What fees and costs am I required to pay in foreclosure and why?
The fees and costs you are required to pay in a foreclosure are determined by what is in the promissory note and mortgage or trust deed that you signed when you got the loan. Ordinarily you will be required to pay all attorneys’ and other collection fees; all costs of the foreclosure, such as recording fees, constable fees to give notice of the sale, title report fees and the like. You might also be required to pay all fees associated with preserving the property, such as property management costs, utilities, and repair of broken windows or doors if that is necessary to secure the property. In short, anything the lender has to do or finds it reasonable to do to complete the foreclosure process and protect the property during that process you might be responsible for. The reason is that you agreed to pay these fees when you got the loan.