Failure to pay for your mortgage can lead to foreclosure. Lenders can file legal action against you, which would allow them to seize your assets, sell your home, and use the sales to pay off your loan. It is not the end of the world if you find yourself in this situation, though. Here is how a seasoned foreclosure attorney in Phoenix, AZ can help you.
Apply for a Loan Modification
If your financial circumstances have changed and you now have problems completing payments for your mortgage, it is not too late. Reach out to a lawyer and find out how you can apply for a loan modification, one that can make your loan much more affordable. Your attorney can help you work out payment plans with your lender to give you the relief you need. That way, if you are in between jobs or paying for unexpected medical expenses, the loan modification can give you the wiggle room you need.
Challenge the Foreclosure
There are several ways to stop a foreclosure. Two of those ways include challenging or defending against the foreclosure. Your lawyer will either use technical defenses or substantive defenses to stop the foreclosure from happening. The first one involves the use of technical defense and involves pointing out procedural defects. A substantive defense, on the other hand, involves pointing out violations to the terms of the mortgage. Your lawyer may use either or both, depending on which one applies to your case.
File for Bankruptcy
Bankruptcy may be a viable workaround for you. However, the issues that come up with this option are often complex. Talk to a local attorney about chapter 13 bankruptcy in Phoenix, AZ to ensure you understand what going for this option entails and if this solution is right for you. An experienced lawyer will have no problems providing you with information that is tailored to your situation as well as your state of residence, making it easier for you to decide if filing for bankruptcy is the best alternative to go for.
Find ways to keep your home. Look for a foreclosure attorney in Phoenix, AZ and talk about your possible options. Will a substantive defense work? Do you want to file for bankruptcy? Evaluate your options with a legal counsel. If you are ready to get help, reach out and call The Law Office of Larry P. Karandreas, PLLC for more information.