Even though the housing market has rebounded a great deal from the crash, there is still an excess of homes that banks are currently foreclosing on. It has taken a while for the banks to get around to all the homes the owners have been unable to pay for. However, there are situations where foreclosures aren’t done on the up-and-up. In these situations, the affected homeowners will want to do everything they can to stop foreclosure.
This can be a very frustrating time, especially if a homeowner is up-to-date on their payments or if they feel the foreclosure process wasn’t followed to the letter by the lender. In these situations, it’s typically best to speak with an attorney.
In situations where the foreclosure hasn’t been properly handled by the banks, there may be a legal recourse to have the foreclosure halted immediately. There are even some cases where the bank’s mishandling of the foreclosure has been so egregious that the courts may cancel the foreclosure altogether. They may also instruct the bank to work with the homeowner to restructure mortgage payments and do everything possible to keep the homeowner in the home without resuming the foreclosure process.
However, for people who can’t afford their homes, and even when the bank has followed all the legally required steps in the foreclosure process, there may be a way to stop foreclosures. In many instances, attorneys may recommend that their clients file for bankruptcy.
Bankruptcy will halt the foreclosure process. While it may not cancel the foreclosure process completely, this may be the time for a homeowner to work out their finances, negotiate with the bank to rework their mortgage, or to adjust mortgage payments to something the homeowner can afford.
Simply because your home is being foreclosed on doesn’t necessarily mean you are out of options for staying in the home. It may take a bit of work, and it may take the services of attorneys found at a website, but for many people, keeping their home is well worth the time and effort. If you’re facing this situation, it’s important to speak with an attorney so they can investigate every avenue possible to keep you in your home.
