A foreclosure means that for whatever reason, you have fallen behind on your mortgage payments. The lender can take your property and you will lose your rights in the property. Your lender will contact you with a 30-day notice so that you can bring your mortgage loan up-do-date. However, when you have been notified that a foreclosure process has proceeded, through a summons, after the shock, contact a lawyer as soon as possible. First, a foreclosure attorney can answer the summons on your behalf, which can add time to halt foreclosure actions. A foreclosure process involves two principles, the courts, and lawyers. After all, your lender has hired a lawyer and so should you to protect your home, the largest asset you have.
A foreclosure process involves the following steps, for example:
- A foreclosure sale date is established, and a notice is posted on your former property
- The homeowner receives a Notice of Sale which is filed in your county’s recorder’s office
- The Notice of Sale is also placed in your local newspaper for about 3 weeks.
- A Trustee Sale for the foreclosure is established
- Your property goes to the highest bidder who will receive the trustee’s deed to the property.
Loan Modification Solution
Don’t go through this stress or embarrassment! But, did you know that an experienced lawyer can help stop the foreclosure process against you, through a loan modification solution or help you file Chapter 13 bankruptcy. Your lawyer can enter negotiations with the lender on your behalf and then devise a modification plan that involves a lower interest rate.
A oan modification solution is one of the best options to help you keep your home. It doesn’t cost anything to modify a loan, plus you don’t go through a refinancing process because there are no closing costs. The loan modification process is a difficult procedure to go through, which is why a lawyer representing you can take you through the minutia of this type of legal action. Homeowners on their own must demonstrate to the lender or the bank that their income is within the income spread needed to qualify for the loan modification.
Your foreclosure lawyer has the experienced and skills to know what the loan steps require and prepare you in advance for everything you need to become qualified. An attorney experienced in mortgage foreclosure litigations can quickly negotiate with your lender to find a solution that is in your best interest.
Chapter 13 Solution
When you file Chapter 13 bankruptcy due to a foreclosure summons, the lender or bank can not proceed with the threatened foreclosure proceedings. Your foreclosure attorney can ask the courts for permission to begin a new mortgage foreclosure process. With Chapter 13, all your debts are consolidated, and a monthly payment plan is instituted. Chapter 13 has many benefits that help protect you, the homeowner, which involves:
- Your home, car, and other possessions are untouchable, and any foreclosure proceedings are stopped.
- Your salary income is protected
- Your credit history is not greatly affected, especially when the monthly payments established by your attorney, are made on time.
Let a foreclosure lawyer protect your home and help you to stay in your property and protect your assets.