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Receiving a notice of foreclosure in the mail can be distressing, but it does not mean you are guaranteed to lose your home. There are several strategies available to help you halt this process or negotiate a deal with your lender. What’s more, you can rely on our team of skilled attorneys to help you along the way.
Our team understands that the stakes are high, and we are ready to do the work necessary to keep you in your home. Reach out to our Grand Rapids foreclosure defense lawyers to learn more.
For the most part, foreclosures in Grand Rapids are non-judicial. This means they take place entirely outside of the court system. There are no hearings before a judge, and you are not guaranteed a chance to have your day in court. Instead, your lender may foreclose on your home by meeting specific guidelines and providing you with formal notice that they intend to foreclose.
This process can begin shortly after missing a single mortgage payment. Within 45 days of your delinquency, a lender can provide you with written notice that you are delinquent. As part of this notice requirement, the lender must offer you options for mitigating your losses and provide a single point of contact to deal with them directly.
After 120 days, the lender can move forward with foreclosing on your property if you have been unable to reach an agreement with them or get caught up on your missed payments. The lender must file a notice of foreclosure at your local courthouse and schedule a sale date with the county sheriff. Notice of this sale must not only be posted at the property but also published in the newspaper. Once the sale is completed, the buyer is given a Sheriff’s Deed. While they are the new owner of the property, you retain the right to redeem your property and retake ownership if you can pay down your delinquency within six months of the sale.
The sales process can be stressful, but having the support of legal counsel can help. Let our Grand Rapids foreclosure defense attorneys help during this difficult time.
When facing foreclosure, homeowners often have several viable defense options that can help them protect their property. Our Grand Rapids attorneys could pursue the following foreclosure defenses:
A loan modification allows borrowers to negotiate new mortgage terms with their lender. This may involve lowering the interest rate, extending the repayment term, or adding missed payments to the loan balance. By making monthly payments more manageable, a modification can stop foreclosure and keep the homeowner in the property.
A short sale occurs when the lender allows the property to be sold for less than the total amount owed on the mortgage. Although the homeowner must vacate the property, a short sale generally causes less credit damage than foreclosure and can prevent a deficiency judgment in some cases.
Filing for bankruptcy can immediately halt foreclosure through the automatic stay. In Chapter 13, homeowners may propose a repayment plan to catch up on past-due mortgage payments over time. While Chapter 7 is known as liquidation bankruptcy, it may still be possible to keep your home and pay down your debt.
If you are at risk of losing your home, it is important that you act right away. There are options available to you, but avoiding a foreclosure is difficult on your own. Reach out to a Grand Rapids foreclosure defense lawyer today and fill out our debt calculator for additional insight.
We have locations available by appointment in the following areas. Please call us to speak to an attorney and set up an initial meeting.
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