Often, people don’t think there is anything they can do, but once they stop paying, they will eventually just have to leave their house. There are always things that can be done; for example, you can file bankruptcy to stop the foreclosure; with a Chapter 13 bankruptcy, you can stop it and repay your arrearage over five years and a Chapter 7 bankruptcy will also stop the foreclosure, so there are always alternatives to losing your house.
How Do You See People Returning to Normalcy After Being Faced with Foreclosure?
The majority of my clients, if they want to keep their house, usually get the interest rate reduced to 3% if they qualify under the Obama plan, put the arrearage on the back of the loan and reduce the principal to the value of their property. Of course, if they don’t want the house, they can do a deed in lieu of foreclosure or short sale; it’s rare that I’m not successful in accomplishing what the client wants to achieve, whether they want to keep their house or return it to the bank without owing any more money.
What Sets Your Firm Apart in Handling Foreclosure Cases?
Once people are served by a marshal with foreclosure papers and they come into our office, we start the process by applying for foreclosure mediation, if it’s the principal place of residence. After we start the process with you, we then make sure you do what’s necessary to accomplish what you’re looking to do.
I don’t recommend using foreclosure attorneys who primarily have offices in other states, but who also happen to be licensed in this state. I also don’t recommend using foreclosure modification firms or any firm that guarantees any results. I’m not sure what qualifications such firms have, but there are a lot of companies and people who take advantage of others in their time of need.
People will hear or see an advertisement on the radio or television and because they are desperate, they will call these companies and pay them ridiculous amounts of fees, and the companies will never accomplish anything for them. Losing a home is one of the most consequential things that will ever happen in their life, so I recommend consulting a lawyer immediately.
What is the Best Way to Set Up an Initial Consultation with You and What Should they Bring?
They can call my office; there is a free initial consultation, and I will get you in immediately and explain to you all your options and go from there. Just bring the foreclosure paperwork the marshal has left at their door and I’ll give you a list of other documents to bring, such as tax returns, bank statements and paystubs.
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