Foreclosure Defense
Home mortgage foreclosures have been at an all-time high over the last four years due to the collapse of the housing bubble and recession, sinking real estate values, rising unemployment and many other factors.
Homeowners facing mortgage foreclosure undergo significant stress. If you have fallen behind on your mortgage payments, it’s not too late. You still have options. We can explore those options with you to find solutions to the problems that you face; however, you must act quickly! Find out what your options are before it is too late to save your home!
The worst thing a homeowner can do when a mortgage lender has declared a default or has begun mortgage foreclosure proceedings is nothing.
Contact us at the Drendel & Jansons Law Group today for a review of your loan documents and your situation.
Foreclosure Representation
We represent many people in home mortgage foreclosure. A number of legal defenses may be available to a homeowner in foreclosure, and there are a number of other possible ways to stop the foreclosure. A careful review of the loan documents may reveal issues with the loan documents that will allow you a successful defense against mortgage foreclosure. Banks were less careful in the past in the mad scramble to approve loans, loan refinancing, the sale of loans from bank to bank, and the lax practices that banks fell into in the past. Mistakes by the bank may give you an out or a defense that will save your home from mortgage foreclosure. Even if the loan documents are solid, there may be other ways to delay or even stop the mortgage foreclosure process.
Loan Modification
Many banks are now willing to renegotiate the terms of a mortgage that is in foreclosure. A loan modification can save your home from foreclosure and lower your monthly payments at the same time. Laws passed over the last several years require banks to consider loan modification in many circumstances. Banks often make the process difficult, however. Banks do not always provide the information you need to know, give advice or discuss the options. After all the banks are really just protecting their own interests. There are also many charlatans who promise loan modifications and debt relief who cannot deliver what they promise. They will charge high prices for empty promises.
- Call us at 630-523-0543 or email us for a consultation
- Obtain a realistic assessment of your situation
- Find out what options are available to you
Pie in the sky will not save your family home. We will be candid and honest with you. Our reputation is on the line. We will not make promises we cannot deliver. We will give you the real options, and we will work hard to achieve the very best solution to your problem that is possible to be obtained. Banks can be very difficult to work with and often do not want to provide the modification you seek, even when they are required by law to allow it. We have come to know the banks and how they work, and we will use our experience and knowledge to fight for the very best resolution of your situation that is available.
Other Options
Realistically, it is not always possible to stop a foreclosure or obtain a loan modification. Many clients that we see have gone past the point where these things are possible. Still, there may be other options to obtain debt relief and to put you back on the road to a stable economic position and to repair your credit. Those other options include short sales, deeds in lieu of foreclosure and other things. Short sales and deeds in lieu of foreclosure can help protect your already damaged credit from getting worse. They can save you from personal liability for any deficiency between the value of the property and the amount of mortgage debt you owe, but you must act quickly!
Contact us now to find out if these options are available to you.
A short sale is the sale of the property for less than the amount owed on the mortgage. Banks do not like short sales, but sometimes a bank will agree to a short sale rather than go through a long, drawn-out mortgage foreclosure proceeding. A short sale can save the bank (and you!) money in attorneys’ fees, court costs and delays that become expensive to the bank. Banks do not make the short sale process easy. The bigger the bank, the more difficult getting a short sale approved, and sold, tends to be. It can be a long and frustrating experience, but we have the knowledge, experience and patience to work through the hoops and obstacles that are often thrown in the way to get a short sale approved and the property sold, many times with no personal liability for the deficiency!
A deed in lieu of foreclosure is when the property is deeded back to the lender with an agreement to release the borrower from any further obligation. Again, banks do not like deeds in lieu of foreclosure because the bank must agree to accept title to the property and waive the personal deficiency, but a deed in lieu of foreclosure can save the bank (and you!) thousands, and often tens of thousands, of dollars in attorneys’ fees court costs and expensive delays.
These strategies are only effective when the timing is right: before the property is ordered to be sold at a sheriff’s sale and ideally before a judgment for foreclosure is obtained by the bank. The foreclosure case does not stop during negotiations of a workout! The foreclosure will proceed ahead even if you are negotiating with the bank. If you wait too long to start the process, it will be too late to finish it before you lose the house in foreclosure. If you do not start early enough, you will not be able to save your credit from further damage or save yourself from liability for the difference between the value of the house and the amount of mortgage debt you owe.
Sometimes the best option, and maybe even the only option, is bankruptcy; but other options short of bankruptcy may get you the debt relief you need. Most importantly, if you find yourself in a situation in which you can no longer keep up with the mortgage payments, your house is underwater or for whatever reason you are afraid you will lose your home to mortgage foreclosure, do something! Empower yourself with information! Find out all of your options before choosing your direction, and then take the action the works best for you to save your credit, relieve the stress that comes with debt and maybe even save your home!
If you would like to speak to someone about your situation and the options available to you:
- Call to schedule an appointment at 630-523-0543
- Email us for further information
- See also the bankruptcy page
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.