Unfortunately, in today’s economy many families are facing foreclosure. It’s estimated that this year another wave of foreclosures will hit the U.S. Many families who aren’t facing foreclosures currently are only a paycheck or two away from foreclosure. Because of the dismal housing market, there may be few options for families facing foreclosures.
You may wish to attempt to negotiate with your mortgage company. In some cases, the mortgage company will work with you in order to avoid a default. Another way to avoid a foreclosure is to file a Chapter 13 bankruptcy, which automatically stops a foreclosure proceeding. However, for many people this is not a viable option for a variety of reasons – if you had a mortgage with an adjustable rate mortgage, and the rate skyrocketed, you may not be able to afford the monthly mortgage, even if you were current.
Another solution may be to attempt to sell the home or to refinance. However, in today’s market this is not always a viable option. With home prices down at the lowest levels in years, it can be hard to sell your house for what you owe on it, and short sales aren’t always a good option. If you have experienced job difficulties, it can be hard to refinance because typically a bank wants to see a solid work history in order to refinance.
If you are one of those families, this may be a scary time. However, just because you have been served with foreclosure papers doesn’t mean you are out of options. The best option for many homeowners is to hire an attorney and fight the foreclosure. You may have many valid defenses that you are not aware of. In addition, while you are fighting the foreclosure, you will not be required to make your monthly mortgage payment, which can give you valuable time to evaluate your options and make some decisions.
Many mortgage companies are finding themselves in hot water over a failure to keep good records, and for violating the Truth in Lending Act. You may be able to undo the foreclosure for such violations, and possibly even receive damages from the mortgage company.
Also, if your current mortgage company is not the same as the original lender, you could have extra options. There are special requirements that must be met when a mortgage is sold to another company, and if they aren’t met you could have valuable options for fighting the foreclosure.
Bottom line, millions of families in America are struggling right now in today’s tough economy, and more foreclosures are expected. If you have been served with foreclosure papers or expect to be served soon, call the foreclosure defense attorneys at National Consumer Law Group. You may have more legal options for fighting the foreclosure than you considered. Call us immediately. |