Nothing is scarier or more overwhelming than the thought of losing your home. Aside from equity, your home likely has extraordinary sentimental value. Furthermore, you might not be sure of where you and your family will go if you are forced to leave.
Fortunately, you do have options. No matter where you live in the United States, foreclosure can be an incredibly fast process, and you have a limited amount of time to implement an effective defense strategy. As such, contacting an experienced professional as soon as possible is imperative.
Our lawyers have decades of experience with helping financially distressed homeowners. Troy is not just where we work — it is our community, and we are personally and professionally committed to putting our legal skills to work for families throughout the city.
Your Foreclosure Defense Options
Many people receive foreclosure notices and believe they have no choice but to leave their homes. However, your mortgage lender might not have followed proper procedures, which may invalidate the foreclosure process. You may also have various debt-relief options at your disposal.
- Negotiate a loan modification. This option is best in the early stages of your financial struggle. Lenders are much more likely to modify mortgages for a homeowner who is proactive and has not yet missed a payment. With our attorney as your dedicated advocate, you may be able to negotiate a mortgage modification such as a lowered interest rate, an extension of terms, a reduction of the principal, or a forbearance. The lender might even put your delinquent payments at the end of your payment plan, thereby curing the default.
- Raise a defense in court. Every state has a strict set of steps that mortgage lenders must follow before they can sell a person’s home and evict them from the property. Many people are surprised to learn that lenders frequently make mistakes, and our attorney’s job is to expose these mistakes and stop the foreclosure process entirely.
- File bankruptcy. All types of bankruptcy will trigger a court order called the automatic stay, which halts all collection actions — including foreclosure. Although the automatic stay lifts at the end of the case, bankruptcy can provide long-term relief because it allows debtors to catch up on payments, negotiate with their lenders, and otherwise resolve delinquencies. Chapter 13 is typically the most effective form of bankruptcy for distressed homeowners because it provides protection for three to five years.
No matter which strategy you choose, time is extremely limited. This is why we urge you to get in touch with us as soon as you believe you may default on your mortgage. The sooner you involve us, the more time we will have to utilize a high-powered defense strategy that will help you keep your home.
Facing foreclosure is a serious matter, so don’t hesitate to contact a lawyer to discuss your legal rights and options. At Wolfson Bolton, we offer confidential case evaluations completely free of charge, so you can get all the information you need at no cost or obligation to you.
Discuss your options during your free initial consultation by calling (248) 609-1855 or contacting us online. We offer same-day services as well as appointments on the weekend and after regular business hours.
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Troy, MI 48083