Stop Foreclosure – Save your property now
Legal help to stop foreclosure: Save your property now
This is not legal advice. You should seek legal advice by contacting one of the lawyers or law firms registered with our legal directory.
Keywords: Asset Protection lawyer(s), Asset Protection law firm(s), Asset Protection attorney(s)
If you have fallen behind your mortgage payments, then a threat of foreclosure is certainly disturbing you day in and day out. The very home for which you have been paying mortgaged for a long time using your hard-earned money may soon be snatched from you, since you failed to pay its mortgage in full. After all, the home is not yours until you have paid its full mortgage.
Just merely thinking about this has kept you awake at nights, what about if this finally happens? However, the good news is you still can do something to save your property before it’s too late. Taking legal help to stop foreclosure and thus save your property is the best way out. So, let us look at what foreclosure means and how you can get legal help from an asset protection attorney to stop this.
What is foreclosure?
When you buy a new home on mortgage, you need to pay the bank or mortgage lender a fixed amount of money every month until you pay the whole purchase amount in full. Until this, the home is owned by you as well as the bank or mortgage lender. If you fail to pay your mortgage for certain months, then you can lose your home.
This process in the legal vocabulary is known as foreclosure. In addition to losing your home, a foreclosure comes with additional legal fees, along with foreclosure fees. You can also get a deficiency judgment, if your due liens surpass the current value of your house.
How foreclosure works?
Foreclosure can be quite confusing for a lay person. Therefore, it is necessary that you understand how it works, so that you can save your home from a foreclosure. You can take help from an asset protection lawyer or an asset protection law firm in order to better understand foreclosure.
• When you miss some of your mortgage payments, the mortgage lender sends you a notice informing your default loan position. In the notice, they also write down the amount of money that you must pay in order to recover from this default position.
• You will be given a time frame of a month after receiving the notice, after which the foreclosure process will start.
• You will be informed about the foreclosure process through a notice that is send via your mortgage lender’s lawyer. This will encase the amount that you must pay to shun foreclosure.
• In case you are not able to recover the mortgage default, your home will be put on sheriff sale by the mortgage lender. You will be provided with the sheriff sale notice at least 4 weeks prior to the sale date.
• Your home will be sold to the one who bids the highest on your home, which is generally the bank.
What to do in case of a foreclosure?
So, what can you do in case you face a foreclosure? One of the things that you can do is to take help from an asset protection attorney. You can take legal help to stop foreclosure and save your property now. These points will help you in doing so.
1. If you have not paid your mortgages, then do not wait for the foreclosure to begin. Instead, you must contact an asset protection lawyer right away, so that you can get free of the legal proceedings of a foreclosure as soon as possible.
2. One other thing is to call your mortgage lender and ask them to re-structure your mortgage plan.
3. With the help of an asset protection law firm, you can file for bankruptcy and thus halt the foreclosure sale at the instant.
4. You can also file a lawsuit with the help of your asset protection attorney, in case your mortgage lender is using a non-judicial procedure in the foreclosure. It can be done when your lender is completing the foreclosure process outside the court system.
5. You also have to option to refinance, which in turn will make payments easy for you and help you catch up. However, for this you must first qualify and show that you can make the payments in full.
6. A forbearance plan can be setup with your mortgage lender, which will suspend or relieve payments till you can pay them off.
7. With the help of an asset protection law firm, you can delay your sheriff sale, if you feel you can pay off the outstanding mortgages pretty soon or if you want some time to become eligible for a loan modification. For instance, if you are expecting money from a different source or if you have just joined a new job.
Thus, by getting legal help, you can stop foreclosure and thus save your property. You can also contact one of the best asset protection lawyers and save your property from foreclosure by halting it or altogether avoiding it.