What Venus and Serena Williams Can Teach Us About Mortgages
Regardless of whether or not you consider yourself to be a tennis fan, you’ve probably heard of the famousWilliams sisters, Venus and Serena. Known for their agility and powerful forehand swings, these two athletes have been dominating the world of tennis for the last couple decades. What most people don’t know about Venus and Serena is that while their father, RichardWilliams, coached them in their quest to perfect their tennis technique, he also helped themdevelop their business and financial acumen by having them listen to foreclosure tapes as children. Listening to these tapes not only educated the sisters regarding the process of home foreclosure, it also helped themdominate in the world beyond the tennis court. For those of us whose parents didn’t educate us on legal proceedings when we were children, the idea of comprehending, dealing with, or moving past a home foreclosure might seem intimidating or even impossible. However, the process can be broken down into six steps. 1. A homeowner misses one or more mortgage payments. At this point, the loan is considered“in default.” 2. The mortgage company files a complaint with the court in the county where the property is located. 3. The homeowner will be served a Foreclosure Summons and Complaint.
4. The homeowner will be given a court date, at which time he or she will receive a judgment. 5. The homeowner may have three months to redeem the property by paying the full amount of the mortgage company’s claim. 6. If the property goes unredeemed, the mortgage company can put it up for sale. Here at the LawOffices of Steven A. Leahy, we know that financial troubles happen, and we want to help our clients understand the foreclosure process a little more clearly so that we can offer them the best ways to approach and overcome foreclosures. We have helped hundreds of IRS clients with foreclosure defense procedures since 2001, long before the current mortgage mess. If you are dealing with complaints from your mortgage company, experiencing financial strain regarding your mortgage payment, or just want to learn a little more about the foreclosure process, please give us a call at (312) 664-6649.
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