FORECLOSURE ALTERNATIVES

Foreclosure is the means in which lenders can repossess your property when you fail to make your monthly mortgage payment.  The bank can legally begin foreclosure proceedings once you have missed your payment by one day. Lenders do not typically begin official foreclosure proceedings until the borrower is 3-4 months past due. They will threaten a borrower with foreclosure but it is not until they actually hire an attorney who then files the foreclosure paperwork in the court system that the borrower is officially in foreclosure. The entire process takes anywhere from six months to one year. This duration will depend on the defenses you have available.

Once you are 30 days past due on your payments the mortgage company usually will not accept the past due payment without the payment that is currently due.  Lenders usually will not accept anything less and will send back partial payments. In other words after you get behind several payments, it becomes increasingly more difficult to catch up. If you are many months past due, you are most likely not going to be able to bring your account current without some type of assistance. 

Keep in mind that it is in the best interest of the lender for you to get back on track making your monthly mortgage payment because that is how they make their money. They will try to work something out to get you making payments again. However, it has been our experience that the workout they usually propose is something that you cannot afford or it will put you right back in the same position within a short time.

Our foreclosure attorney will use one or several of the strategies enumerated below to come up with a work out plan acceptable to your lender to stop foreclosure:

Contact a Foreclosure Defense Lawyer at Dominguez & Associates, P.A.