PROTECT YOUR HOME FROM FORECLOSURE
WHAT OPTIONS ARE AVAILABLE TO YOU
Many lenders will enter into a loan modification, or installment payment plant, to bring your loan current. Even if you have attempted - and failed - to reach such an agreement with your lender, an attorney-assisted proposal by an experienced attorney is more likely to be accepted.
Many homeowners have either sufficient equity or stable household income which will allow their home to be refinanced with a different lender. For more than two decades, we have successfully partnered with several local lenders who specialize in refinancing properties like yours, even though the present loan was in default. If this option is one you wish to pursue, we can connect you with several local lenders that may be able to assist you in refinancing your home.
Many homeowners do not know that there are legal tools available which allow them to force the mortgage holder to accept an extended (up to 5 years) installment repayment plan, and still keep their homes and all other property. A Chapter 13 debt reorganization is a very powerful remedy which allows homeowners to keep their homes and property, and propose a debt repayment plan which fits into a family budget.
Over the years, I have had many clients who, for many reasons, wish to sell their property, and pocket the profit. If this is your intention, we can help you get the property listed for sale, prepare sales contracts and other legal documents, and represent you through the closing of the sale. Many sales can be completed within 30-60 days.
DEED - IN-LIEU - AGREEMENT
In certain circumstances, it is possible for your counsel to convince the mortgage holder to simply take the deed back, forgive any balance due on the loan, and to dismiss the foreclosure proceedings. This option will allow you to get on with your life without again having to worry about the home or the loan.
Sometimes, a large amount of debt has accumulated over a period of years which cannot realistically be paid back. If this is the case, the "fresh start" which a Chapter 7 filing provides may be your best option. In most cases, your credit can be re-established in a relatively short period of time - and you are debt free.
No, so long as your home has not been sold at the Sheriff's auction. Until this happens, remember - that home belongs to you subject to any other valid mortgages or liens on the property.
Basically, there are many steps you can take even though you may be way behind on your mortgage payments - so relax, and take a breath. It is possible to bring the mortgage current with a lump sum payment, an installment agreement over several months, or a repayment plan which can last from 3-5 years!
Essentially, the case is over. The lender will then take steps to ask the Court for permission to sell your home, advertise the sale in a local new publication, and have your home sold at a public Sheriff's auction. In most cases, you are responsible for any deficiency.
No, unless you have a written agreement with the lender that it will reinstate the mortgage, and dismiss the foreclosure suit. If there is no written agreement, hold on to those funds until such an agreement is in place.
Wrong. This is not to say that you should keep an open line of communication with your lender. However, the fact that you are "working" with the mortgage company does not protect your legal interests. A formal response to the lawsuit must be filed with the court before the legal response deadline expires.
Yes. Again, until your home is sold at a Sheriff's auction, it belongs to you, and you can sell it. However, the sale price, in most situations, must be sufficient to cover the entire loan amount, the loan arrearage and other costs incurred by the lender in the foreclosure, and any taxes or other liens attached to the property.