Being served a foreclosure notice by a mortgage lender can be stressful and intimidating. The idea of losing one’s home due to falling behind on mortgage payments can lead to feelings of helplessness or even anger. Trying to manage the foreclosure process on their own is difficult, as foreclosure laws and procedures are complicated and often difficult to understand. Here are ways a foreclosure defense lawyer can help

Are There Any Options to Avoid Foreclosure?

There are, and a foreclosure defense attorney will be familiar with them, able to explain them to the debtor and help them determine if any will work. Among the possible options:

  • Loan modifications
    • This involves negotiating with the lender to change the mortgage terms. When someone has a temporary financial setback but thinks they’ll be able to pay all or some of what’s still owed at some point, they can try and have the loan term extended, interest rates reduced or changed from variable to fixed, or gain forbearance on the part of the principal. They can also consider refinancing with another lender.
  • File Chapter 13 Bankruptcy
    • Chapter 13 bankruptcy may be a good option, too, not least because it can halt the foreclosure proceedings while the bankruptcy proceedings take place. If the bankruptcy court approves the bankruptcy, the debtor could be given several years to try and catch up on payments and retain the home.
  • Deed in Lieu of Foreclosure
    • A deed in lieu of foreclosure (also known as a short sale) means the debtor voluntarily turns home ownership back to the lender to avoid foreclosure. That means foreclosure doesn’t appear on a credit report.
  • Challenge the Terms of the Mortgage
    • In some cases, there may be terms and clauses in the mortgage that either violate state laws, are misleading, or are simply in error. An experienced foreclosure lawyer will know what to look for and how to raise those issues in court.

What Is the Process for Foreclosure?

Foreclosure can take several months, even more than a year, and it’s comprised of various steps with deadlines and response requirements. The paperwork alone is extensive, and there are different response waiting periods. An attorney specializing in foreclosure knows the process and will make sure no step is missed, which could otherwise negatively affect the debtor.

Special Protections for Military Members

If the debtor is an active military member, they have additional protections that the attorney will understand and pursue under the Servicemembers Civil Relief Act. This act is comprehensive and can be difficult for laypeople to understand. An attorney will understand it and ensure the military member receives the rights and protections it affords them.

Let Us Advise You

If you or someone you know is facing a foreclosure, call us at 708-575-1500 to work with one of our experienced foreclosure defense attorneys.