notices given |
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- Prior to initiating a foreclosure the attorney foreclosing on the property must obtain and file with the county recorders
office a power of attorney indicating the foreclosure will be pending.
~Mortgage must contain a power of sale
~Mortgage must be in default, and
~No their collection activities are ongoing
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- The lender through the attorney must then
publish a notice of foreclosure sale date for six (6) weeks in a newspaper
of general circulation in the county in which the property is located.
The
notices mailed or served on you by the foreclosing lender are extremely important. By reviewing these notices the attorneys
at Nash & lodge will be able to determine what type of foreclosure the lender is commencing and what rights you have as
the borrower. Knowing your rights and obligations based on the type of foreclosure is vital to determining what course
of action is in your best interests.
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- Notice
of foreclosure must be served on all occupants of the property being foreclosed upon at least four (4) weeks (for non-homestead property) or eight (8) weeks (for
Homestead property) prior to the foreclosure sale. Homestead properties require eight (8) weeks notice before sale.
~All junior lien holders and parties with an interest in the property may file a request
for Notice of Mortgage Foreclosure Proceeding.
~The Notice of Foreclosure is served on any requesting party by mail.
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- Where
the property is homestead property, a homestead designation notice must be served
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- If the property is agricultural, an agricultural designation notice must
be served.
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