If you are told by your lender that you are on "foreclosure track" or in "foreclosure mode", even if you are trying to get a modification of your existing mortgage terms - get help fast!
Once a foreclosure sale is completed, the homeowner (no longer a homeowner after the foreclosure sale) has his or her options limited very much.
If you have a sale pending on your home and the lender properly notices you for a foreclosure sale, you may need to go to court to enjoin the lender's foreclosure sale until your have a reasonable opportunity to complete your own sale of your own home. If a sale of your own home will payoff your mortgage and leave you with a few dollars, it is worth the time and effort to try this.
Once the foreclosure sale is completed, the new buyer has 60 days to record the new deed, and you (as the foreclosed-upon person) will usually have thirty days to vacate your now foreclosed-upon home and the sheriff is usually involved in that process. It is an ugly experience for any homeowner to go through.
Lesson learned: When you are in foreclosure mode, get help. If you don't think you can afford a lawyer, contact the NH Bar Association and ask for a low income or pro bono referral. But, don't wait, and don't let a lender take advantage of you.
Tenants rights in foreclosure: If you are a tenant in a foreclosed property, you have rights too. The home help web site has good information for tenant's rights in a foreclosed building - click here for more information.
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