The Property Rights Every Homeowner Should Know They Have

real estate attorneys Los AngelesSince one in 200 houses are foreclosed upon, it is very important that homeowners know their rights. While attorneys can provide you the best information possible on foreclosure law, you should know that there are very strict state laws regarding proper notice and opportunities to get your mortgage payments up to date. Here are some other rights homeowners need to know.

Personal Property Law Cases

    • Assets
      One way you can refinance your mortgage is by letting your lender conduct a valuation of your personal property. Personal property is ‘stuff you own’ that can be moved easily. This can include stocks, bonds, clothing, furniture, and your car (if you own it). If you are facing foreclosure, you have a right to attempt to convince your lender to refinance your mortgage based on a valuation of the sum of your personal property.


  • Insurance
    Another interesting class of personal property law cases involves homeowners insurance. You can insure your personal property as part of your insurance plan. This gives you the right to either cash or replacement value reimbursement of the damages in the event of a natural disaster. An insurance plan gives you financial rights to your personal property in the event of a fire, hurricane, or break in.

Foreclosure Law Cases

    • Bankruptcy
      You can (temporarily) give pause to lenders repossessing your house to sell at auction if you declare bankruptcy before the foreclosure closes. This should be a last resort because it will damage your credit in a serious way, but is nonetheless effective.


  • Fraud
    Though proving that a fraudulent lending agreement occurred is a job best left to the lawyers, it is something to consider if you suspect foul play surrounding this foreclosure.

Knowing both your personal and real property rights might end up saving you huge sums of money. Understanding your rights can be difficult, though, so it is important that you speak with an attorney about your current legal situation.

No one should have to face the uncertainty and fear of the imminent loss of their home, yet it is actually quite common. To prevent a foreclosure from happening to you, contact an attorney today.