3 possible ways homeowners can stop the home foreclosure process
Group photo of the attorneys and staff of Corona Law Firm, P.A.
3 possible ways homeowners can stop the home foreclosure process
Group photo of the attorneys and staff of Corona Law Firm, P.A.
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3 possible ways homeowners can stop the home foreclosure process

On Behalf of | Dec 16, 2021 | Uncategorized

Even if you have only lived there for a few months, you have probably invested thousands of dollars in your home. You made a down payment on the property and have since made mortgage payments. You also may have upgraded the windows or replaced wooden siding that featured peeling paint with bright new vinyl siding.

All of those investments could disappear in an instant if your lender successfully forecloses on your home. When you think foreclosure could be in your future or when your lender sends you notice of foreclosure proceedings, planning to defend your home could help you preserve what you have already invested in your property.

What are some common foreclosure defense strategies?

Challenging violations of finance laws and best practices

Do you have evidence that the mortgage company has cashed multiple checks but not applied that money toward your balance? Has the company somehow violated the proper procedure for processing your payments and initiating foreclosure?

There are numerous laws that restrict how mortgage lenders behave during the foreclosure process. Mistakes that they made could allow you to defend against the foreclosure on a technical basis.

Renegotiating the mortgage, possibly through bankruptcy

Mortgages can include a broad range of financing terms, and some are far more favorable for buyers than others. If your mortgage has a high interest rate, a balloon payment or a short repayment period, changing those terms could make it easier to keep your mortgage in good standing.

Lenders will sometimes cooperate with a homeowner who has fallen behind, especially if they have an attorney helping them negotiate. If a mortgage company won’t work with a borrower, then a Chapter 13 bankruptcy can give the homeowner the leverage they need to push for better terms on their mortgage.

Securing financing to address the issue

If there has been a lapse in payments and you need to make a large payment to your mortgage lender, there may be options available that will help. Some people may qualify for personal loans or even reverse mortgages that can help them regain control over mortgage debt and bring their account back into good standing.

Considering your options for foreclosure defense can help you preserve what you have invested in your home.