Responding to the Threat of Foreclosure
A foreclosure notice can arrive on your doorstep unexpectedly, leaving homeowners feeling bewildered and betrayed by their bank and mortgage company. Unfortunately, getting behind on your mortgage by a few months can warrant a foreclosure lawsuit, and unless you respond quickly you may soon find yourself losing your home.
If you have received a notice of foreclosure, you should know that you have the right to countersue your bank and fight back for your right to keep your home. The experienced Milwaukee foreclosure lawyers of the DeLadurantey Law Office, LLC can help you protect your home. Contact us today at 414-377-0518.
Preventing Foreclosure: The First Steps
Perhaps the worst thing you can do when your bank files a foreclosure lawsuit against you is ignore the summons. After 28 days, the mortgage company can file to have your house seized, your personal property removed, and your home sold to the highest bidder. To avoid this, try your best to set aside emotions and respond to the notice quickly. Find a foreclosure defense attorney to help you with your case. The sooner you find a lawyer, the sooner you can file for a time extension and prepare your defense.
Once you have a lawyer and have successfully postponed the foreclosure, you can begin negotiations. Your lawyer can review your mortgage payment history and determine whether your mortgage company or bank violated any part of the Truth in Lending Act. If so, the bank may have engaged in illegal lending practices. You can use this information to pursue a lawsuit or to negotiate the terms of your mortgage and end the foreclosure threat. Even if there were no fraudulent practices involved, your lawyer can help you negotiate to keep your home. Foreclosures are costly for banks, so they often prefer to work out the mortgage with the homeowner if possible.
Don’t resign yourself to foreclosure before you have talked with a lawyer and reviewed all of your options. To learn more about responding to a foreclosure lawsuit and taking action to keep your home, don’t hesitate to contact the experienced Milwaukee foreclosure defense attorneys of the DeLadurantey Law Office, LLC today at 414-377-0518.