Because of the rapid developments associated with the COVID-19 Pandemic we are posting a new blog that will hopefully be regularly and timely updated here: Home Foreclosure in the Age of COVID-19
Are you getting behind on your mortgage? Have you received a notice of foreclosure? Are you unsure whether you might be a candidate for a mortgage modification? Then consider the following.
Residential foreclosure cases are like proverbial “snowflakes.” No two are exactly alike because no two homeowners are exactly alike. And, because statutes, regulations, and case law affecting this area are evolving almost daily, no two cases will merit the same “cookie-cutter” solution.
There are many who claim expertise in “mortgage assistance” or “preventing foreclosure.” But, anyone who guarantees they will stop a foreclosure or get your loan modified should not be trusted. People with mortgage issues should be skeptical about silver-bullet solutions touted in billboards, newspapers, the Internet, and other media. (The Federal Trade Commission’s website on “Mortgage Assistance Relief Scams” will provide some eye-opening reading.)
While bankruptcy should be carefully considered and ruled in or out as an option, it is not always the best or only solution. While a bankruptcy “automatic stay” might stop a foreclosure for a few weeks, it’s often the case that a creditor will seek and receive a court order “lifting” the stay to allow the foreclosure to proceed. Pursuing a negotiated mortgage modification or forbearance program, filing a meritorious law suit for wrongful foreclosure, or sometimes a properly-prepared bankruptcy case joined with an adversary proceeding, may offer a means of permanently protecting your home from foreclosure.
Competent law firms with expertise in the legal fields related to foreclosure (such as real estate, secured lending, bankruptcy, trial practice, and consumer law) should be able to identify and evaluate issues peculiar to each client facing mortgage-related issues.* In addition to its highest ratings in trial practice, Richard S. Alembik, PC has been recognized for its expertise in real estate law, secured lending law, and consumer law related to mortgages under various state and federal consumer-protection provisions (GRMA, RESPA, TILA, and their corresponding regulations under the Dodd-Frank Act, to name a few).
In evaluating your situation, consider the following points:
- Because your bankruptcy options are severely limited after a foreclosure sale occurs, do not wait until then (or even close to then) before consulting with a knowledgeable attorney or a HUD-approved housing counseling agency about your options; ** and,
- Because certain rights you might have under civil consumer-protection laws may expire under applicable statutes of limitations, you should consider consulting with a competent attorney about available rights and remedies before it’s too late.
Homeowners faced with mortgage issues should not hide their heads in the sand. We know that if you are reading this page you may be experiencing financial and emotional stress that you never imagined could happen to you. But, we also know that when you shake the sand out of your hair, get competent advice, and address your problems in resolute fashion, there is reason for hope.
Allow us to study whether, working together, we can team up to face your challenges. Call us to set up a confidential initial legal consultation to identify and discuss your available options.
* Other than advice from a competent attorney, the firm believes that the next most trusted source of information on foreclosure-related matters is the website maintained by the National Association of Consumer Advocates (NACA) and its suggested links and affiliates.
** The following are some of the Atlanta bankruptcy firms with which the firm often collaborates: Law Offices of Michael R. Rethinger, Ellenberg, Ogier, Rothschild & Rosenfeld, P.C., The Rothbloom Law Firm, Jason L Pettie, PC, and The Law Office of Evan M. Altman. The firm often refers its clients and prospective clients, before they meet with it, to one of these firms for the purpose of gathering information on the type of protection available under bankruptcy law, ruling in or out bankruptcy as a solution to foreclosure, eligibility-screening, and means-testing.