In bad economies, more and more homeowners face the threat of foreclosure. More so than in previous years, otherwise responsible people have had to deal with the reality of a potential foreclosure. Unfortunately, many people who may be terribly affected by a foreclosure are unfamiliar with what it is and how it works.
What Is Foreclosure?
Foreclosure is a legal proceeding in which a lender obtains a court order allowing them to cancel a mortgagor’s right of redemption. Simply put, it is the court-ordered seizing of assets. This often applies to home loans, in which the mortgagor is unable to make the mortgage payments on the house, causing the bank to take possession of the house in order to recoup its losses.
If you are facing a foreclosure, there are a number of options you may consider in order to keep your home. You may challenge the debt in a claim against the bank. In a contested claim, the burden of proof is on the lender, who must prove that there was a legitimate reason for foreclosing on the property.
If you or someone you love is facing the reality of a possible foreclosure, the Milwaukee foreclosure defense attorneys of the DeLadurantey Law Office, LLC may be able to help. To learn more about what we can do for you, contact us today by calling 414-377-0518.