Foreclosure Defense / Rehabilitation:
We can help you defend against a foreclosure. In defending against an impending foreclosure, there are several options available, but the longer you wait, the fewer the options that are available to you, so contact us today.
Available Options to defend against a Foreclosure:
- Filing a bankruptcy will immediately stop the foreclosure process.
- A Chapter 13 bankruptcy can help you save your home. A Chapter 13 repayment plan is developed that allows you to make payments for the next 3 to 5 years to catch up on your mortgage arrearages and stay current with your mortgage. Additionally, we may be able to get rid of your second or third mortgage or home equity line of credit if your house is under water.
- Filing a Chapter 7 bankruptcy will stop the foreclosure process and allow you to remain in your home a few extra months.
- Foreclosure Fairness Mediation:
- The Foreclosure Fairness Mediation Act (FFMA) passed in 2011 requires banks to mediate with homeowners in the presence of an impartial mediator. This may lead to a loan modification, deed in lieu of foreclosure, or another plan to allow the homeowner to keep the home.
- Loan Modification:
- A homeowner is able to keep their home after negotiating the terms of their home loan with the lender. Sometimes this will result in a lower monthly payment and/or interest rate.
- Deed in Lieu:
- A homeowner voluntarily surrenders their home and transfers it back to the lender. The homeowner avoids a foreclosure or short sale but may encounter tax consequences.
- Short Sale:
- A homeowner can sell their home for less than what they owe on it with approval from their lender.
- This is a good option for homeowners with HOA dues but not the best option if there is a second or third mortgage or home equity line of credit on the home.
- Sometimes the homeowner will still be responsible for the deficiency between what they owed on the mortgage and what the property sold for. There may also be tax consequences for the seller.
- Temporary Restraining Order:
- A temporary restraining order on the sale of the property may be obtained to stop a foreclosure sale if the requirements of the foreclosure process are not followed.
- Wrongful Foreclosure Litigation:
- In very rare cases, a foreclosure may be set aside if it the foreclosure was wrongful.
Call 253-631-6484 to talk to your foreclosure defense attorney today.
We can make your life easier and less stressful. I guarantee it.