What does it mean when your house is foreclosed? If you are facing foreclosure, it’s natural to have questions. Discerning the meaning behind legal jargon, bank statements, and other documents can be tricky, so we recommend seeking legal advice when dealing with foreclosure.
With over 20 years of experience, our team has answered countless questions about foreclosures. Our team at The Law Office of Veronica Deaver wants to provide you and your family with helpful information to help you understand your options.
What is foreclosure?
Foreclosure is a legal process involving obtaining property, such as a house or apartment, to pay off debts. If your home is foreclosed, creditors can seize the property for sale. The funds generated by the sale are used to settle the debt. Each foreclosure is different based on the amount of equity, type of mortgage lender, and other factors.
Why does foreclosure occur?
The most common reason foreclosures occur is missed mortgage payments. If you miss multiple payments, the loan issuer may take action, including foreclosure. Other possible causes include breaching other elements of the mortgage agreement. Foreclosure is not usually the result of a single missed or late payment. In most cases, it occurs due to a series of late payments or unpaid installments.
What rights do I have?
If you’re faced with the possibility of losing your home due to foreclosure, you must be aware of your rights. If a lender or an organization, such as a bank, wishes to initiate foreclosure proceedings, they must inform you that your loan is in default and provide time for you to respond to the notice. You may be able to make the repayments or discuss alternative options with the lender if you cannot cover the total amount.
If you think there has been a mistake, you also have the right to challenge the notice. It is beneficial to seek advice from a local bankruptcy lawyer if you are unsure of your rights or don’t know what to do next.
Who can I speak to?
Foreclosure and the prospect of losing your home can be incredibly daunting and distressing. In this situation, it’s crucial to understand that you are not alone. We recommend you seek legal advice. When speaking with a lawyer, they will provide clarity and enable you to learn more about the legalities and explore possibilities that offer an alternative to losing your house.
Are there any alternatives to foreclosure?
If you can’t cover payments or miss mortgage repayments, it is often possible to avoid losing assets by negotiating with lenders to find alternative paths. Legal experts can work with you to identify solutions, such as pre-foreclosure sales and Chapter 13 bankruptcy, which may result in avoiding foreclosure.
No homeowner wants to face foreclosure. If you risk losing your home, it’s critical to remember that you are not alone. Our experienced legal team at The Law Office of Veronica Deaver can help you explore options, exercise your rights and navigate the processes involved.
Stop your foreclosure today with the help of Veronica Deaver!
Veronica Deaver founded her law firm based on the idea that she and her legal counsel would give each client individualized focus precisely when they need it most. The Law Office of Veronica Deaver is more than just representation. We offer a path to financial freedom for more reasons than our knowledge and experience. We also provide guidance beyond the courtroom, helping our clients understand every step of the way while assisting them in maintaining their composure to make the best possible decisions.
Veronica Deaver has helped many clients stop foreclosure. She's dedicated to achieving solutions while understanding your individual circumstances. Call The Law Office of Veronica Deaver today at 469-526-4508 or contact us online to receive the quality consultations and advice you deserve.