Understanding The Foreclosure Process
Whether you’re at risk of foreclosure or you’ve already received notice that the bank intends to foreclose upon your home, it is critically important that you both understand the ins and outs of this process and that you connect with an attorney for assistance as soon as you can. Depending upon where you live, the terms of your mortgage contract, and the nature of your circumstances, you may be in a position to save your home… even if it was just sold at auction.
Many states recognize many different rights of homeowners, including grace periods at various steps of the process, in order to better ensure that people can stay in their homes whenever possible. Attorneys who practice foreclosure law understand the unique laws applicable to foreclosures that occur in the states where they practice. Working with an attorney as proactively as you can – and not losing hope until all opportunities to stay in your home have run their course – can help to ensure that you ultimately win your foreclosure fight.
Phase One: Pay Up or Else
As an experienced foreclosure defense lawyer – including those who practice at The Law Offices of Ronald I. Chorches – can confirm, lenders usually want to avoid foreclosure when possible because foreclosure is an expensive, time-intensive process. As a result, they’re usually willing to work with borrowers who are struggling to make payments.
If you’ve received a reminder payment notice, a demand letter, or even a notice of default, there may be both time and opportunity to set things right. Work with a lawyer who can negotiate with your lender on your behalf in order to get you the best possible “deal” to remain in your home and to help you develop a plan to make manageable payments moving forward.
Phase Two: A Lender Takes Action
If you do not and/or cannot make good on your overdue balance within a certain amount of time, your lender will indicate that it intends to foreclose upon your property. In most states, you must be given notice of this intent and – if your lender intends to sell your home – notice of when and where your house will be sold. Again, there is still hope to be had at this stage of the process. Your home hasn’t been sold yet and there are still likely ways to resolve this situation in your favor. Speak with an attorney versed in your state’s specific laws about what your unique options are under the circumstances.
Phase Three: There May Still Be Hope
Finally, if your home has been sold at auction within the past few days, know that you may still be in a position to benefit from any grace period afforded to you under state law. While not all states allow homeowners to buy their home back after it has been sold at auction within a grace period, some states do. If your home has just been sold and you want to know whether any options remain available to you, speak with a foreclosure lawyer in your state.