Keeping Your Home In The Face Of Foreclosure
Falling behind in house payments often comes on the heels of job loss, the death of the primary breadwinner or other economic crises. When homeowners fall behind in mortgage payments to the point where a foreclosure notice is issued, they often feel that losing their home is inevitable. However, as a homeowner, you have the right to fight foreclosure proceedings no matter what the circumstances are. Even if a sheriff’s sale has already been scheduled, there are still ways to stop the process.
Putting A Stop To The Foreclosure Process
The first step in dealing with a foreclosure is to stop creditor harassment and put a hold on the process to buy you time to find a solution. Remember that your lender wants your money, not your property. When the bank gets your property, it also acquires a whole new set of problems revolving around the valuation and resale of your home that it doesn’t want. We can contact your lender and negotiate with them to stop the process while we work on a solution. This does not necessarily put an end to the foreclosure process, but it will stop it at least temporarily so you can stay in your home while we work out the best path forward for you.
Solutions To Your Foreclosure Problem
The most obvious way to put an end to the foreclosure process is to pay the total amount past due. This can sometimes be accomplished through refinancing. Requests for refinancing are sometimes denied simply because forms were filled out incorrectly or deadlines in the application process were missed. We can help you explore this option and walk you through the process if you decide to take this route.
If you simply do not have the money or the credit to refinance, you can also consider the option of filing for Chapter 13 bankruptcy. Upon filing papers with the court, the foreclosure process, along with creditor harassment, will come to an immediate stop. Chapter 13 bankruptcy allows you to reorganize and restructure your debt. We have extensive experience in helping people through the bankruptcy process.
If all else fails or you decide that leaving your home is your best option, we can also help you set up a short sale. You can only do a short sale with permission from your lender. Typically, mortgage holders only allow this if the anticipated sale price covers the remaining balance of the loan. We can do an analysis of your property and your mortgage to determine if this is an option for you.
Contact The Foreclosure Defense Attorneys At Law Office of Michael P. McGuire, LLC
If you are behind in your mortgage payments or already in the foreclosure process, we can evaluate your situation and help you deal with your mortgage issues. To set up an initial consultation, call 732-704-7331 or fill out our online contact form. We look forward to working with you.