A Foreclosure is when your bank files a lawsuit against you to take your home. The process may start with a letter from the bank that you are behind in your monthly mortgage payments. If you don’t pay, the bank will serve you with a summons and you will have 20 days from the day you are served to file a response with the Court.
Typically, this is where I come in to help my clients navigate the foreclosure process. By defending the action, I am able to see if the bank has all of the necessary documents to foreclose. Often, there are defenses to the foreclosure action that must be filed in the correct manner and at the correct time. Having an attorney at this stage can be very helpful. When I represent my clients, the bank can no longer send them letters, call them, or enter the property. This gives my clients great peace of mind to know that I am between them and the bank.
I’d love to learn more about your situation and show you exactly how we can help. Click the button to set up a meeting in our office to chat. It’s completely free and you will leave with a better understanding of how to take back control of your situation.
Typically, the home is “under water” meaning that you owe the bank more than your home is worth. Modification allows the homeowner to keep their home and make lower monthly mortgage payments.
Another alternative to foreclosure is a short sale. This is where you sell your home for less than you owe, but it is critical to get a waiver of deficiency so your bank can’t come after you for the money.
A short sale, in the right circumstances, can really help clean up your credit. A deed-in-lieu of foreclosure is where you just give your house to the bank, but without the proper paperwork, the bank can still come after you for the money.
Also, your bank may even give you “cash for keys” or other relocation money, as part of the short sale or deed-in-lieu process. There are important considerations for each, and I encourage you to call me to discuss your options.