Foreclosures are difficult to deal with and most likely are something that a family or individual is facing for the first time. There can be an assortment of different reasons why a home or property is being foreclosed on but it’s critical to understand that a defense can be made. When the papers come in that a home or property is being foreclosed on it’s important not to panic. Make sure to fully understand why this is occurring and check your own documentation against that of the foreclosing parties’.
How Can a Foreclosure be Challenged?
A foreclosure has many different ways that it can be challenged. If the person facing foreclosure is an active duty member of the military then they may be able to overcome the foreclosure. This is because they are provided with a special benefit that they cannot be foreclosed upon during active duty and also for a certain amount of time after active duty typically. The details of this can be explained by a local legal professional or lawyer in your area. Another critical thing to consider is the documentation involved with the initial loan and payments. A mortgage company may have incorrectly calculated monthly payments resulting in a major difference in what was needed in payments from the person taking out the loan. The bank may have not followed state procedures for their documentation too. If it was a bank or other entity that initially provided the loan then there is a chance they can’t provide the proof that they provided that loan or are in ownership of it.
Other Crucial Ways to Defend a Foreclosure
Along with ensuring paperwork is correct from each party involved it’s also important that the statutes of limitations are followed. If they are not then the foreclosure may have a chance of being thrown out. Another way that many people avoid losing their homes when in financial trouble is by filing for bankruptcy. When someone files for a Chapter 13 bankruptcy they are then put in a repayment plan of 3-5 years to pay back what they owe. This protects them from having to liquidate assets like under a chapter 7 bankruptcy.
Setting up a strong foreclosure defense is not the simplest of tasks to undergo by oneself. If the feeling is strong that extra help is needed then consider reaching out to a foreclosure defense lawyer in your area for assistance. The experience and guidance that a lawyer provides may be the difference between losing a home or keeping it.
It is possible for you to restore your financial situation with the help of a qualified lawyer contact our friends from The Law Offices of Ronald I. Chorches.