The Most Common Foreclosure Defense Tactics
For clients who face impending foreclosure, the law firm provides custom legal strategies to help save homes. The specific approach will be based on a variety of factors, including the state in which the individual resides, the stage of the foreclosure process he or she is in, and the ultimate goals of that specific client.
The most common foreclosure defense tactics the law firm uses include:
- Bankruptcy: Chapter 13 bankruptcy is commonly used to save homes from foreclosure. In this type of bankruptcy, an extended repayment plan can be created to help the homeowner become current on all past-due mortgage payments and, in limited situations, mortgages can be modified. This gives the debtor an opportunity to resume making current mortgage payments.
- Litigation: There are strict rules that govern mortgage lending as well as the home foreclosure process. If a lender makes a mistake in either of these processes, the law firm can engage in litigation to postpone or stop the foreclosure. Common actions that may warrant litigation include: when a lender is engaged in unfair lending practices, the bank trying to foreclose doesn’t actually own the property (this can happen when the mortgage is sold to different banks more than once), or the lender did not follow proper steps in the foreclosure process.
Are Other Strategies Available?
Additional foreclosure defense strategies may include:
- Loan modification
- Lien stripping
- Short sale
- Deed in lieu of foreclosure
For those in fear of losing their homes, it is important to take action sooner rather than later. The longer a family waits to address the issue, the fewer the options that will be available. For example, In Massachusetts, after a home is sold in a foreclosure proceeding and the Memorandum of Sale is executed, bankruptcy is no longer an option to save that home. In New Hampshire, a debtor may still file for bankruptcy to save a home after the Memorandum of Sale is executed, but he or she must do so before the official deed is signed and recorded.
Due to his dedicated focus on both bankruptcy and litigation, attorney Feinman is strongly positioned to help clients address and execute the best foreclosure defense tactics.
Contact Feinman Law Offices To Discuss Your Case
From offices in Andover, the firm provides foreclosure defense and bankruptcy services to clients in Lowell, Lawrence, Haverhill and areas throughout northeast Massachusetts and southern New Hampshire. To schedule your consultation, contact the firm at 978-494-6669 or fill out our online email form.
If you are an individual with primarily household or consumer debts, pursuant to the provisions of 11 U.S.C. §528(a)(4) of the Bankruptcy Code, as amended, you should be advised that this office may be considered to be a “debt relief agency” in that this office provides assistance to individuals to file bankruptcy to seek relief pursuant to the provisions of the Bankruptcy Code.