Events like fire, flood, and disasters happen. Even the best people can find themselves unable to cover their mortgage payments. If you miss mortgage payments for two months or longer you go into foreclosure. With a foreclosure you face a simple financial decision to keep it or let it go back. We help you properly go down one of two paths.
We defend the foreclosure if you need time to stay in the home, modify your mortgage, rent or sell it. Defending a foreclosure may require filing bankruptcy. Bankruptcy prevents a 1099 income tax debt and collection of any deficiency judgment.
If you want to keep the home we often file a Chapter 13 which allows you to catch up the payments over time. You may need time to obtain a mortgage modification or workout agreement. We provide that time.
It is possible to delay or even stop a foreclosure. If you have received a court summons, then the foreclosure process has started. You have 20 days to file your answer. After that you lose some rights you don't get back. You have about 60 days to file discovery. After that you again lose advantages and rights.
By handling the foreclosure yourself, you often either speed the process up or cost yourself money by admitting the debt. The bank's attorneys works for the banks, not you. He won’t tell you how to properly sue the bank. He will tell you about the options they want you to choose. He wont tell you about options they don't want you to take like suing them back or filing bankruptcy. You need a proper foreclosure attorney and defense which allows you to:
- Rent the home.
- Sell the home.
- Attempt a mortgage modification.
- Short sale the home.
- Reside in the home while you search for another home.
- Do a Deed in lieu and give the home up.
- Do a workout agreement to put the arrearage onto the principle.
- A cash for keys option may be available to pay you money to surrender the home.
- Avoid a judgment against you.
- Avoid a tax debt.
- Avoid code violations which may cost you fines or even jail. As long as the property is in your name you are responsible for maintenance and lawsuits even from trespassers. Even filing bankruptcy does not automatically get the property out of your name.
We do not recommend defending against foreclosure on your own. The stakes are too high. By filing your own answer or discovery, you overlook defenses and admit items you shouldn’t. Often the damage can not be undone. Hiring a professional to fight on your behalf against the lender is the best you can do to ensure that you won’t miss an opportunity to save your home. Even the average attorney does not have the experience or knowledge a more seasoned professional has.
Letting the home go back may not be the best choice and you may not have to let it go back. Even if you do want to let it go back it may costs your thousands to let it go back the wrong way. You may be able to live in it for a long time if you do it correctly. We can help you successfully defend a foreclosure if you let us. In the early stages, you have at least six different methods to stop a foreclosure. Depending on the case, it may be best for you to file chapter 13 or chapter 7 bankruptcy. We will prepare the documents correctly and at the right moment to do everything within the law to insure you keep property.
Time is of the essence. You only have 20 days to file your answer after you are served. You need to file your discovery within about 60-90 days after that. A delay or mistake may be fatal for your Foreclosure case. We offer a free foreclosure consultation. Let’s discuss your case and the possibilities. The more knowledgeable and prepared you are, the better your chances. Get the help you need.