When people apply for a loan, they are often genuine in their ability to pay back the debt. Finances, salary and living expenses can fluctuate over the years. At one point or another, a homeowner may unexpectedly fall into severe financial hardship, either due to losing a job or suffering a medical emergency. This may mean that the homeowner may get behind on mortgage installments. After a certain amount of time, the bank lender may file a foreclosure notice due to back payments. A homeowner likely wants to fight off the foreclosure, but has no idea where to begin.
During this time, it is not uncommon for a homeowner facing foreclosure to meet with an attorney who is familiar with such cases. If this is happening to you, you may want to consult with a knowledgeable legal professional in your area.
If I receive a foreclosure notice, who has it been sent from?
The bank who approved the homeowner a loan so they could purchase a house, is likely who the foreclosure notice is from. Not every person has the means to pay for the total cost of a home at the time of signing. So, the person applies for a home loan instead and when approved by a bank, monthly installments are calculated and expected of the homeowner for a fixed number of years (also known as a mortgage).
What if I am not late on my payments, but I have been underpaying?
Even if you are on-time when sending payments, if you have not been paying the amount required, it is still possible to be faced with foreclosure. This depends on the bank and how they want to respond to not receiving the full monthly portion for the home loan.
Can I fight a foreclosure?
Yes, once the notice has been received in the mail, the homeowner can respond by saying they want to fight against the foreclosure. Before doing this, a homeowner may want to contact the bank lender to see if a resolution can be made without further action. The bank may be able to offer a financial plan which satisfies both parties, where the homeowner can afford to pay and the bank does not have to continue the process of foreclosure.
Can an attorney help me avoid foreclosure?
Upon hearing about the foreclosure, a homeowner may turn to a legal professional for advice and guidance. It can be scary to hear that you are at risk for losing your home, and most people are not sure where to start when defending themselves. Depending on your financial circumstances, an attorney may be able to devise a defense strategy that permits you to remain in your home.
What if I think there was an error on my mortgage or foreclosure document?
It is possible that a mistake was made on the documents related to the home loan and/or foreclosure notice. An attorney, like the Timothy Kassouni lawyer, a real estate appeals lawyer in Sacramento, CA, can look over the paperwork to see if there are errors, misleading terminology or suspicions of fraud. If the documents related to the mortgage or foreclosure are flawed, then the foreclosure may halt immediately.