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Foreclosure Defense Attorney, Bankruptcy vs. Foreclosure
What is the Best Way to Avoid Foreclosure Once the Process Has Begun?
Once the foreclosure process has run its course, it is too late. Foreclosure leaves a black mark on the homeowner’s credit history that may stay with them for as many as 10 years, making it harder and more expensive to obtain credit and to purchase things for anything other than cash. In the future while completing an application the question often appears; Have you ever had a Foreclosure. If you have, you must answer in the affirmative. The other potential issue with foreclosure is the banks’ ability to motion the court for a Deficiency judgment and potentially pursue you for the difference in the value of the property at the time of the foreclosure and what was due and owing on the mortgage.
The hiring of an attorney is most important to better understand what your rights are and to endeavor to fight the Foreclosure to the client benefit. Doing nothing is never the right answer. You must take action. Mistakenly, many homeowners facing foreclosure wait until the 11th hour to try and do something about it in order to avoid the after effects of home foreclosure. Once in default, the homeowner faces the real possibility of losing his or her home. Fortunately, there are a number of things that can be done to avoid home foreclosure:
Seek Legal Assistance Immediately. Hire an Attorney well versed in Foreclosure matters.
Cure the default by paying the loan current — in other words, pay up the back payments owed along with any penalties and interest.
Redeem the property by paying off the entire loan amount owed before the property goes to auction (this is the only option once the period to cure the default has expired).
Refinance the property, if the lender will allow it.
Sell the property outright — depending on whether the current market climate is a seller’s market or a buyer’s market this may not be as easy as people think.
Request a short sale from the lender — this option to sell the property for less than the amount owed on it also depends on the lender’s mood and cooperation.
File for bankruptcy and seek a “stay “of the foreclosure.
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DISCLAIMER: Legal information is not the same as legal advice! The information on the Consumer lawyers of America Web Site, the Law Firm of Henry N. Portner, PA is provided with the understanding that the authors and publishers are not herein engaged in rendering legal advice.
We may offer our opinion on; Loan Modifications, short sales, deed in lieu, reinstatement of loan or general pre-foreclosure information. As such, the information presented here should not be used as a substitute for consultation with professional legal assistance or other competent adviser. While we have made every attempt to ensure that the information contained on this Web Site has been obtained from reliable sources, we are not responsible for any errors or omissions, or for the results obtained from the use of this information.
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