Debtors/ Defaulting home owners have limited options once they have been served with Foreclosure summons for their property. They are:
- Negotiating a reinstatement of mortgage
- Filing for Chapter 13 bankruptcy
- Selling your property to pay off the debt
- Giving up your home to the lenders
- Filing for Foreclosure defense
Typically once the summons is delivered, the borrower has 20 days to respond to the summons using either one of the options stated above.
Negotiating the mortgage and filing for bankruptcy are only possible if the homeowner can afford the restructured monthly payments. If you can no longer afford the monthly pay outs on mortgages for any reason, you cannot opt for either route even if you can no longer afford paying the lender. On the other hand, if you wish to refinance or sell your property, you need to have a healthy equity.
In such cases, you will need to proceed for foreclosure defense if you still want to keep your home. Doing so will buy you enough time to work on other possible options as you are not expected to make mortgage payouts during the litigation process for foreclosure. A lot can happen in the additional time afforded to you once you proceed for defense. So do not lose hope. You still have a fair chance of keeping your home safe!
Get in touch with us today. We will help you understand your case and the associated options you have at the time. We will study your case to dig out any possible counterclaims or valuable defense information against your creditors which would in turn prevent foreclosure and in some cases even force the lending company to pay damages. This could include something as basic as an improper assignment or failure to assign a mortgage and repayment note prior to foreclosure. We have seen this happen a lot lately due to filing of incomplete documents or records by the creditors which gives you an opportunity to defend yourself claiming fraud.
In most cases, the company suing you is not your original lender. Having discovered this, you can file a counterclaim or defense on any aspect of the Foreclosure lawsuit filed against you, to buy you required time and find a proper channel of defense with the help of your attorneys. Call us now! It is imperative that you consult an foreclosure attorney at the earliest given the limited time duration you have to respond to the court summons. If you have crossed the response time of 20 days, do not lose heart and give up. There are still some defenses and claims you can make to help your situation.