Many residents are suffering through these difficult economic times and are concerned about foreclosure. We can answer any questions you may have about foreclosure or bankruptcy.
What Does Foreclosure Mean?
When a home owner falls behind on mortgage payments, the bank can file a lawsuit called a “foreclosure”. If the bank is successful with the foreclosure lawsuit, they can take possession of your property as payment on the remaining mortgage amount.
The foreclosure proceeding can be rather complicated and filled with financial statements and dense bank documents. As your foreclosure attorney, we will communicate with the bank on your behalf. We will form a defense, and offer more creative mortgage repayment solutions to the bank.
Filing for bankruptcy can help strip off a second mortgage if the property is worth less than the mortgages on the property. Bankruptcy can help home owners make up past due payments with the mortgage company. Please contact us with any questions regarding concerns about foreclosure or using a bankruptcy filing to protect your property.
Purchasing a Property in Foreclosure
Once a property has gone into foreclosure, buyers can purchase it for a significant savings. If you are interested in purchasing a property in foreclosure, contact our office and we can determine your best course of action.