Foreclosure Attorney

A forced sale of a property by a financial institution, is known as foreclosure. If for any reason at the time when you were buying a house you were not able to pay the full price, then most owners use a third party to provide additional funds to complete the sale. As a result, the owner must pay off the borrowed funds, this is called a mortgage.

If the owner of the real estate cannot pay under the loan agreement on his or her mortgage, the bank or other holder of the lien may begin the process of collecting the debt to seize the property to pay off this same debt. Many mortgages have an accelerated mortgage payment requirement.

This condition often causes a premature buyback action. This type of clause allows the bank or mortgage holder to announce the payment of the entire loan amount if the house owner has missed a certain number of payments. Typically, an owner needs to be notified before a credit institution can apply the acceleration clause.

The collection process is a lawsuit brought by a bank or a creditor to forcibly sell the house to pay off debt. In most cases, the court will decide to sell the property after determining the actual balance of the loan (accrued interest is included).

The proceeds from the sale of your house will then be applied to the outstanding debt. If its value is less than the outstanding debt, you can still be in debt to the credit institution, depending on the conditions of the initial loan. As the owner, you have the right to pay the bank before selling the mortgaged real estate to preserve your property.

A trusted attorney will help you in this complicated process and will explain all the issues. Even if the property is pledged and the obligation secured by it is not fulfilled, one creditor does not have the right to appropriate it.

The transfer of ownership can only take place by court order. However, this does not always stop unscrupulous creditors, who sometimes even completely unreasonably and prematurely consider a pledge of their property. Then the debtor has the right to appeal to the court not only because he or she is deprived of the opportunity to use the property, but also because real harm can be caused.

Contact foreclosure attorney

Since all this is a direct consequence of the contract, it’s better to contact foreclosure attorney who will study all its provisions in detail, as every contract has several loopholes: sometimes all deadlines or procedures are not followed, force majeure circumstances arise, which completely exempt the debtor from liability. The best decision is to turn to specialists, because if the property is really taken from your ownership, it will be much more difficult to return it.

A trusted attorney can help you in many ways throughout the process. He or she will not only protect you during the foreclosure process, but will also work with your lender to find alternatives that can help you stay in your home.

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