Our team of experienced attorneys and support staff have helped hundreds of people save their homes from foreclosure each year. If you, a family member, or loved one is facing foreclosure, are behind on mortgage payments, or have received demand letters from an attorney, time is of the essence and it is important to act quickly in order to preserve and protect your home from foreclosure.
Often times, foreclosures occur because of unexpected events that happen suddenly and leave people with a feeling of helplessness, such as a death in the family, a costly divorce, job loss or salary reduction, or a mountain of medical bills. Sometimes it is an adjustable rate mortgage (ARM) that has caused your monthly mortgage payment to skyrocket or a forbearance or loan modification with your bank has not worked out. Perhaps it is difficult for you to communicate with your bank and get a straight answer from any one of your bank's revolving door employees who never seem to be there when you call back. Or worse yet, you keep getting put into your bank's voice mail system and are left feeling frustrated, alone and in limbo during this difficult time.
Foreclosure Defined: A Court proceeding to extinguish all rights, title, and interest of the Owner(s) of property in order to sell the property to satisfy a lien against the property.
Foreclosure Trigger and Initial Steps:
Trigger: Three to Five missed payments, varies depending on actions of Borrower. Lender notifies Foreclosure Attorneys.
Lender's Attorney reviews the subject property's title to discover what liens exist.
Liens: Property Taxes, Mortgages, Judgments, Mechanic's Liens, etc.
Foreclosure Complaint is Filed and Summons is Issued
The Foreclosure Complaint is typically prepared within a month of a Trigger, usually in the fourth month after first missed payment.
Complaint: The Complaint is requesting the Court to deliver possession of the subject property due to a Borrower's violation of the terms of the mortgage and other remedies.
Summons: The Summons is a notice served personally by the Sheriff or by publication. The Borrower has twenty days to respond to the Complaint. Response time is Critical.
Lis Pendens is filed with Recorder of Deeds. The purpose of the Lis Pendens is to notice the public that there is litigation pending related to the subject property.
Right of Reinstatement: The Borrower also known as the Mortgagor has the statutory right to Reinstate the mortgage within 90 days of the Summons being served or the first date of publication being published. Must pay all costs and expenses required by mortgage to cure default (must get current on mortgage). The Lender may extend the time periods in some circumstances.
Initial Court Date: The Mortgagor will have to answer or otherwise plead (argue) to what is alleged in the complaint.
Judgment of Foreclosure: Court awards Foreclosure Final Summary Judgment if Mortgagor loses at trial, or if Borrower defaults (does not appear in court). Unfortunately, this is what occurs in the vast majority of cases. By not appearing in Court or hiring an Attorney the Borrower will lose their home.
Foreclosure Judgment awards property ownership rights to the Lender, but not actual title. The Borrower will retain title until the subject property is properly advertised and a sale is conducted and an order of possession in favor of the Lender is issued.
Foreclosure Sale: Upon entry of a Foreclosure Final Summary Judgment a foreclosed property may be sold. A deficiency judgment may now exist against the borrower.
Call us today to defend you from beginning to end in your foreclosure.
