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Behind on Mortgage Payments?
Whether you are one month behind on payments or twelve months behind on payments, our experienced staff will guide you through the process of gathering and submitting all the necessary information to complete a successful mortgage modification with your lender.
It is extremely important to hire a qualified real estate litigation attorney to handle your loan modification.
You only get one shot to successfully submit a mortgage modification, and you want the firm that has the most experience to handle your file. Our attorneys have over 25 years of real estate litigation experience, and we have helped thousands of families stay in there homes by successfully completing their loan modifications.
Every state has different foreclosure laws, but this is what you can typically expect if you miss your mortgage payments:
1. You will receive a letter from your lender or the bank representative informing you of the missed mortgage payment.
2. If you do not contact the lender regarding the missed payment, you will receive another letter asking you to pay the unsettled mortgage payments within 30 days or your lender will demand payment of the full mortgage balance.
3. If you fail to settle the amount due, your lender now has an attorney to act as trustee in the event of the foreclosure filing. The trustee requests for you to attend a hearing at the Clerk of Superior Court. (Going to this hearing without legal representation is not recommended. The bank has an attorney, you should to)
4. At the hearing the trustee presents the evidence and if they are sufficient, the court will order for the property to be sold at a foreclosure auction.
5. Notice of the foreclosure sale will be published in the local newspaper. All the other debtors and lien holders will also receive notices of the sale.
6. The property will now be sold at public foreclosure auction. The highest bidder will buy the property and be given the deed.
7. Once the sale has completed, you are required to leave the property. If you do not vacate the premises even after the sale, the sheriff will come and serve you an eviction notice. They will change the locks and you will be removed from the home.
Remember most lenders will report the first late payment and every subsequent delinquency to the credit bureaus. Even a single late payment can devastate your credit score, the three-digit number that lenders use to help gauge your creditworthiness. Each subsequent “late” will further decrease your score, making it harder and more expensive to get a loan or refinance in the future.
In addition lenders usually add on late fees of 5% or so for each missed payment. Our attorneys can get late fees waived and the back payments rolled to the back on the loan in most cases, allowing you to start fresh with a new low monthly payment.
Do not wait until it is too late! Some people wait until the home is already in foreclosure and ready to be sold. DO NOT WAIT! Many families have lost there homes because they started the process to late. In most cases our attorneys can stop the home from being sold at auction just long enough to process and complete the modification, but there are instances where the bank is so overwhelmed they do not get to the file in time and the home is sold.