Can your Bank change the locks on your home during a pending Foreclosure?
Over the past few years Palma Law Group has received a number of phone calls asking this exact question. Scary to think this can happen, but it does happen and sometimes the bank is well within their legal right to do so.
The legality of this situation centers around a clause in many mortgages which allows your bank (i.e. mortgage holder) to ‚¬"protect its interests in the property which is the subject of the mortgage (i.e. your home).
During the course of a pending foreclosure it is normal for banks to send inspectors around to check on the condition of the properties which are currently in foreclosure. If the banks inspector feels the home is unoccupied or abandoned the bank may take possession of the property, change the locks, clean out furniture and board up the windows. The banks claim the Protection of Lenders Interests clause in the mortgage gives them the right to take these actions. This becomes a huge problem when the inspector incorrectly determines that an occupied home is vacant or abandoned.
Check your Mortgage for the following, most commonly used, language found in a majority of Florida Mortgages:
Protection of Lenders Interest in the Property and Rights Under this Security
If (a) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lenders interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lenders interest in the Property and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property.
Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Section.
If your home is currently in foreclosure call PALMA LAW GROUP at (727)669-3909 so we can review your case and advise you of your legal rights. The banks have lawyers working for them so should you. For more information http://palmalawgroup.com/
Over the past few years Palma Law Group has received a number of phone calls asking this exact question. Scary to think this can happen, but it does happen and sometimes the bank is well within their legal right to do so.
The legality of this situation centers around a clause in many mortgages which allows your bank (i.e. mortgage holder) to ‚¬"protect its interests in the property which is the subject of the mortgage (i.e. your home).
During the course of a pending foreclosure it is normal for banks to send inspectors around to check on the condition of the properties which are currently in foreclosure. If the banks inspector feels the home is unoccupied or abandoned the bank may take possession of the property, change the locks, clean out furniture and board up the windows. The banks claim the Protection of Lenders Interests clause in the mortgage gives them the right to take these actions. This becomes a huge problem when the inspector incorrectly determines that an occupied home is vacant or abandoned.
Check your Mortgage for the following, most commonly used, language found in a majority of Florida Mortgages:
Protection of Lenders Interest in the Property and Rights Under this Security
If (a) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lenders interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lenders interest in the Property and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property.
Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Section.
If your home is currently in foreclosure call PALMA LAW GROUP at (727)669-3909 so we can review your case and advise you of your legal rights. The banks have lawyers working for them so should you. For more information http://palmalawgroup.com/
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