If you have missed more than three mortgage payments, or your lender has filed a Notice of Default (NOD), you might think the loss of your home is inevitable. Even at this stage, there are five strategies you can use to stop the foreclosure process.
Summary judgments in mortgage foreclosures are issued by judges presiding over foreclosure trials that are required under applicable state law. Rather than take up time with a pointless mortgage foreclosure trial the judge issues a summary judgment authorizing the lender to proceed with a borrower’s foreclosure.
When the bank or other lender is set to foreclose on a property, the homeowner will need to consider options in legally defending against the action or seeking the services of a lawyer to support a way to get out of the foreclosure. Often, the legal process can alleviate the worry that the foreclosure is impossible to stop.
Foreclosure actions wipe out some of the property owner’s debt, like the original mortgage (taken out at the time of purchase), home equity loans (HELOCs), and second mortgages. However, property owners are still obligated to pay HELOCs and second mortgages off in full if they are not paid out of the foreclosure proceeds.
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If you’ve fallen behind on your mortgage payments and a foreclosure sale is looming in the very near future, you might still be able to save your home. You can potentially file bankruptcy, apply for a loan modification or other workout option, or file suit against the foreclosing party (the "bank") to possibly stop the foreclosure entirely, or at least delay the process.
Mortgage lenders may deny a loan when an mortgage applicant files a lawsuit because of the expected costs involved and uncertainty of the borrower’s financial stability. If a hopeful mortgage borrower can prove her attorney works on contingency or that she isn’t allowed an attorney, as in a small claims court action, the lender may choose to.