Foreclosure

Foreclosure is a legal process by which a lender takes possession of a mortgaged property because the borrower has defaulted on their mortgage payments. When a borrower fails to make their mortgage payments the lender may initiate a foreclosure action to recover the amount owed. By foreclosing and then selling the property the lender can then recover the outstanding balance.

The Foreclosure Process

The foreclosure process typically involves several steps, including notices to the borrower, public auction of the property, and transfer of ownership to the highest bidder or the lender itself. Foreclosure can have serious consequences for the borrower, including the loss of their home and damage to their credit score.

Hiring an attorney to navigate the steps of a foreclosure can be beneficial in several ways. Here are a few reasons why you might consider hiring an attorney if you are facing foreclosure:

  1. Legal knowledge and expertise: An attorney who specializes in foreclosure will have a thorough understanding of the legal process involved in a foreclosure. They can explain the process to you and help you understand your rights and options.
  2. Negotiating with lenders: An attorney can negotiate with your lender on your behalf to try to work out a solution that allows you to keep your home, such as a loan modification or a repayment plan.
  3. Protecting your rights: An attorney can help ensure that your rights are protected throughout the foreclosure process. They can review all notices and documents related to the foreclosure to ensure that your lender is following all applicable laws and regulations.
  4. Filing legal documents: An attorney can prepare and file all necessary legal documents related to the foreclosure process, which can be complex and time-consuming.
  5. Court representation: If your foreclosure case goes to court, an attorney can represent you in court and argue on your behalf.

get in touch

Toby Shanner - Shanner & Associates

Frequently Asked Questions

Do I need a lawyer to help me with a foreclosure?

While you are not required to hire a lawyer to help you with a foreclosure, it is highly recommended that you do so. A foreclosure is a complex legal [...]

Will I be liable for any remaining debt after a foreclosure?

In some cases, yes. If the foreclosure sale does not generate enough money to pay off the remaining balance on your mortgage, you may still be responsible for the [...]

Can I stop a foreclosure once it has started?

It may be possible to stop a foreclosure once it has started, but it can be difficult and may require legal assistance. Here are some possible options: Loan modification: [...]

What is a short sale and how does it differ from foreclosure?

A short sale is a process where a homeowner sells their property for less than what is owed on the mortgage. The proceeds from the sale are used to [...]

How long does the foreclosure process take?

The foreclosure process timeline can vary depending on the state laws and the specific circumstances of the case. In general, the foreclosure process can take anywhere from a few [...]

If you are facing the possibility of foreclosure, don’t wait until it’s too late.

Contact us today to schedule a consultation with an experienced foreclosure attorney who can help protect your rights and explore your options for avoiding foreclosure. Our team has the legal knowledge and expertise to guide you through the process and fight for the best possible outcome. Don’t face this difficult situation alone – let us help you take control of your financial future.