Law & Legal & Attorney Real estate & property Law

What Are My Rights As Mortgage Holder When Filing a Foreclosure?

    Time Frame

    • There is always a time frame that must be followed for the foreclosure process. In most states, you have about 90 days to get your affairs in order and be prepared to vacate the premises. If you are not given the warning that your mortgage will be foreclosed, you may be eligible for some reparations. However, the 90-day minimum (or whatever minimum your state decrees) must be followed, and you cannot be evicted prior to that time period.


    • There are certain notification standards that must be followed by the foreclosing party as well, giving you the right to know that your property is being sold for foreclosure purposes. For example, in the state of Maryland, the bank or mortgage holder who wishes to foreclose must publish a notice in the local newspaper for three consecutive weeks during the month prior to the actual sale of the house. This gives you time to realize that your property is being foreclosed, if, for example, you own it as a rental property or if you are unaware that foreclosure proceedings have started. This notification standard is easy to check because you will see the posted advertisement in the newspaper.

    Notice of Default

    • One other right that you have is the right to receive a notification of default. If you fail to make a mortgage payment, most states require that the mortgagee send you a written notice of the missed payment via certified mail within 10 days. After receipt, you have 90 days to clear up the missed payment and avoid foreclosure. If this procedure is not followed, you may be entitled to certain legal rights.

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