The following steps is what happens directly after the foreclosure of the home has been completed. There will be some type of a court hearing that you will have to attend. If you choose not to attend the court hearing process regarding the foreclosure, the proceedings will be move forward regardless. Once it reaches this stage, there is no way that the judge will feel any sympathy towards your situation. There will be no hearing on your behalf on why you have defaulted on payments whatsoever. The judge and court is there just in acknowledge it is a legal process and it completely takes the human element ‘sob’ story out of it.
So even if you go to court hearing and try pleading with the judge, most often he will not listen to or care about why you defaulted on the mortgage payments and forced the home into foreclosure. The fact and basis of the matter is, you had promised to make each and every payment based on a contract, an $XXX amount over a set number of years. By violating this contract, as in any contract, you have broken it. So presenting your case to the judge will be pretty well pointless and foreclosure is inevitable.
After the court hearing is completed, the bank or financial institution will auction off the deed of your home, which is a final but brutal step in the process. It will really hit hard when you are asked to pack up all of your belongings in the home and vacate the premises. If you refuse to do so, they will have the right to call the police to legally take you off of the property that you no longer own. This house and property will no longer belong to you.
Your legal rights at this time will be pretty much absolutely ‘zero’, regarding the home and property. The mortgage lender that in good faith provided you with the loan to purchase the home, has all the legal rights to the home. The entire foreclosure proceeding will take up around 3 months to complete.
So, if you are in potential danger and expecting to receive a foreclosure notice, the best obvious advice is to do something before that happens. If you wait too long and once the legal proceedings has begun, then the chances of recovery are almost nil. You have waited far too long and there will be nothing you can do about it. Sitting back and watching the bank take away your home from you is the most devastating thing that can happen to you. Make sure that doesn’t happen by staying on top of the situation, by making your house payments on time, each and every month so it doesn’t happen.