Because of the recent state of our economy and how many sub-prime loans were issued in the last few years more and more people are actually facing foreclosures on their property. The main reason for this is that because of the sub-prime loans pretty much anybody was eligble to receive a mortgage loan, but what these people did not realize is that they were getting involved in an adjustable rate loan. What this meant is that after a certain period of time the interest rate on the loan would increase, the original interest rate was usually locked in for about two years, and what happened was that once the rate adjusted people could no longer afford their monthly mortgage payments. And because they couldn't pay the mortgage payments they were faced with foreclosure. If you are facing a foreclosure it is important that you know your legal rights during the entire foreclosure process.

Here are some of your legal rights when it comes to a foreclosure.

Number one:
You have the right to negotiate with your lender either before or after the foreclosure process has begun. But you want to keep in mind that you are going to have a better chance at being successful if you begin trying to negotiate with your lender before the foreclosure process begins. The reason for this is that before the foreclosure process begins both you and your lender are going to have more options to choose from, which means you are more likely to find a solution to your problem. But you also want to remember that your lender actually would prefer not to have to go through the foreclosure process, so by contacting them early they will try to help you as much as possible. The reason that they don't want to go through this process is because for them it is an inconvenient and costly process. Not to mention the fact that they are probably open to payment arrangements because if they do foreclose on your home they are not guaranteed that they will get the full price for your property at auction, meaning that if they auction off your home they are probably going to be taking a loss on the amount owed.

Number two:
If you are going through the foreclosure process already then you need to know that you have the right to stay in your house during the foreclosure process, this means that you cannot be kicked out of your home until the house is sold, which means you cannot be kicked out early for any reason what so ever. But also keep in mind that depending on who eventually purchases your house at auction, you can also be asked to stay on as a renter, which means you won't have to move at all. And you also need to know that it is not until after the house is actually sold at auction that your state's eviction process will begin. And with this process it is going to depend on your state and locality on how long the eviction process is going to take because every state and locality has different rules and regulations. So what you need to know is that you cannot get kicked out of your house early no matter what and the new owners must comply with the legal eviction notice, which can be anywhere from 30 days or more.

Number three:
If you feel that the foreclosure is wrong, even if it is actual right, then you have the right to fight the foreclosure. This can cover a variety of different things but it basically gives you the right to appear in court with or without an attorney to try and keep your house. The most common causes for fighting a foreclosure is that the lender hasn't followed the correct process in filing the foreclosure or they made an error that put you into default when you actually paid on time. In some states this can even happen after the foreclosure and the sale of the property, but only if the law permits it. So what you are going to want to do is to check your local laws to find out how this part of the foreclosure process actually works in your area.

Number four:
You need to make sure that you are aware of all of your rights based on what state you live in. The reason for this is that by knowing your rights in a foreclosure you can help get yourself out of a bad situation, but you can also help prevent your lender and others from any kind of abuses that might happen. But you also want to make sure that you take action as soon as you are aware of what is going on, if you wait until the last minute to take any kind of action chances are nothing can be done to help you. But also learning what your lender can and can't do will also increase your chances of avoiding the foreclosure in the end.

Number five:
You have the right to look for help in the foreclosure process from where ever you can find it. Even though it might seem like a lonely road and that you are the only person going through it, the truth is that the foreclosure rates have actually increased in the past few years, by as much as 50%. So what you need to know is that you are not alone and there is help available for you to use if you are facing this process, all you have to do is look for help from various resources and then ask for help once you have found it. One place to look for help when facing a foreclosure is the U.S. Department of Housing and Urban Development, they can be found at http://www.hud.gov/foreclosure/. They can provide you with everything you need to know about what rights you have during a foreclosure and what you can do to avoid a foreclosure on your property. They can also point you in the right direction if you have a FHA loan because the solutions for an FHA loan are different then a normal loan.


Number six:
What many people do not know is that if your property is being foreclosed on and that property is your residence, meaning that you are living there at the time of the foreclosure, you actually have 180 days to buy the property back. This is actually one of the main rights that you have as a property owner and is generally referred to as a process called redemption. What redemption does is it allows you to pay the purchase price of the home to get it back.

Number seven:
If you are facing a foreclosure something else that you have a right to do is to sell your home. This can actually stop the entire process because if you sell your home you will be able to pay your mortgage off in full. And once you have been able to pay off the liens with the money from the sale you can actually go and buy a new house with undamaged credit because the foreclosure will not be on your record.

Number eight:
Make sure that you review everything carefully to see that there are no irregularities. What this is referring to is that in some cases some of the action or behavior of your bank and lender can actually be considered fraud, breach of contract, racketeering, mail fraud, usury, and ultra vires. So you want to make sure that you review everything to ensure that it is all on the up and up. This is important because an act by them is considered ultra vires then this can actually void your contract. The main reasons behind this voiding of the contract is that your lender exceeded its legal powers in providing your loan, preparing your loan agreement paperwork, and endorsing or transferring your loan.


Number nine:
Never leave your home vacant. If you just up and move out of your house during the foreclosure process your lender has the right to sped up the foreclosure process. And if they speed up the process this means you have less time to fight the foreclosure, which is one of your rights. The reason that they can speed up the foreclosure procedures is that if you leave your house vacant this is considered abandonment. And it has been shown through crime reports and various studies that vacant or abandoned homes are more likely to be subjected to vandalism. And your lender has the right to protect their collateral on the loan, which is the house because that is the only way that they can recover some of their losses.

Number ten:
If you are a member of the military you can get relief under the Soldier's and Sailor's Civil Relief Act (SSCRA). What happens here is that your financial obligations are suspended until you have completed your service. But this act also limits the interest rate on your loan. But keep in mind that this does not terminate your legal and financial obligations; it basically just puts them on hold until you are done with your service in the military.