There are many questions when it comes to stopping foreclosure. Knowing how to stop foreclosure will come in handy if you want to stop foreclosure and save your home.
Can a Lawyer Stop Foreclosure?
If you are facing foreclosure and terrified at the thought of losing your home, you’ll be relieved to know that you have options. There are many cases where mortgage companies have illegally foreclosed on homeowners. Just recently, a bank was fined $45 million for illegally foreclosing on a homeowner.
Hiring a foreclosure attorney can help you completely stop foreclosure or at least give you extra time to remain in your home. A foreclosure attorney has special expertise in the area of foreclosure law. They can examine your case to help you determine if your bank has the legal right to foreclose.
Even if you decide not to keep your home, a foreclosure attorney can help you eliminate a deficiency judgment. This type of liability occurs after your home is auctioned off. If the sale does not cover what you owe the bank, you’ll be responsible for the difference. An attorney can help you reduce or get rid of your culpability for the remaining balance.
Can I Stop a Foreclosure by Applying for Loan Modification?
Are you having trouble paying your mortgage? Maybe you were laid off or have experienced a medical crisis. Regardless of the reason that you are behind, a loan modification may help you save your home.
A loan modification changes the terms of your original mortgage. A modification can help in several ways. It might be able to lower your monthly mortgage payments or spread your delinquency out over the term of your mortgage so that you don’t have to pay it back all at once.
If you are thinking about applying for a loan modification, it can be helpful to consult with a foreclosure attorney. While you can request a modification on your own, getting the bank to change the terms of your loan can be a complicated process. You can lose your home if you make a mistake in your modification paperwork. An attorney can help you understand your legal rights during the amendment process. They can also guide you through the process, making it more likely that you will get your loan modified.
Can You Stop a Foreclosure Once It Starts?
If you are already in the process of foreclosure, you might think that losing your home is inevitable. However, this doesn’t have to be the case. There are plenty of things that you can do to stop a foreclosure once it starts, including:
- Request a loan modification or ask the mortgage company to change the terms of your loan.
- Challenge the foreclosure – A competent foreclosure attorney can help you dispute the foreclosure.
- File bankruptcy – You might be able to save your home by filing either Chapter 7 and Chapter 13 bankruptcy.
The best thing that you can do if you are facing foreclosure is to talk with an experienced attorney. They can help you understand your rights when it comes to the foreclosure process as well as go over with you alternatives to the foreclosure process.
How Can I Stop a Sale Date on My Home?
Are you wondering if it is possible to save your home once you have received a notice from the mortgage company informing you that they have set a sale date on your home? You might be surprised to learn that you can save your home—even if you have received a formal sale notice. However, if there is an impending sale, time is of the essence. You must act very quickly if you want to keep your home.
At this late point, you will get the best results from working with an experienced foreclosure attorney. They might be able to file a lawsuit to stop the sale or provide you with other options.
How Much Does It Cost to Hire a Foreclosure Lawyer?
A foreclosure attorney can help you defend your home from foreclosure. Although the charges vary, most charge a reasonable hourly or flat fee.
If you are facing foreclosure, you are probably looking to save money. Therefore, you might be wondering if you need to hire an attorney. However, the mortgage company will have a lawyer on their side. They might even have a whole legal team. This means that you will be fighting an unfair battle right from the start.
If you want to save your home, then hiring a lawyer is worth the cost. They can help you navigate the complicated legal process at the lowest possible cost.
What Happens in a Foreclosure Sale?
Once you fall behind on your mortgage, the bank will inform you that you are delinquent. If your loan is not reinstated—meaning if you cannot pay the delinquency and fees—then your property is sold to a third party at a public auction at the end of the pre-foreclosure period.
If an auction date has been set for your home, then you need to talk to a foreclosure attorney to determine if you can save your home.
What Happens When You Foreclose On A Home?
If you have fallen behind on your mortgage payment, you might feel overwhelmed with the thought of foreclosure. However, don’t turn a blind eye towards the process. It is important to understand what happens in a foreclosure. Knowing what the process is and understanding your rights are critical to helping you evaluate the best option for you.
- After you miss a payment, most banks will start calling you to try to collect the debt.
- If you fall one or more months behind and have not made some satisfactory arrangements with the bank, you will receive a Notice of Default. This is essentially a letter informing you that you have violated the terms of your mortgage and what will happen if you don’t get caught up by a certain date.
- After you are behind approximately three or more months, you will usually receive another mailing indicating that the bank plans to file a lawsuit, if required. Some states, called non-judicial states, don’t require a suit to foreclosure. If you live in a non-judicial state, the mortgage company will simply mail you a letter giving you the date and time that your property will be auctioned off.
- After the auction, you will have to pay any deficiency if the sale did not get enough to pay off your mortgage in entirety.
If you fall behind on your payments, don’t wait until you are on step 3 to get help. The longer you wait, the more fees you will likely end up paying. Get in contact with the bank right away to try to work out an agreement. If that doesn’t work, talk to a foreclosure attorney as soon as possible so that you can discuss your options and rights during a foreclosure.