Foreclosure is the process by which a homeowner’s property rights are forfeited because of a failure to pay their mortgage. If the owner is unable to pay off the outstanding debt or sell their home in a short sale, the property will then go to a foreclosure auction. If the property still does not sell, it will become the property of the lending institution.
There are five stages to a foreclosure:
- Missed payments – If you fail to pay your mortgage, often due to hardships like unemployment, divorce or medical issues, you fail to meet the terms of your loan.
- Public notice – Three to six months after defaulting on your mortgage, a notice will be posted on your front door telling you that you are in danger of a foreclosure and eviction.
- Pre-foreclosure – You will enter into a 30 to 120 day grace period where you can work out an arrangement to halt foreclosure.
- Auction – Your home can be auctioned to pay your debt. The home is sold for cash to the highest bidder.
- Post-foreclosure – If the property fails to sell, the lender will take ownership.
Foreclosure is a long process. There are options you can take to hopefully avoid the loss of your home. Talk with a mortgage foreclosure attorney today.
Are you facing the threat of foreclosure?
Every year millions of homeowners throughout the United States are being dealt one of the biggest financial blows by being served with foreclosures. The number of foreclosures is almost reaching an epidemic level. It is even penetrating into communities that traditionally have not seen foreclosure levels above a fraction of 1 percent. Sadly, many of your friends, neighbors and even family members in the Long Island community are dealing with foreclosure or the potential for a foreclosure. If you are facing foreclosure, you can understand the stress, pressure, and anxiety that comes with this type of situation.
How can Blutter & Blutter help me with my foreclosure?
The team at Blutter & Blutter offers personal, one-on-one assistance that many other foreclosure defense attorneys do not provide. There is a good reason why so many people continue to invest in and work closely with our firm. We will provide you with a complete and total suite of services no matter your specific foreclosure situation. Blutter & Blutter can give you the kind of comprehensive assistance you need and deserve.
Your personal foreclosure attorney understands that all foreclosures are unique. We will use our knowledge and resources to approach your individual situation through strategic planning sessions and tactical implementation. If you are facing a foreclosure, in the middle of a foreclosure or are looking to get out before a foreclosure, Blutter & Blutter has the necessary expertise to help you navigate the situation. Our foreclosure lawyers can negotiate better settlement terms, loan modification, or other remedy to your situation. Our legal professionals will be with you step-by-step, offering the expert advice and assistance you need. We can also offer a number of specialists and experts in the foreclosure process.
Call us today to set up a free consultation and to receive more information on the subjects of foreclosure and bankruptcy.