If you’ve been threatened with the foreclosure of your home, you may be unsure of what to do next. You’re likely frightened that you’ll lose your home, and you don’t know where you’ll go or who might be able to help you during this difficult time. Ted Williams, Jr. has a variety of potential solutions for families who are facing foreclosure.
Does the Bank Have the Right to Foreclose?
Just because a bank has sent you a letter informing you that they intend to foreclose on your home doesn’t mean that they automatically have the right to do so. Often, mortgage lenders will buy and sell mortgages, and you may owe a mortgage lender who wasn’t even your original lender. When a bank makes an attempt to foreclose on a home, they must prove that they have the legal right to do so and that they are the owner of the loan. Paperwork must have been done each time the loan was sold to another lender, and the current lender must be able to show that they rightfully own the loan. If they cannot provide this proof — and many banks cannot due to improper record keeping — they may not have the right to foreclose on your house.
Filing for Bankruptcy
If you are very behind on your mortgage payments and also owe a lot of other debt, it may be in your best interest to file for bankruptcy. One thing that bankruptcy does is place an “automatic stay” on all collection activities, meaning that your creditors may no longer attempt to contact you regarding your bills during the bankruptcy process. This includes foreclosure, and filing for a bankruptcy is one of the fastest ways to stop a foreclosure from happening. You can then negotiate with the bankruptcy court on how you may be able to get back on track with your mortgage payments and keep your home.
Contact the Law Firm of Ted Williams, Jr. Today for a Consultation
If you’ve received a letter from your bank about foreclosure, it’s time to take action right away. Don’t hesitate to reach out to us and learn more about the legal options you have to stop an impending foreclosure. We will examine every aspect of your case and look for every opportunity we may be able to use to keep the foreclosure from occurring. Call today for an appointment at (205) 623-4443.