Homeowners facing foreclosure are often able to remain in their homes for an extended period of time. This is true even if they can’t make their regular monthly mortgage payments and/or property tax payments. This scenario is common where there is little or no equity in the property. Other homeowners find that declining real estate values have resulted in homes that are worth less than what is owed. By aggressively defending against the mortgage lenders, foreclosure sales (sheriff sales) can be postponed for up to two years. This allows homeowners time to stabilize their finances and make suitable relocation arrangements.

You Have Options

There are options available to homeowners in foreclosure that were not available in the past. In some cases, lenders can be forced to negotiate loan modifications. This is a preferred outcome for many people. However, loan modifications are not always possible or practical. The county mediation programs provide other methods for homeowners to avoid a monetary judgment while continuing to reside in their homes for an extended period of time.

Some of my foreclosure defense clients come to me with overwhelming credit card debt and/or other financial burdens. There is help available for them as well. There is an intricate interplay between foreclosure court and bankruptcy court which can often result in positive outcomes for clients. If bankruptcy is a necessity, the foreclosure case is automatically placed on temporary hold during bankruptcy proceedings. Some clients improve their chances for loan modification after they have discharged their unsecured (credit card, medical) debts in bankruptcy.

Timing is Important

It is important that a person facing foreclosure contact an attorney as soon as possible. The passing of time can eliminate options. It is best to consult with a foreclosure defense attorney immediately in order to discuss which options are best for you. While it is never too late to hire an attorney, homeowners need to be informed as soon as possible in order to maximize their foreclosure defenses options.