Home Lock Out for Non-Payment
If you ever find yourself locked out of your home because of your mortgage payments being past due, do not be surprised. Lenders will often have a team of employees or a hired 3rd party that oversees what is taking place with your property if you have been past due with your mortgage payments. These people are hired by your mortgage company because your mortgage company have a vested interest in the property. They are there to keep an eye out for the property, and to make sure it is being taken care of.
The individuals hired or sub contracted to look out for the best interest of the investors, they are often called the property preservation team or group. Their job is to either watch the property themselves or the hire out or sub-contract out to others working in the real estate field to pay regular visits to homeowners private residence to make sure the property is being kept up and is not abandoned. The homeowners that are targeted are, guess who, the ones that are at least 30 days past due on their contractual mortgage agreement. Homeowners often express their grievance with their mortgage company about having strangers on their property taking picture of it, and are not knowing who these strangers are. The truth is, homeowners signed their mortgage contract giving their consent for this kind of action. The property can be photographed, viewed, and locked for reasons deemed necessary.
If a homeowner is ever locked out of their property. There is usually a reason for it, it could be that the property looks vacant and the bank wants to make sure that no one breaks in and vandalize it. So they have a pad lock placed on the property until they hear back from the homeowner. The homeowner may become confused or upset about the lock being on the door; but all the borrower has to do is to call to their mortgage company and get the code to open the lock, or wait on someone to come and open it for them. Some homeowners may argue that their lender has no right to lock them out, but truth is, the property can get pad locked for certain reasons.
As long as the homeowner was not evicted from the property for non-payment, then there is no problem getting back into the property, but it is inconvenient. There is a difference between being slightly past due and chronically delinquent. Now if you can not remember the last time you made a mortgage payment, you may have been through the eviction process and no have realized it if you we not on the property regularly. In that case you would not be able to get back into the property and you would have received sheriff‘s notice on your front door or someone may have been served with papers already; but check with your mortgage company, they can tell you all of that information so you know where you stand.
