Providing Clarity and Peace of Mind
When someone hears the word foreclosure, it often brings on a sense of fear and angst, and the belief that losing their home is right around the corner. At Michael B. Schulman & Associates, P.C. our seasoned attorneys are here to navigate you through the legal process, and advise you of your rights. Our attorneys have experience representing both the lenders and the borrowers, so we have a unique perspective on how to best represent the interests of our clients.
Once a borrower is in default of their mortgage obligations, the lender has certain procedures, which must be followed before a foreclosure lawsuit can even be commenced. It is imperative that an experienced foreclosure attorney reviews all documents to confirm that all procedures have been followed correctly.
Just because you have fallen behind on your mortgage payments, and a foreclosure action has been commenced, does NOT mean that you will immediately lose your home. There is a lengthy legal process within the Court system that must take place before a foreclosure auction can be commenced. Having an attorney represent you in this Court process is important, as the attorney can make sure a notice of appearance and answer is filed on your behalf, and they are served with all papers that the Lender files with the Court. This gives your attorney an opportunity to respond to all filings on your behalf, and oppose anything they believe necessary.
Your attorney can also guide you through the process of applying for a loan modification or other possible option which may be available to the borrower if this is something you are interested in doing. Applying for a modification can be frustrating and time consuming, and your attorney can deal with this process for you, and give you the best chance at getting approved for a loan modification.
Alternatively, if you do not wish to stay in your home, and want to attempt to do a short sale, your attorney can navigate these waters for you.
Most importantly, you should know that just because a foreclosure has been filed, this does not mean that you are going to lose your home. The Court process can take a significant amount of time, and varies by county. This process can often time take upwards of a few years in some counties. Additionally, there are loss mitigation options available to those qualify, whereby you can retain your home, and reduce your monthly payments. Michael B. Schulman & Associates can advise you of your rights and options, and navigate these difficult waters.