In the last post, we talked about what’s going to happen if you didn’t respond to the notice of default. Then, what rights do you have in the foreclosure process? Here’s some need-to-knows when dealing with a foreclosure:
- You have the right to bring your mortgage current before the foreclosure occurs. This is called reinstatement.
- You have the right to be informed about your foreclosure situation. and you have the right to request information from your bank by sending a Qualified Written Request (QWR).
- You have the right to discuss various options with your lender, including a short sale, a deed in lieu, a loan modification, or a strategic foreclosure.
- You have the right to not be dual-tracked during the foreclosure process. This means that the servicer cannot move forward with foreclosing on your home while you are in the review process for a loan modification or while you are in the mediation process.
- You have the right to a single point of contact with your servicer. As a borrower, you have the right to speak to someone that is assigned to your file and knowledgeable about your mortgage situation.
- If you are a tenant in a foreclosed home, you have the right to receive notice by the new owner at least 90 days prior to an eviction action.
- If you are having problems or issues with your servicer, you have the right to file a complaint with the Consumer Protection Division of the Washington State Attorney General’s Office.
- And finally, you have the right to seek the assistance of an attorney well-versed and knowledgeable about the foreclosure process and who will work to find a solution that is in your best interest.
Do you need more detailed information about rights you have in the foreclosure process? If so, be sure to give your local foreclosure mediation specialists a call.