Foreclosure is the legal process that a lender may initiate when a debtor has missed numerous mortgage payments. This process is one that, if successful, allows a lender to force the sale of a home in order to satisfy the outstanding debt that is owed on the property. Foreclosure does not come without warning, as there are specific methods and deadlines that a lender must follow to notify a debtor that they are in breach of contract and that foreclosure is looming.
If you have had trouble keeping up with your mortgage payments, you are not alone. Many Americans live in fear of foreclosure of their home. Some people have unforeseen expenses that affect their ability to make monthly payments, other people just have bad mortgage loans. The reasons why really aren’t as important as how to move forward. Therefore, if you have received notice from your lender that you are facing foreclosure, you should immediately contact an attorney for help.
What Are Alternatives to Foreclosure?
One of the options to stay in your home and to avoid foreclosure is to seek a mortgage loan modification. This is different than a refinance, as it is a change to an existing loan such as a different interest rate or term. The ultimate goal of a loan modification is to give the borrower a lower (and more realistic) monthly payment.
Unfortunately, lenders are in the driver’s seat when it comes to mortgage loan modifications, since they likely already have the evidence they need to pursue foreclosure. However, an attorney can help you through the loan modification approval process, make the lender take your seriously, and provide you your best chance at obtaining a new payment that can keep you in your home.
Mortgage Defense
If you are unable to obtain a loan modification or if foreclosure proceedings have already begun, then you absolutely need an attorney to defend you if you wish to stay in your home. First, your lender has attorneys, which will create a power imbalance unless you have an attorney by your side. In addition, there are numerous defenses that we have successfully used to fight foreclosure. This includes: (1) there are defects in the lender’s pleadings or the notice they provided; (2) the lender cannot produce the original note; (3) the lender committed service errors regarding your account; or (4) the lender committed fraud in issuing your loan. These are complex defenses that we have excelled at utilizing to our clients’ advantage.
And as an alternative to fighting the foreclosure proceeding, an attorney can also provide you with the option of filling for bankruptcy relief, which would stay the foreclosure proceedings and give you the breathing room to get your finances back in order. In short, an attorney can look at your situation and give you a realistic assessment of whether you can stay in your home.
You Need an Attorney
You have every right to fight to stay in your home. The attorneys at Levitt & Slafkes, P.C. understand what your home means to you and your family. We have decades of legal experience and can help you exhaust every avenue to help you stay in your home. Our team is passionate and motivated to help. Let us fight for you. Contact Levitt & Slafkes, P.C., at (973) 323-2953, or reach us online to schedule a free consultation.
We are proudly designated as a debt relief agency by an Act of Congress. We have proudly assisted consumers in filing for Bankruptcy Relief for over 30 years.