Especially in the case of householders who own multiple properties, they may find that their mortgage company has had the locks changed on a house in foreclosure. This may be very unsettling to owners who are still attempting to find a workable solution to foreclosure, because it suggests that the bank is exercising control over the property before it has been sold out from underneath the owners at a region auction. But banks may have the locks changed on a house even even though they are not the legal owners of the property.
Of course, they may not actually just take the property away before the foreclosure has gone through and the house has been sold at a sheriff sale. Without a reason to request that the house be secured, the bank may do not one thing to the property itself until after the foreclosure auction. However, they may request the court to secure the property temporarily, which might mean altering the locks on an apparently-abandoned house.
Especially if the householders have not responded to any of the bank’s motions in court or filed an answer to the foreclosure lawsuit or appeared (on their own or through an attorney) at the scheduled foreclosure hearing, the bank may just assume that they have decisive to walk away from the house. Even if they know that the house is a vacation or investment property, they will not want to see it sitting empty and a potential target of vandalism or damage.
The government courts and sheriffs division will commonly do whatsoever the banks tell them to do, so that helps explain why a house may be locked up before the foreclosure auction. The mortgage company may commonly show that the owners have not responded to the lawsuit and that the house has not been occupied for a sure number of weeks or months, and that it ought to be secured to prevent damage. The courts will ordinarily receive this argument and order the sheriff to modify the locks.
But once this happens, it may be exceedingly difficult for the householders to regain access to their home. This is why they must keep in contact with the lender allround the foreclosure routine so they may explain why the house will be empty. But preventing the region government from altering the locks will always be much posing no difficulty than cutting through all of the red tape later on to get back into the house. After the government changes the locks, even if the householders try to break into their own home, they may be held liable for any damage.
Once the locks have been changed and the householders are shut out of the house, but before the foreclosure auction has been conducted, they may undertake to get access back to the house by calling the local sheriff’s division or the courts. They will most likely have to inform the court that they are still in possession of the house even altho it is not their essential residence and may be empty at times. Even this simple act of comprehensible statement may require filing paperwork in the court and having the government remove the locks that were changed or permitting the legal owners access to their own property.
But the house is still the private property of the owners until it is sold at the region foreclosure auction. The mortgage company may and ordinarily will secure the home if it looks like the householders have abandoned a property in foreclosure. However, they may not not other than as supposed or expected interfere with the foreclosure victims’ ownership interest until that interest is transposed by the applicable laws. The government may act as the right arm of the banks in securing the property and keeping the householders out for as long as possible, so keeping the house from being taken over by the government, even temporarily, will have to be a high priority for householders who are attempting to stop foreclosure on their homes.
Sheriff Sale Oklahoma County
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