He has not signed yet. But I'm verry worried. Because our house is not even closed to be Forecloused. I read the form. It said its for one year. and if our house is not foreclosed by then. Well I don't understand the rest. HELP PLEASE
They also told us we are not to talk to the bank at all ( were we have the loan) This sounds to fishy for me
Contracts / Agreements Lawyer
I'm sorry to hear that you're scared. I don't quite understand, though. I lender can foreclose at any time when the borrower has fallen behind in making payments. Moreover, the lender is supposed to give a 30-day notice prior to initiating foreclosure. And, if foreclosure is ordered, there is typically 6-months afforded the borrower in which to "redeem" or pay back what's owed prior to foreclosure sale.
Hence, I'm confused about the one year timeline. Please provide more detail so I can further understand and provide detail.