The idea that you may lose your family home to foreclosure can be a confusing and stress-inducing situation. Falling into arrears on a mortgage is always a serious matter and even a single missed payment could justify a lender trying to seize your property. Thankfully, there are steps that you can take to prevent this loss.

With an office located in Spring Lake Heights, a partner attorney is ready to consult with you regarding foreclosure defense. In many instances, the experienced team at Gillman, Bruton & Capone is able to help people remain in their homes through the renegotiation of a current mortgage agreement. In other situations, our attorneys guide families through the bankruptcy process that allows them to name their home as an asset that is exempt from liquidation.

The Foreclosure Process and How Lenders Might Seize a Home

Banks cannot act unilaterally to force a family out of a home. In fact, there are many procedures in place to give homeowners warning of a debt default and the chance to defend their alleged non-payment and right to foreclose in court.

Every foreclosure must begin with the lender’s notice to the borrower that their account is in default. If a borrower fails to make all back payments, the lender can send a letter stating their intent to start the foreclosure process through the court. This notice will include a description of the property, the reason that the mortgage company is trying to foreclose, how to cure the default, information on what happens if you do not cure the default, details on your right to sell that property, and stating your right to an attorney.

Following this notice of intent to foreclose, the lender can file a formal lawsuit in a local county court demanding the seizure of the property. Regardless of what stage of foreclosure your house is in, a foreclosure defense attorney from our Spring Lake Heights office can step in on your behalf to communicate with a lender or the courts in order to help keep you in your home.

Filing for Bankruptcy Protection to Prevent a Foreclosure of Your Home

A Chapter 13 bankruptcy plans can help homeowners to discharge many forms of debt. This includes any debt that accrues from a mortgage on a home. Chapter 13 plans allow a person to keep many assets, but they must make monthly payments to the court over the course of multiple years to cure the arrears on a mortgage or allow you time to negotiate a resolution through a loan modification or sale..

A significant benefit to filing for bankruptcy protection is that a portion of a home’s value is an exempt – or protected – asset. This means that the court cannot order the sale of this asset to pay creditors. Combined with a loan modification, this often results in homeowners escaping out from debt and entering into a new, more affordable payment plan.

Exploring Alternatives to Bankruptcy

Of course, bankruptcy might not be the only option for saving the family home. In fact, it should be the last resort. Instead, our foreclosure defense lawyer with an office in Spring Lake Heights fights to help homeowners explore other potential choices.

One solution to preventing a foreclosure is to enter into negotiations with the mortgage company. Foreclosures are a time-consuming and expensive legal process. If a mortgage lender has any belief that they will receive regular payments from a homeowner in the future, they are likely to participate in negotiations and refinancing meetings. We are prepared to represent your interests in these sessions to keep you in your home while avoiding the complications and expenses involved in bankruptcy.

Reach Out to a Spring Lake Heights Foreclosure Defense Attorney Now

Learning that a bank or other lender has initiated foreclosure proceedings on your home should result in immediate action. While foreclosure itself is a lengthy legal process, starting to promote a formidable defense can occur immediately.

Gillman, Bruton & Capone is ready to help you with the foreclosure defense process. With an office located in Spring Lake Heights, our services include disputing missed payments, challenging the legal process involved in seeking a foreclosure, and representing your interests in negotiating a new mortgage plan. In addition, if bankruptcy is the right choice, we are here to prepare and file a petition on your behalf. Contact us now to schedule a free case review to discuss your options.