If you’ve received notice of a foreclosure action or have fallen behind on your mortgage payments, it’s understandable to feel overwhelmed. You don’t have to face the consequences alone. An experienced, compassionate Terre Haute bankruptcy lawyer can discuss your legal options and help you take action to protect your home.
A Terre Haute Bankruptcy Attorney Discusses Foreclosures
A home foreclosure is a legal process that the bank or mortgage holder may initiate after you fall behind in your loan payments after a certain period of time. It’s important to understand that foreclosure is a process that has several specific stages that must be followed by law before the bank can actually evict you from your home. First of all, the bank must send certain written notices. You have time to respond and/or bring your payments up to date before the next step. Foreclosure itself doesn’t begin until the bank actually files suit. Even if that happens, you still must be notified and will have an opportunity to respond.
A Terre Haute Bankruptcy Attorney Explains Defenses and Other Alternatives to Foreclosure
If the bank fails to follow any of the legally required steps, the foreclosure action cannot go forward. Therefore, it’s important to contact a lawyer if you receive any written notification from the bank about a delinquent mortgage. Before it gets to that, your attorney can also counsel you about alternatives to foreclosure. For example, you may qualify for a loan modification. If you qualify, this could allow you to make lower monthly payments. There are steep finance charges involved and credit implications that your lawyer can help you understand. Additionally, sometimes the bank will allow a “short sale” of the home (when a buyer pays less than the seller owes) rather than undertake the hassle of a foreclosure.
In any event, the sooner you seek qualified legal counsel about your financial situation, the more options may be available to you.
To discuss your case with a skilled Terre Haute bankruptcy lawyer, contact The Rowdy G. Williams Law Firm, P.C. To set up an initial consultation to explore your options, call (812) 232-7400 or (317) 489-0310.