Foreclosure Defense

When real property is posted for foreclosure, our firm can help you attempt to save the property. Typically, when faced with foreclosure, the following are your options:

(1). Temporary Restraining Order

This procedure involves filing suit against your mortgage lender in state court seeking to stop the foreclosure sale. This procedure is typically used as a short term solution (to allow a sale or refinance transaction to be completed), but can also be used when a claim is brought against your mortgage lender or damages caused by violation of a state or federal law.

(2). Chapter 13 bankruptcy

The United States Bankruptcy Code offers perhaps the most effective relief for a homeowner seeking to prevent foreclosure of his/her home. This is due to two primary rights afforded under Chapter 13 of the Code:

(A). The automatic stay, which is an injunction that is entered when you file a bankruptcy case that generally prohibits actions from being taken against you or your property; and

(B). The unlimited right to cure any default over of period of up to five (5) years through a Chapter 13 plan or reorganization.

(3). Workouts

Under certain circumstances, you might be able to avoid a foreclosure by entering into a voluntary workout plan with your mortgage company. Our firm does not generally get involved in this process because it is something you can do yourself without having to incur unnecessary legal fees. Be wary of any business that advertises services to assist you in a foreclosure workout. We have received many complaints over the years form consumers who paid for such services only to find out one the eve of the foreclosure sale date that the mortgage company would not work with them. It is much better to save your money and attempt to negotiate a workout agreement yourself. If you are interested in negotiating a workout, contact your mortgage lender and ask for the loss mitigation department.