Fayetteville Foreclosure Defense Lawyer
For most individuals and families, a home will be the most important and significant financial purchase that they ever make. Not only does a home carry tremendous emotional importance and significance, but it is also a notable financial asset. As such, being threatened with foreclosure can be a terrifying prospect, and one that many individuals are not prepared to effectively handle.
The good news is that there are a number of different options available to help those facing foreclosure save their home and secure the peace of mind they desperately need at this stressful time. The Fayetteville foreclosure defense attorneys at the Bradford Law Offices, PLLC, have been helping people just like you protect their homes for nearly 20 years, and we are ready to put this experience and know-how to work for you and your family.
How We Can Help You Protect Your Home
If you suspect that your home is at risk of being foreclosed upon, or even if foreclosure proceedings have already begun, there are a number of different options available to help you save your home, including:
- Filing for bankruptcy
- Mortgage modification
- Negotiating with your mortgage lender
- Pursuing a Truth in Lending Act violation claim
At the Bradford Law Offices, PLLC, our experienced legal team can help you evaluate your situation and determine which of the above options is best for you.
What is a foreclosure and what does one mean for me?
Foreclosure occurs when homeowners stop making payments on their home mortgage. When this occurs, banks can foreclose on the mortgage or trust and seize the home in question. There is a variety of reasons that homeowners stop making mortgage payments, but most occur because the homeowner has fallen on hard times. If your bank has made proceedings to foreclose on your house, your state laws will determine your next course of action. In many states, you will not be evicted immediately. In fact, you may have months to find a new living situation, during which you can save up the money you are no longer spending on your mortgage.
How does filing for bankruptcy affect a foreclosure?
Filing for bankruptcy may delay the foreclosure of your home, but it will not stop it completely. Filing for bankruptcy, Chapter 7 Bankruptcy, in particular, will clear out most of your debts, but not debts that have secured creditors, like student loans, alimony, child support, and mortgages. When you file for Chapter 7, an “automatic stay” is placed on all of your creditors, including the bank trying to foreclose on your home, providing temporary relief while your file makes its way through the courts. This stay can clear out many of your debts that prevented you from paying your mortgage and will afford you more time to save money and make plans for after your foreclosure. However, bankruptcy will likely not stop the foreclosure itself.
How can I stop a foreclosure from finalizing?
If foreclosure proceedings have already begun, you still have a few options to try to stop the foreclosure before it is finalized. Until your house is set to auction, you can still try to work out a solution with the lender, which is often preferable to the lender having to auction off the house. This process may involve paying back some missed mortgage payments or getting on a repayment schedule. Filing for bankruptcy may help with this process because it will eliminate some of your other debts, which may provide you with the means to begin making mortgage repayments. You can also try to continue selling your home in the form of a short sale before the auction date is set for your home. The lender must consider all offers made on the house, and selling your home in this way is often preferable to it going to auction.
Contact a Foreclosure Defense Lawyer in Fayetteville for Help
At the Bradford Law Offices, PLLC, our Fayetteville foreclosure defense lawyers understand just how important your home is to you, both emotionally and financially, and we want to help you fight to save this important asset. Take the first step towards protecting your home from foreclosure by calling us today at (910) 668-0006.