Normally, the foreclosure process begins when a homeowner fails to make the mortgage payments. Upon completion of the foreclosure, in order to recover the amount owed the lender will sell the home at auction. To get to this point is usually a long process that involves numerous steps to be followed.
However, it will not happen overnight, and the lender will not institute such a severe remedy unless you fail to make payments. In such a situation, it is wise to opt for some alternatives such as a short sale, loan forbearance, or a deed-in-lieu of foreclosure.
In case you have failed to make an alternative arrangement and have received a notice of an impending foreclosure, you have only 20 days from the date of service of the foreclosure complaint to respond. A common borrower cannot confidently navigate the legalities involved in foreclosure and hence it is wise to hire the services of a bankruptcy attorney to fight your case. The attorney will have an understanding of foreclosure laws in your state and can help you understand the process. By hiring an attorney, you will have undue attention and seamless counsel throughout the foreclosure process and will have excellent better chance adequately defend the foreclosure.
An option that may be available to a borrower is to file a Chapter 13 bankruptcy. Under this option a borrower is able to pay back the arrearages of what is owed over a five-year period.
For this option it is suggested you hire the services of an expert lawyer. They are well-versed in these legal matters and have a legal team which is skilled in providing aggressive representation. In case bankruptcy does not work they may have many other legal alternatives for you. For more information on the same, browse the net and hire the services of the best attorney in town who can fight your foreclosure case and help you out of this grave situation.
About The Author:
The Law Offices of Justin McMurray, P.A has served the Gainesville area for past 13 years and helps you make the wisest decisions regarding your financial situation so that your credit score is affected as little as possible.
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