Facing Foreclosure

In today's economy, many people are struggling to keep their homes and some are even facing foreclosure. Foreclosure is the process by which a mortgage company or lender reclaims a home or property to recoup the unpaid balance on a mortgage or loan. The foreclosure process varies state to state.

To begin a foreclosure in Alabama, normally a lender will have their attorney send a certified letter to the home owner notifying the owner of the intent to foreclosure. To be able to foreclose on the home, the debtor must be behind on the mortgage payments. Next, the lender must run a Notice of Foreclosure for four weeks in a local newspaper in the county in which the property is located. This Notice of Foreclosure must state the home owner’s name, property address, the time and place of sale of the foreclosed home. It usually states the name of the creditor who is foreclosing on the property, and the attorney who is handling the sale of the property. Typically, the foreclosure sale is conducted on the courthouse steps of the county where the property is located. Many times no one comes to the foreclosure sale, and the lender actually purchases the property for the amount of the debt and foreclosure fees. Sometimes the property is listed for sale by the lender or mortgage company and other times the property is listed with a local realtor for sale. The home is usually sold by the lender to a 3rd party for less than what is owed on the note. Once a debtor has received a Notice of Foreclosure, the lender may foreclose on the home in as little as 30 days. In addition to losing your home, generally lenders will sue for the unpaid balance of the mortgage once the home has been foreclosed on and re-sold. This is known as a deficiency balance. However, and most importantly, once the home is sold at the foreclosure sale, no bankruptcy lawyer can force the lender to return the home. We can only stop the foreclosure BEFORE the property is sold. Foreclosure is a complicated process, but it is very simple in the way that it relates to bankruptcy. Simply, a lender is trying to take your home because you are behind on the payments, and a Chapter 13 can stop the foreclosure as long it is filed before the foreclosure sale.

What can You do to Stop the Foreclosure Process?

Filing Chapter 13 debt consolidation could save your home! Chapter 13 may allow you to catch up back house payments through a Chapter 13 repayment plan and still keep your home! Chapter 13 allows you to put the amount you are behind on your mortgage in the repayment plan, while making all future house payments in full and on time. If you are facing foreclosure, behind on your mortgage payments and worried about losing your home, call the Montgomery bankruptcy lawyers at The Sellers Law Firm. The longer that you wait the more you incur foreclosure fees by the lender. Do not wait until your home has been taken! We cannot reclaim your home from the lender after the foreclosure sale. At The Sellers Law Firm, we have helped thousands of individuals and families statewide save their homes, their cars and their hard earned wages. Having a Montgomery bankruptcy lawyer who knows how to protect you and your property is vital. We consider saving homes to be one of the highlights of what we do. Protecting where a family lives and where children are raised is simply why some of us represent people in bankruptcy.

For many years, clients would ask, “Why don’t you have an office near me?” We think we have now answered the “near me” question. The Sellers Law Firm has offices in Montgomery, Selma, Greenville, and Troy. Our Montgomery bankruptcy lawyers and lawyers at other offices are located near you so call us at 334-LAWYERS (334-529-9377) today to set an appointment to meet and discuss your financial issues. There is never a fee for a consultation! We can also be reached by using the “text us” link or Contact Form on our website or by emailing us at bsellers@sellerslawfirm.com. Remember that doing nothing changes nothing so call us today!

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