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Foreclosure

The ultimate fear of any homebuyer, foreclosure is a grim possibility that looms over many borrowers who fall behind on their mortgage. But how likely is a foreclosure? And what can be done to prevent it?

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The Piatchek Law Firm, LLC

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20 years in practice
Adoption, Advance Healthcare Directives, Alimony, At-Fault Divorce, Auto Accidents
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Capital Partners Law

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4 years in practice
Binding Contracts, Breach of Contract, Business Arbitration, Business Contracts, Business Dissolution
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Capital Partners Law

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4 years in practice
Binding Contracts, Breach of Contract, Business Arbitration, Business Contracts, Business Dissolution
View Profile

The Piatchek Law Firm, LLC

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20 years in practice
Adoption, Advance Healthcare Directives, Alimony, At-Fault Divorce, Auto Accidents
View Profile

Repossession of Mortgaged Property

A foreclosure refers to any repossession of property purchased with a mortgage loan. Lenders cannot foreclose at will and usually must go through a lengthy legal process in order to get to a foreclosable state. Understanding the markers for foreclosure and pre-foreclosure as well as how to fight a foreclosure can be invaluable for navigating this daunting area of real estate law.

Foreclosure Vs. Pre-Foreclosure

In order for the pre-foreclosure process to begin, the borrower must be found in default on their mortgage. The exact conditions for being found in default vary from mortgage agreement to mortgage agreement but a general rule for finding someone in default is if they miss three consecutive months of payments. Once this occurs, the pre-foreclosure process begins with the issuance of a notice of default to the borrower. At this stage, the notice may be intended to be used as a way to galvanize the borrower to negotiate a loan modification or backdate payments rather than pursue the expensive process of foreclosing on a property.

If no agreement is reached, then after a lien is placed on the house, which gives the lender a legal claim to the property, the foreclosure process can begin. Typically if the borrower can settle up within 30 days, the mortgage loan can be reinstated. Otherwise, the lender will begin to bring forth a case demonstrating how in their opinion, the borrower has defaulted on their mortgage loan, failed to live up to the terms of the agreement, and thereby is no longer authorized to occupy the property in question. If the judge finds in favor of the lender, then the property is foreclosed on and the borrower and any co-occupants must leave.

Fighting a Foreclosure

Fighting a foreclosure is difficult, even more so if the individual fighting is a lone layperson unfamiliar with real estate law. However, there are some defenses that can be raised against a lender’s foreclosure case. First, if the lender failed to notify the borrower of the foreclosure, that can be enough to have the current proceedings invalidated. Additionally, if it can be shown that the lender improperly omitted prompt payments on the mortgage in order to instigate a foreclosure, that can also be a defense against the foreclosure proceeding. Finally, if the lender broke some terms of the mortgage agreement in filing a foreclosure case, that infraction may also be enough to tip the scales in the favor of the borrower.

Helping You Command The Market

If you are facing a foreclosure or pre-foreclosure, you will need the help of an experienced real estate law attorney. A real estate attorney is able to focus completely on your case, zealously advocate for your interests, and get you the best possible outcome.

In order to achieve this best outcome, however, you will need an attorney who has the expertise and resources to take your case all the way. That’s why you should contact Attorney at Law. By partnering with AAL, you will be able to avoid slogging through the quagmire of unscrupulous lawyers looking to exploit your case.

At AAL, we only partner with the best firms in your area, helping you find the best attorney for your case. Don’t wait, contact AAL today to be matched with skilled and experienced attorneys in your area who practice real estate law.

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Foreclosure Frequently Asked Questions

1. What is foreclosure?

Foreclosure refers to the legal process of a lender taking possession of a piece of property purchased with a mortgage loan. Foreclosure can happen to a house, condo, business, or any other mortgaged property.

2. What is pre-foreclosure?

Pre-foreclosure refers to the period of time where a lender is taking actions that can ultimately conclude with foreclosure but have not reached that stage yet. Pre-foreclosure includes the buyer’s violation of the mortgage agreement and an issuance of a default judgment. 

3. Can I stop foreclosure?

Once a foreclosure proceeding has begun there are some ways to stop it. Some, like short selling the house or deeding the property back to the bank will accelerate the process. Other ways, like declaring bankruptcy or applying for a loan modification are radical steps that can stop a foreclosure for a period of time.  Regardless of how you plan on delaying a foreclosure, consulting with an experienced real estate attorney can vastly improve the likely outcome of your case.

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