Foreclosure Prevention

If it ever reaches the situation in which an individual can no longer afford to make consistent payments on his or her mortgage, the mortgage lender may take the legal steps necessary to reclaim the home or property in order to recoup the standing balance on the mortgage or loan. This legal process is called foreclosure. An attorney from Price Law Group can defend you against this foreclosure process and help you fight to either keep your home or avoid foreclosing on that home. Facing a foreclosure alone can be highly stressful and incredibly complicated. Allow a skilled legal advocate to take this immense weight off your shoulders, so that you can focus on the more important aspects of life.

Once your mortgage lender forecloses on a home, that institution will usually sell the property, in most cases at an auction, and use the proceeds of that sale to settle your debts. Sometimes, the sale of your home does not cover the entire cost of the loan, in which case the lender may come after you for the remainder of the loan balance. If you have been served with a foreclosure notice, it is absolutely essential that you act immediately. Most likely, you will have little more than 30 days from the time you received your notice to take the steps necessary to prevent foreclosure.

Putting an End to the Stress

If you are facing foreclosure, one way to stop the foreclosure process is to file for bankruptcy. Many individuals turn to Chapter 13 bankruptcy in order to stave off foreclosure and catch up on back payments on their home through the payment plan they worked out with their bankruptcy trustee. It is very important that should you pursue bankruptcy in order to save your home that you continue making timely mortgage payments or risk having your mortgage lender petition the court to proceed with the foreclosure sale.