A Foreclosure Defense Network lawyer is your foreclosure defense lawyer.We are here to help you. We are your foreclosure defense lawyer source. The choice of an attorney when you are Facing foreclosure on your home can be the most important decision you can ever make. It is a is frightening vulnerable situation. You need an experienced foreclosure defense attorney. Our homes are our most important possession, and hardworking individuals are often faced with the threat of foreclosure through situations over which they have no control. Let an experienced foreclosure defense lawyer from our legal team go to work for you.
What is Foreclosure?
Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership of the property that secures the loan. The foreclosure process begins when a borrower defaults on loan payments and the lender files a public default notice, called a Notice of Default (NOD).
The foreclosure process usually ends one of four ways:
1. The borrower/owner avoids foreclosure using a foreclosure prevention program during a grace period (pre-foreclosure). Two main solutions are possible with many variations:
A. A loan refinance or new loan is obtained to pay off late payments and bring the loan current.
B. A mitigation specialist works out new payments with the lender to avoid foreclosure.
An expert can help you with these options here
2. The borrower/owner sells the property to a third party during the pre-foreclosure period. The sale allows the borrower/owner to pay off the loan and avoid having a foreclosure on their credit history.
3. A third party buys the property at a public auction at the end of the pre-foreclosure period.
4. The lender takes ownership of the property, usually with the intent to re-sell it on the open market. The lender can take ownership either through an agreement with the borrower/owner during pre-foreclosure or by buying back the property at the public auction. These are also known as bank-owned or REO properties
Choosing the right foreclosure defense lawyer can be the most important decision you can ever make. Call our Foreclosure defense lawyers with confidence.
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