Definition of Foreclosure: A legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.
The Foreclosure Process
Typically a lender will begin the foreclosure process once four or more payments are missed. Once you have passed your grace period or your grace period is coming to an end, the lender will send out a “Notice of Intent to Accelerate” This is the lender advising that you are going to incur more fees such as legal fees and a last resort to cure your delinquency. If this is not resolved you will then receive a “NOD” (Notice of Default). This is the initial document filed to begin the foreclosure process. Once you are served a summons also considered a law suit or compliant, this is a good time to contact an attorney for Foreclosure Defense. You have a certain amount of days to respond to the summons.
For all people, the thought of foreclosure is an extremely stressful and difficult time. Defending foreclosure is necessary to ensure that your legal rights are protected. We are dedicated to assisting homeowners at risk of losing their homes. There are many alternatives to foreclosure and with the right defense attorney by your side; this will maximize your chances of winning your case. If you are in foreclosure and need financial help, call us today for a free consultation.
Although we cannot guarantee outcomes; our partners can help you with the task of saving your home. We will take your information and calculate what programs match your situation and we’ll recommend the right attorney to help you with it. Our advise is free, but is also very valuable.
Send us a few details regarding your situation and we’ll let your know what loan modification programs you qualify for.