The pre foreclosure process officially begins when you fall Louisville Foreclosure Attorney behind on your mortgage payments. Your mortgage company or servicer can charge certain fees during this time. Examples of these fees include late fees and inspection costs. They must also send you information about how to avoid foreclosure, as well as a breach letter.

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If it has, and all your equity is in the first mortgage, then any other mortgages would count as unsecured debt and would be discharged. But what if a third party is the highest bidder at the auction? If they offer more than the amount you currently owe, this results in excess proceeds. This is any amount of money above your original loan or what you currently owe.

You would miss this opportunity if you filed for bankruptcy after your home is sold in foreclosure. Our clients experience relief and hope in life after bankruptcy. The best time to hire a foreclosure attorney is before the foreclosure process officially begins.

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SKO may not have a duty or legal obligation to keep confidential any information that you provide to us (in person or electronically) until you become a client of the firm. The further behind you get, the harder it will be to reinstate your loan and the more likely it is that you will lose your house. If you are worried about foreclosure, a good Louisville, Colorado real estate Lawyer might be able to help.

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While you are trying to settle with them and obtain a modification or workout they may continue the process of selling your home. If you fail to use an attorney who guards for this the homeowner gives up several rights. If an answer or motions fail to raise issues and claims the home can be sold while you are attempting a workout with the mortgage company. The Summary Judgment motion is a tool for a quick judgment when an answer admits enough facts to avoid a trial. Default and summary judgments are tools to win the lawsuit quickly. These motions are filed with supporting affidavits and evidence such as payment history, notes, and mortgages.

Some states treat mortgages as “non-recourse loans.” A non-recourse loan is one that is secured by the borrower’s property, but for which the borrower is not personally liable. Basically, this means that a lender in a foreclosure can take the house that was mortgaged, but nothing else. If the house sells for less than the lender is owed, it cannot go after the borrower.

Most mortgage creditors won’t consider you for mortgages in the future if your credit report shows a foreclosure. Although you’ll receive a blow to your credit, you’ll rebuild good credit sooner because you will be debt free. If you don’t think bankruptcy is the best answer for your situation, our attorneys can help you pursue other options. Two prominent options are reinstating the property and redeeming the property. Thank you so much for all your help with the short sale of my home. How would you be able to get me out of this situation free and clear??

However, if the foreclosure sale results in excess profits, this excess will go to you. Find foreclosure lawyers in your area to work with you on your case. This will ensure that all state and local requirements are met and followed.

The note spells out the amount of money you borrowed and the terms for repayment, such as the interest rate and length of the loan. It’s also good to know that most foreclosures take about six months or less if done by default. However, cases can often take a year or more if you fight a foreclosure. The following are some points and terms to remember when doing your research. The FIRST STEP is to decide whether you want to save/keep your home or sell your home. High interest rates and late fees can make it unmanageable, however, we can help you get things back under control.

The lienholder reports the deficiency in accord with Internal Revenue Service regulations. When he files the 1099-C, it creates a tax debt for the homeowner. The lienholder can obtain a deficiency judgment against the Defendant and collect the amount owed after the sale.