Buying your own home is a dream that so many people have and it is often the most valuable thing you will ever buy. Due to houses being so expensive these days, the vast majority of people will have to take out a mortgage to help pay for the property. Mortgage rates can often be very high, and along with the other financial obligations we all have, it can be easy to start falling behind on mortgage payments. If this happens, you can be at real risk of losing your home in a foreclosure. This is when the mortgage lender repossesses your home to sell again and get their money back. This can obviously be catastrophic and so it is really important that you take the necessary steps to protect yourself and your home.
To help everyone who finds themselves in this awful situation, here is what you can do if you are facing foreclosure.
1. IT’S VITAL TO ACT QUICKLY
No matter what the reasons for falling behind on mortgage payments, as soon as you receive notification of a foreclosure, you must act right away. With foreclosure cases, you only have a certain amount of time to respond to the complaint so swift action is always needed. When you respond, you will either need to accept or reject the allegations made in the complaint against you. If you are unsure why the complaint has been made, you can also respond by saying you don’t understand it. Any allegation which you admit to will be immediately accepted by the court so it is really important that you think carefully before responding. This is also your opportunity to state that you have a legal defense to the lawsuit and to make counterclaims against the mortgage lender.
If you do not respond in time or with the right information, the court will automatically judge the allegations to be true and will begin the foreclosure. Once the process has started, it is very difficult to stop it, which is why it is so important to get the initial response right.
2. YOU SHOULD HIRE AN ATTORNEY
As soon as you receive a complaint and a foreclosure summons, it is absolutely vital that you hire the services of a specialized foreclosure attorney. The folks at this law firm explain that your attorney will help you with the initial response to the summons and will help you to navigate through all the next stages of the process. Do not worry that your mortgage lender has already filed against you, with the help of an experienced attorney, it may still be possible to solve the problem without going to court. This may involve making arrangements to pay the outstanding mortgage payments or changing the terms of your loan so that you are better able to meet the monthly amount.
Foreclosure defense attorneys have years of experience representing homeowners who are facing one of the worst imaginable problems. Some may have previously worked for banks or their legal representatives so know the best way to fight against them. Like all attorneys representing a client, they will have only your best interests at heart and will ensure that you have the best possible chance of a positive resolution. In some states, mortgage lenders must go to court before they can even start the foreclosure process so you and your attorneys will have the chance to make your arguments.
3. THERE ARE VARIOUS ARGUMENTS YOUR ATTORNEYS CAN MAKE
No two foreclosure cases are the same and your best defense will depend on the specific circumstances of your situation. Your attorneys may be able to argue that the foreclosure complaint is based on incorrect information or that it was incorrectly filed according to the laws of your state. There are various reasons why they may be able to argue this. The person who actually filed the complaint may not be legally entitled to do so or may have no knowledge of your situation.
There may also be an argument that the mortgage itself is not valid. There are many legal steps in securing a mortgage and if your attorney is about to prove that any of these are incomplete then the foreclosure will be canceled and a new mortgage will need to be negotiated. For example, there may be an issue with the mortgage documents or the actions of the notary who authorized them. Your lawyers may be able to prove that you were sold the mortgage under false pretenses or as the result of illegal predatory lending.
Facing a foreclosure can be so emotionally difficult but it is really important that you don’t panic and reach out to an experienced attorney. Mortgage lenders regularly fail to follow the right procedures and your attorney may be able to find something in your case which protects you and your home.