Foreclosure Notice – Should I hire an attorney?
f the bank refuses to accept your mortgage payments, returns payments, or sends you a notice of foreclosure, it is likely that a foreclosure lawsuit is eminent. If no action is taken, you could lose your home. In addition to losing your home, you could also be held for liable for any deficiency that arises from the foreclosure sale. If the bank has stopped accepting your mortgage payments you should consult with counsel immediately to ensure the best chance of saving your home and avoiding liability for any deficiency should your home be sold at a foreclosure sale.
Many people believe that if the bank has stopped accepting mortgage payments or sent a notice of foreclosure they do not need to secure counsel, but can simply work with the bank to get the loan modified and avoid losing the home. This can put a home owners at a huge disadvantage as banks will “work” with a home owner to get the loan modified, while simultaneously pushing forward with a foreclosure action. Many individuals will not attempt to secure counsel until a foreclosure sale has been scheduled. Once a foreclosure sale has been scheduled there is very little even the most experienced foreclosure counsel can do to delay the sale, and often times bankruptcy must be filed to have any chance of saving the home.
If the bank has stopped accepting your mortgage payments, or sent you a notice of foreclosure, securing counsel right away preserves the highest number of options in defending the foreclosure. Additionally, if you secure counsel early enough in the foreclosure process, (generally as soon as the bank stops accepting mortgage payments or sends a notice of foreclosure) you likely will be able to take advantage of court mediation and modify the loan.
If the bank has stopped accepting your mortgage payments, returned mortgage payments, sent you a notice of foreclosure, or you are at any point of the foreclosure process give me a call today and I will answer questions you may have and evaluate your options and suggest strategies to help you save your home and avoid any liability should foreclosure occur.