Foreclosure typically begins when a homeowner receives a legal notice called a Notice of Default (NOD). This notice usually gives the homeowner ninety days to bring their mortgage payments current. If the homeowner does not take care of the delinquency, or if other arrangements are not made, the home will most likely be foreclosed upon, following the issuance of a Notice of Sale. After the Notice of Sale has been recorded in county records and copies mailed to the homeowner, the homeowner’s rights will be extremely limited; basically the only right the homeowner will have at that point is to pay off the defaulted mortgage in full. Generally a foreclosure sale will then be conducted in a public place, transferring the house back to the lender or sold to another buyer.
Alternatives to foreclosure are a specialty of our legal team. Options include a short sale, deed in lieu of foreclosure or a loan modification. Our highly experienced, knowledgeable foreclosure attorneys have a proven track record and are ready to assist you in assessing your alternatives and helping you to decide whether, for example, a bankruptcy proceeding will be helpful. You should never face foreclosure alone. Contact us today for the help you need.
