Question
Study Guide Only: Study Guide Only: Foreclosures are an unfortunate aspect of real estate finance gone wrong. If you are a legal professional who works
Study Guide Only: Study Guide Only:
Foreclosures are an unfortunate aspect of real estate finance gone wrong. If you are a legal professional who works for a firm representing banks or for a bank with their own general counsel's office, you could find yourself preparing for foreclosure cases. Conversely, while there are certainly general practice law firms that represent those facing foreclosure, many foreclosure attorneys work at Legal Aid or legal services type offices. This is not surprising; if an individual cannot afford to pay their mortgage, it is likely that they would also struggle to pay for an attorney.
For this assignment, please research the following questions for your state. Be sure to cite all applicable laws that apply.
- Research your state's method of foreclosure of a mortgage. Is it a judicial proceeding or a nonjudicial proceeding? What are the steps to the process from initial filing to ultimate foreclosure? Be sure to summarize the process in your own words. The process itself can be rather lengthy so attempt to summarize this process in no more than one page.
- Research your state's law to determine if it recognizes post foreclosure redemption rights for mortgagors. If it does, what is the redemption price that must be paid? What is the period of time for redemption following a foreclosure sale? Can a right of redemption be waived prior to the foreclosure sale? Can it be waived after the foreclosure sale?
- Research your state's law to see if any statutes have been passed that limit the rights of lenders to foreclose residential mortgages. If it does, outline the provisions of those limits.
- Does your state have a mortgage foreclosure mediation program? If so, what happens as part of this process? Why is this process valuable?
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