22 Feb Are You at Risk of Foreclosure?
Real Estate Lawyer Newport Beach, CA
Have you recently defaulted on your mortgage? Are you feeling as though there is no hope for a positive outcome? Are you concerned that you and your family will be kicked out on the street? These are all likely concerns from someone who has been struggling for some time to make ends meet. The process that lies ahead can be incredibly overwhelming, especially when facing so many unknowns. A lawyer may be able to help you by providing you with not only the representation you are desperately in need of, but the answers to questions you may have:
What is a foreclosure?
Prior to the purchase of a home, it’s important for prospective buyers to carefully review their finances. Not only does this ensure that a person is able to afford the home they are interested in, it can also prevent prospective buys from experiencing financial issues later down the road. A foreclosure is a legal process in which the bank seizes a person’s property for their inability to make their mortgage payments. Common reasons people may circum to this fate can include:
- Job Loss
- Poor Financial Decisions
The idea of defaulting on your home loan can be stressful and full of unknowns. You may be worried about how your credit will be impacted or where you and your family will ultimately live. Foreclosure attorneys may play a vital role to homeowners facing foreclosure when it comes to navigating them through the process.
What is a foreclosure notice?
When a person misses a payment, they are sent a notice of default (NOD) by their lender. This letter gives the homeowner the ability to bring their loan back to good standing by catching up on their payments. In most cases, you will have about 30 days in order to do so. When a homeowner is unable to make their payments, the lender may proceed with foreclosing on the property.
How long will I be able to stay in my home if I am at risk for foreclosure?
This can certainly vary depending on the state in which the person lives. In some cases, the process does not happen as quickly as one may think. It’s important to note that if you’ve missed a few mortgage payments, you don’t need to start packing up your home just yet. Depending on where you live, the process can take anywhere from a few months to a year. Often a homeowner has the ability to remain in their home until the foreclosure process is legally completed. In some cases, you may even have the ability to catch up on your payments and prevent foreclosure from ever occurring.
How might an attorney assist me?
Facing foreclosure proceedings can leave a person at risk of losing their home feeling completely helpless. An attorney may be able to not only help with representation, they also bring forth a number of other key benefits. A real estate lawyer Newport Beach, CA provides can provide insight regarding specifics to timeframes and the process surrounding your specific case.
Contact Terry Mudge, LLP for their insight into real estate law and risk of home foreclosure.