The foreclosure process occurs after 3 to 6 months of missed mortgage payments. Your lender will take legal action by filing a Notice of Default at the County Court. If you don’t correct the default on time, your lender will recover the balance owed form you by having your house sold at public auction.
Why people get into foreclosure
There are many reasons why people fall into foreclosure. Some people are victims of predatory lending and are stuck with too high of a mortgage, while others have suffered a job loss, or are paying off different types of debts, such as high interest loans or unexpected medical bills. No matter what caused you to get behind on your mortgage payment, the most important thing to remember when you are in foreclosure is that Alex has seen it all and he knows you have rights.
The Subprime Mortgage Crisis and the U.S. Foreclosure Crisis are perfect examples of how big banks can be unfair to borrowers during the home buying process. Borrowers are taken advantage of all the time through RESPA and TILA violations. Unfortunately, people often get into their dream homes without realizing they are signing into unfair loans. Having 7 years experience originating loans and defending lenders at Ocean Bank gives Alex inside-knowledge of fraudulent lending practices and an understating of how to exploit these violations. There are some foreclosure defenses that uncover bank violations and could get your foreclosure case thrown out.
What We Advise
It’s important that your foreclosure case gets handled the proper way. Simple things like how long you take to respond to a complaint, and how you interact with the court can cause you to lose your home. It’s also important to take logical steps; a foreclosure might seem like the end of the world, but there are always options. Before you rush into filing for bankruptcy, ruining your FICO score, and throwing away your financial freedom, contact us for a no-cost consultation.