Mortgage foreclosure defense is a serious matter. If you find yourself in a situation where your mortgage lender is threatening, or has filed a foreclosure action against you, it is important to defend yourself as soon as you can.
One way to avoid mortgage foreclosure is to modify the mortgage. A modification may include:
- A reduction or change in the loan’s interest rate.
- A reduction in the loan’s principal.
- A reduction or elimination of late fees and penalties for non-payment.
- A reduction in your monthly payment.
- Forbearance, to temporarily stop making payments, or extend the time for making payments.
Here are the typical steps in a foreclosure case:
- Filing of Foreclosure
- Personal Service of Summons
- Foreclosure Judgment and Order of Sale
- Reinstatement Period Expires (90 days after personal service)
- Redemption Period Expires (7 months after personal service or 3 months after judgment, whichever is later)
- Foreclosure Sale
- Foreclosure Sale Confirmed
- Right to Possession Expires (30 days after foreclosure sale confirmed)
- Eviction by Sheriff of Named Parties
- Recording of Foreclosure Deed
Regardless of where you are in the process, having legal representation can prolong the process of foreclosure greatly, allowing you to stay in your home for more than a year from the filing of the lawsuit.
The Law Offices of Lora Fausett P.C. provides real estate law services including loan modifications, buying and selling legal assistance, short sales and deeds in lieu, mortgage foreclosure defense, and more.