FORECLOSURE DEFENSE

If you have been served with a foreclosure action, or have become victim of the slow economy and have fallen behind on your mortgage payments, don't wait! Contact us immediately to discuss your options and defense strategy.  We offer affordable rates starting at $550.00 down and $275.00 per month.

Unfortunately, many borrowers are not aware that they have rights, even when they have fallen behind in their mortgage payments.  Just like the lender, you have powerful rights -- including forcing the lender to prove its case, which requires more than just saying you are behind on your mortgage payments.  The lender needs to not only prove that you owe them the money, but also show how they calculated the amount due and that they actually own the mortgage. It is hard to believe, but this has proven to be difficult for the lenders to accomplish in many cases -- yours could be one of them!

Many times, lenders buy and sell mortgages and neglect to record an Assignment of Mortgage in the public records of the county where the property is located.  When the new lender files foreclosure proceedings, they are unable to show that they actually own the mortgage at the time they began the lawsuit.  An experienced foreclosure defense attorney uses this, and many other strategies, as leverage to negotiate with the lender on your behalf.

If a homeowner does not fight or defend the foreclosure action, then the case could be finished in as little as 60 to 90 days, and the homeowner must vacate the property thereafter.  However, if the homeowner retains an attorney to fight and defend the foreclosure, then the case can continue for well over a year and, frequently, even longer!  Depending on your strategy, several options are available to defend the foreclosure lawsuit and provide you with the opportunity to re-negotiate the terms of the mortgage, complete a deed in lieu of foreclosure, or complete a short sale of the property.

At the end of a foreclosure lawsuit, the lender has the option of obtaining a deficiency judgment against the homeowner.  This judgment is the total amount that the lender would have received in principal on the home loan less the amount of the sales proceeds from the foreclosure sale of the property plus costs and attorney's fees.  A foreclosure defense attorney can negotiate with the lender to waive their right to obtain a deficiency judgment against the homeowner in exchange for cooperation in the foreclosure lawsuit.  If this does not occur, then the future impact of a deficiency judgment could be devastating.