The banking and mortgage industry has done nothing to make it easy for consumers to understand how much they’re really paying when they sign a contract. They also seem to guard their actual process for loan modifications and the foreclosure process as if they were government secrets. Many of our clients call us because they know that the bank may be foreclosing on their home soon, but they really don’t know where they are in the process. We’re here to make sure that you know how the foreclosure process is supposed to work according to the law.
What Is Foreclosure?
Foreclosure is the process of a mortgage lender repossessing a house from borrowers who haven’t been able to make the required payments.
That’s the simple answer. The truth is that the bank makes it very difficult for homeowners to get caught up on their payments once falling behind, even if only a few months. If you miss two monthly payments of $1,000, the bank will be asking for more than $2,000 to get your payments caught up. They will tack on penalties and fees, and in most cases, the mortgage company can refuse to accept payment that they consider incomplete.
“The Bank Told me to Fall Behind”
Did you try to apply for a loan modification, but were denied because you were current on your payments? We hear from clients all the time that their mortgage lender told them that they had to fall three months behind in order to qualify tor a loan modification. The hopes of lower mortgage payments quickly turn to confusion and frustration when the bank decides to start the foreclosure process instead of approving your package.
In many cases, we’ve seen the foreclosure process progress while the homeowner’s loan modification package is being reviewed for approval or denial by the bank. People call and tell us that the bank has given them the “run-around” during the modification process, and now they’re facing foreclosure.
How to Stop a Foreclosure Auction Date
Our firm is dedicated to helping homeowners keep their homes, and prevent foreclosure. Legal action can be taken to stop a foreclosure sale date, but the strategy used depends on the circumstance. People who contact us with more time before their foreclosure date typically have more legal options available than those who don’t call for their free consultation until just days before.
Our foreclosure lawyers can provide the help you need to stop your foreclosure. Call our office today for a free consultation.