FAQ'S
You are entitled to money if the home sells for more than what is owed on the mortgage. That is minus penalties, attorneys, and court fees as well as other possible expenses.
One way is to sell the house before the bank forecloses on it, which works if you have equity. If you receive a Notice of Default or Notice of Sale in the mail:
Our foreclosure team can help in other ways as well. A short sale can work, and save your credit score if the lender approves it. Our team specializes in short-sale negotiation and works with an investment firm if this is the route you choose.
Yes, you still owe the lender if the house doesn't sell at the loan's full value. A deficiency judgment may be collected for what you still owe if your state permits such action. You're not liable for the deficiency of purchase-money loans, or in some cases, deficiencies involved in judicial foreclosures.
Once you miss four payments, you're in danger of having your home foreclosed upon. You'll be charged a late fee after your first missed payment, and are considered to be in default once you miss your second. A demand letter will be sent by 90 days. The foreclosure process will usually begin after four months or 120 days.
It is possible. If there is a remaining loan deficiency after the foreclosure, the lender may proceed with further collections, even if it involves foreclosing other residences. By court order, they can attach a lien to another property and foreclose it.
Missing just one credit payment can negatively affect your credit score. If you continuously miss mortgage payments, it can severely damage your credit. If you are facing foreclosure, one way to avoid severe penalties on your credit score is a short sale.
The lender can take further collections actions, and even sue you for the remaining amount. That's why you need someone experienced with mortgage litigation in real estate to help.
If your mortgage is underwater, don't wait for lenders to make the first move. To say in your property and control negotiations, it is important to act before formal foreclosure proceedings begin. For some loans, a Notice of Default can be issued and foreclosure filings begin after only a few missed payments.
If you are at risk of defaulting on your mortgage, our foreclosure lawyers can help you manage the terms of your debt relief before the bank files a foreclosure action.