When foreclosure proceedings start, it is important to have an experienced lawyer on your side. If you’re like most people, you may not know where to turn or what to do. A foreclosure lawyer will help guide you through the process and protect your interests. By working with The Law Offices of Neil Crane, you can ensure that you receive fair treatment and the best possible outcome. There are many complex legal issues involved in a foreclosure proceeding, so it is crucial to have someone who knows the law inside out on your side. If you’re facing foreclosure, here are six steps to stop it.
- Know your rights
Under federal law, you have the right to stay in your home until the foreclosure is final. You might get a notice of sale or a notice of default, but that doesn’t mean you have to move out right away. Depending on how long the foreclosure process takes in your state, you could be in your house for months or even years after getting that notice.
- Pay what you owe
The first thing to do when you receive a notice of default is to pay what you owe — including late fees and penalties (but not attorney’s fees) — immediately. That will stop the foreclosure process and allow you to stay in your home until the next time you miss a payment.
- Contact Your Lender Immediately
Don’t let your fear of talking to your lender stop you from doing it. Pick up the phone and call as soon as possible. The sooner you start a discussion with them, the more likely they’ll be able to help you. Foreclosure is a stressful process, but it doesn’t have to be. The Law Offices of Neil Crane offers expert legal advice from qualified foreclosure lawyers for homeowners in the middle of foreclosure proceedings.
- Ask For A Loan Modification
Most times, a loan modification will give you a lower monthly payment or an extension of your repayment period. Let them know that if they don’t agree to one of those options, you’ll have no choice but to file for bankruptcy protection. This is usually enough incentive for them to come up with a solution that works for everyone.
- Try forbearance or deferment.
These programs give borrowers a temporary break from making mortgage payments while they get back on their feet financially. They might not be ideal, but they can prevent foreclosure in the short term while you work on a more permanent solution.
Apply for a short sale or deed-in-lieu of foreclosure. These options allow homeowners who owe more than their homes are worth (or who can’t afford their monthly mortgage payments)
- Read Your Foreclosure Notice Carefully
The first thing you’ll receive after missing a payment is a notice of default (NOD) or notice of intent to speed up (NOI). These notices are the start of the foreclosure process and tell you that if you don’t make up for missed payments (plus fees and costs), the lender will foreclose on your mortgage. The only way to stop a foreclosure once it’s started is to pay off the loan in full.