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Photo of attorneys Shelley Slafkes and Bruce Levitt
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Over 65 & Being Foreclosed On–What is the Best Course of Action?

On Behalf of | Oct 19, 2017 | Foreclosure Saving Your Home, Seniors and Bankruptcy

Most Americans dream of retiring comfortably one day. Often, that is the motivation that keeps so many of us focused on the daily work grind, commuting to work, long hours and other sacrifices. While working for the same company for 40 years and then retiring at 65 with the gold watch and a sendoff to Florida may not be in the cards for most anymore, you probably still envision a more relaxed lifestyle in those much anticipated ‘golden years.’

If you are 65 or older today, it is very possible you may still be working-whether you have some retirement funds waiting for you or not. The cost of living in your area may have continued to rise while wages (and perhaps some of your investments) did not. This can be challenging, especially if you need specialized health care and must pay out of pocket for some medications-not to mention paying for all the other essential bills-and especially the mortgage.

Threat of foreclosure is not relegated to any age range, affecting many homeowners over 65. If you are worried about losing your home, contact an experienced foreclosure defense firm like Levitt & Slafkes, P.C. With the help of an attorney, you may be able to work with your lender and fend off foreclosure-if that is the direction you wish you take.

Most likely, escalating financial problems have brought you to this point. With legal expert advice though, you can explore your options and decide on the best course of action. Your lender may be willing to work out payment plans with you to help you get current on your mortgage and go from there, if your financial situation allows. You may also want to research the idea of taking out a reverse mortgage. This is a process that is beneficial for many seniors, but can also be complex and should not be considered without the advice of your attorney and/or a financial planner.

Filing for bankruptcy may also be required as a last resort to save your home-and if you are under severe financial strain overall, this may be the best choice to handle all your debt issues at once. The automatic stay goes into effect as soon as you file, meaning that all creditors must cease any collection activity. The injunction covers any efforts regarding foreclosure as well. While this may only be temporary in Chapter 7, if you are filing for Chapter 13 you may be able to prevent the foreclosure for good. See more on this subject in our recent blog, ‘The Hail Mary: Filing for Bankruptcy to Save Your Home.’

If you are worried about foreclosure or have already received a notice from your lender, it’s time to get educated about your rights and your options. If you want to keep your home, it’s imperative that you have someone working for you. An experienced foreclosure attorney will understand the complexity of the law and protect you-as well as fighting your lender in court to save your home.

Contact Levitt & Slafkes, P.C. now so our foreclosure defense attorneys can review your case and help you move forward in a way that suits your needs best. We are here to help!