Providence Foreclosure Rights Lawyer
Attleboro Power of Sale Attorney
If you are facing a foreclosure process, you have legal rights that must be maintained in order for the foreclosure to be legal. Massachusetts and Rhode Island law provide for two processes for foreclosure, the judicial and non-judicial process. In the judicial process, once a borrower has defaulted on the mortgage payments, usually being in arrears three to four months, the lender will file a complaint with the court stating they are exercising their right to foreclose and sell the property. This complaint must be answered within 20 days in order to stop the sale of your home at that time.
The non-judicial process of foreclosure is used when a “power of sale” clause exists in a mortgage or deed of trust that you signed when you took out your loan. With this clause, the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In order to begin the sale, guidelines must be followed prior to the sale. The first requirement is that a Notice of Sale be recorded with the county where the property is located. The notice must be sent to the borrower 14 days prior to the sale date. The notice must also be published in a local newspaper once a week for 3 weeks at least 21 days before the sale. The notice must advise the borrower of the date, place and time of the sale, at which time it can be sold at auction to the highest bidder. In Massachusetts and Rhode Island the owner has no rights of redemption, or the right to purchase the property back.
Protect Your Rights in Foreclosure
By retaining an experienced foreclosure defense attorney, you can fight the foreclosure of your property. At BK Law Group PC, our attorneys will carefully review your legal loan documents to determine if there were any violations of the Truth in Lending Act, which could possibly allow your loan contract to be set aside. We will also review your Deed of Trust to see if you have a “power of sale” clause. Working with our dedicated staff, our firm will do their utmost to ensure all steps were followed in your foreclosure process, and if not, fight for your right to stop it and save your home. Don’t delay if you believe a foreclosure process has started on your home. Time is limited to respond and protect your home.
Anyone facing a home foreclosure should know their rights. Do not let the bank take your home, there are alternatives. Call a Foreclosure Defense Attorney from BK Law Group PC as soon as possible.