The Beginning of the Foreclosure Process: The Foreclosure Complaint
Foreclosure is the legal process a bank or lender takes when a homeowner is in default on a loan securing a parcel of real estate and the bank intends on taking the home away from the homeowner. Foreclosure is very complicated and therefore, it is extremely important to have an attorney assist. The Ticktin Law Group has experienced and knowledgeable attorneys who are well versed in the foreclosure and real estate laws and can assist a homeowner who wants to keep their home in lieu of the bank foreclosing on the home.
Before the foreclosure process begins there is typically several notices of deficiency that the bank will send to the homeowner indicating that the homeowner owes the bank money and that the bank intends on collecting such owed funds. The beginning of the foreclosure process starts when the bank or lender files a Complaint and Summons in the court where the property subject to the foreclosure is located. The Complaint and Summons serves as the formal notice to the homeowner that a court action has begun and indicates that the homeowner has twenty (20) days to respond to the Complaint and Summons stating certain defenses. A Lis Pendens accompanies the Complaint and Summons and places the public on notice that there is a court action affecting the real property subject to the foreclosure.
The foreclosure Complaint typically states the facts giving rise to the claim of foreclosure (such as non-payment of mortgage and promissory note). The complaint will further state why jurisdiction in the court where the Complaint has been filed is proper. The Complaint then re-iterates the foreclosure laws that allow the bank to foreclosure on the subject property and relates such laws back to the stated facts. Usually, the promissory note and mortgage document are attached as exhibits to the Complaint along with other communications made to the homeowner regarding the deficiency.
For more information on foreclosure or assistance with a property that is being foreclosed on, contact the attorneys of the Ticktin Law Group for a complimentary preliminary consultation.