Your home may be close to foreclosure or you may have already gotten notice that it is in foreclosure. This may leave you wondering if you have any options left or you are truly going to lose your home. When you need help, contact a foreclosure lawyer who has experience and can present you with options to possibly keep your home.
As we mentioned already, you have options when facing foreclosure. When you take on the legal battle, you should weigh out all of your options. You may not have even realized you had any, which is why it is essential to consult with a foreclosure lawyer, so you do not face any pitfalls and can save your home. There are several options your foreclosure lawyer may present to you, such as filing for Chapter 13 bankruptcy, modifying your loan, or loss mitigation. If worse comes to worst, your foreclosure lawyer can try to argue your case in court. The right option for you will depend on your current situation.
You may be able to avoid foreclosure by seeking a loan modification. While this process is free and available to anyone, not everyone can get approval, especially if you do not have the help of a foreclosure attorney on your side. The bank will review a wide range of information regarding your income before they decide. An attorney can present this information in a way that makes you an attractive candidate for a loan modification.
If necessary, a foreclosure lawyer can attend a settlement conference on your behalf and negotiate with the bank that has your mortgage. They will try to save your home during these conferences and find a middle ground for both parties. If you do not have a foreclosure lawyer, you may have to attend this conference on your own and will be left without a home if you do not come out on top. Instead, it is best to hire a foreclosure lawyer that can help you avoid the foreclosure altogether during this conference.
Foreclosure does not happen overnight, which means you have options to explore before you lose your home. Typically, a foreclosure occurs when you fall behind on several mortgage payments. When this happens, the bank will send a breach letter where they demand that you pay the entire mortgage or they will file an action to collect the entire balance after a specified period. This is usually within 30 days. If you do not take any action within this period, the bank can file a foreclosure complaint. Once this has been filed, you only have 20 days to respond.
Foreclosure is no easy process, and it can be highly stressful for you and your family. You may feel like you are all out of options and have nowhere to turn. No matter how far you are in the foreclosure process, you may still have options and the Law Offices of Emil Fleysher, P.A. can help. Contact us online or call us at 888-886-0020 today.