Foreclosure Attorneys

Foreclosure is the legal proceeding in which a bank or other secured creditor sells or repossesses a parcel of real property (immovable property) due to the owner's failure to comply with an agreement between the lender and the borrower called a "mortgage" or "deed of trust." Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, it is typically said that "the lender has foreclosed its mortgage or lien."

There are ways a homeowner may be able to avoid or stop a foreclosure:   

• Full Payment: If you are able to obtain and tender the full amount of your arrearage, including fees and costs, you can stop the foreclosure of a standard residential mortgage. However, most people lack the money to make a full payment.
• Mortgage Modification:  Depending on your circumstances, you may be eligible for a loan modification.  For instance, you may be able to extend your repayment term or modify your interest rate to lower your monthly payment to an affordable amount. 
• Federal Assistance Programs:  Certain homeowners at risk of foreclosure qualify for mortgage assistance from the federal government.  Options may include refinancing the mortgage into a new loan insured by the Federal Housing Administration.
• Chapter 13 Bankruptcy: Under a Chapter 13 bankruptcy, individuals can stop foreclosure proceedings and may cure delinquent mortgage payments over time - typically over a three-to-five year period. The arrearage is paid through a court-appointed official, while you resume your regular monthly payments to the bank in order to keep your home. A Chapter 13 can be filed at any time prior to the law day or sale date.