Your home may be the only place where you and your family feel safe and secure. It’s where your children grow, where you spend mornings around the breakfast table and evenings on the couch in front of the TV. If your home is foreclosed on, you’re in jeopardy of losing it all. But this isn’t always the case. With the help of a foreclosure defense lawyer, you may be able to save your home.
Not all foreclosures lead to the homeowner and their family vacating the place they called home for so long. Many are unaware of the different ways in which you can remain in your home, even after defaulting on your mortgage.
Consequences of Foreclosure
Foreclosure may seem like an escape to some. If you’ve fallen on tough times and can no longer afford your payments, or are so far behind and have months’ worth of payments to make up, having the mortgage company foreclose on your home may seem like gift. Here. Take the keys. I’m out of here.
Unfortunately, your obligation doesn’t end when the bank recovers those keys and all of your belongings are out of the home. Without a foreclosure defense lawyer, when a mortgage company forecloses on a home and is forced to sell at an auction or short sale, the chances of them breaking even on that loan are low. Therefore, they seek a deficiency payment, which is the difference between what was owed on the loan and what they were able to sell it for. So if you owed $200,000 on your home and the bank could only sell it at auction for $120,000, they will come after you for the difference.
Imagine that. You’re told to leave your home and you need to give them $80,000. While your financial nightmare seemed to end when you turned over those keys, it actually got worse.
Foreclosure has many other negative effects on your way of life, such as:
- Damage to your credit
- Inability to find another residence, home or apartment, due to the foreclosure
- Forfeiture of future Fannie Mae mortgage loans for a two-year period, as guidelines disapprove of anyone with a foreclosure during this time frame
What Are Your Options?
Foreclosure litigation is a constant battle with the powerful opponents and developing law. Today, while some changes have occurred to protect homeowners from the abuses, banks continue to violate your rights. To win this fight, you’ll need a skilled foreclosure defense lawyer with experience in litigation by your side.
Your only options when facing a foreclosure isn’t to leave the home with your head down. Here are some of the options we can help you consider when facing this dilemma:
- Loan modification
- Forbearance agreement
- Repayment plan
The goal of these options is to get your loan reinstated, meaning to get it back to current. If the banks are harassing you for money owed and have yet to discuss these options with you, they may not be following legal guidelines.
We’ll Help You Keep Your Home
If you have been a victim of a financial crisis and have had the unfortunate experience of facing a foreclosure, please know that you aren’t out of options. With an experienced foreclosure defense attorney by your side like us, you have a higher chance of being able to remain in your home.
We have handled hundreds of foreclosure cases and won cases at trials—something many homeowners are unaware of even being a possibility. We have also successfully modified and settled many cases without the need for excessive litigation.
We will personally meet with you, evaluate your case and financial situation, and together we will decipher the best decision for your future and your families.
We have experience handling cases in:
- Pre-foreclosure litigation
- Foreclosure defense
- Mortgage modifications
- Breach of modification contracts
- Consumer complaints
- Sales and short sales
- Wrongful foreclosure
- Lender violations
- Deficiency judgments
Looking for guidance? Give us a call today. We’ll aggressively fight the powerful companies looking to dig deeper into your pockets during difficult times.