Foreclosure

Filing a Lawsuit against the homeowner is one of the last thing that the lender likes to do. However, if you have failed to communicate with your lender, and failed to work out a plan, you leave no options, but for the lender to foreclose on your property by getting a Court Order, and scheduling your property for a foreclosure sale, usually at the Courthouse steps.

However, not all is lost. There are various options available for the diligent homeowner to save his or her property from a foreclosure sale.

1. Contact an attorney so that he can prepare a proper response to the Foreclosure Lawsuit. The mortgage company has a lawyer and you should have one also. Our Law Firm will work a payment plan with you for legal fees.
2. Work diligently with your mortgage company for a loan modification or forbearance. Most lender will work with you as long as you are diligent and provide all the documents they have requested from you in a timely manner. Sometimes the work of collecting your tax returns, bank statement, pay stubs, budget may seem daunting, but it is worth it if you can stay in your house and avoid foreclosure.
3. Come with all delinquent amounts to have your loan reinstated. If necessary contact family members and relative to help you in your time of need.
4. Look to refinancing your loan. We may be able to guide you in this respect, and put you in touch with a mortgage broker business that may be willing to assist you in this situation. However, if you do not have good credit, and especially in these economic times, refinancing may be extremely difficult if not impossible. This is more so if your home has no equity.
5. Put the house for sale and conduct the closing before the sale date.
6. If all else fails, and you are employed, file a Chapter 13 Bankruptcy, and come up with a Plan to pay back the arrears over a period of time. Our Law Firms may be able to help you with your Chapter 13 case, if and when that becomes necessary.