Word for the Month of March 2016: Foreclosure

One of the reasons I went into the law business was that I really don't like seeing the little guy get beat-up.  It's not so much a fairness issue as it is a come-uppance thing.  Corporation beating down the little guy; guys beating on wives/girlfriends; radicals shooting up the streets; gangs on a rampage at the expense of homeowners; cops unrighteously snagging property.  There is a seeming never ending list of people getting beat-up - and then there are the money lenders.  I mean, who would have thunk that a money lender would ever be a little guy?  Let me elucidate.

The other day a mid-50's lady comes into the library.  Seems lady makes $32,000 a year, is tired of living in an apartment, and hunted around for someone who can lend her enough for a small 2 bed, 2 bath house. Then the problems start.  She can't afford a down payment or even the 1st month payment.  2nd month comes and goes and doesn't pay mortgage.  Bought a new car and a big screen TV, but didn't pay the mortgage.  This goes on for about a year and finally the lender wants its money back.  Lady is adamant that bank isn't going to get "her" house and Bank starts foreclosure proceedings.  Subsequently, lady makes a beeline to the law library for help.

For the record, Black's Law Dictionary defines a FORECLOSURE as a legal proceeding to terminate a mortgagor's interest in property, instituted by the lender (the morgagee) either to gain title or to force a sale in order to satisfy the unpaid debt secured by the property.  Basically, bank lends money and at one point wants their money back (with interest).  

Lady tells me she figures the bank knew she couldn't afford a house and was stupid to give her the money and should live with its poor decision (no, really, that's what she told me).  Now she wanted to see some resources to help her keep "her" house.  So, I lead lady over to our extensive collection of real estate-esque resources and point her attention to:

• Foreclosure and Mortgage Servicing (NCLC)
• Powell on Real Property (Lexis)
• AmJur Trials (Thompson Reuters)
• California Mortgages, Deeds of Trust and Foreclosure Litigation (CEB)

and she is off and running to find a way to keep "her" house and eat it too.  

In a similar situation?  Staring down the throat of your own Goliath and don't know what to do? Why not head on over to your local county law library and let your friendly neighborhood Law Librarian help you find a way out of your predicament.