If a foreclosure has been posted, then your options are narrowing but you still have options. This list of options is not to be a complete list of options but an example of commonly used strategies. Often several strategies can be used simultaneously. Contact us for a Free Consult.
Filing a Lawsuit against the Lender
When other options have failed a lawsuit can be filed against the lender. A lawsuit may possibly open more options to a homeowner. Lenders may decide to grant a loan modification that was previously denied, allow time to work out another option such as a short sale, or possibly offer better terms in surrendering the home.
After filing the lawsuit, we go before a judge to ask him to stop any foreclosure. This is called a Temporary Restraining Order (TRO). While a restraining order is in place, the lender can not foreclose on a home.
Lawsuits against a lender usually start at $3,500 deposit to the retainer account plus a cash bond set by the court. The cash bond is usually set equal to one month’s mortgage payment. We file the lawsuit for a flat fee and the rest of the lawsuit is billed on an hourly rate.
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Cash for Keys
Cash for Keys is an option that many choose because it gives the homeowner much needed to cash to move on with their life. A typical arrangement is that a homeowner agrees to move out by a certain date. On that date, a lenders representative will inspect the home to verify that it has not been destroyed and that the agreed upon home condition is met. Upon a successful inspection, a check is given that day.
We can help negotiate cash for key solution for a homeowner. We offer a flat fee rate for this service.
Schedule a free consultation via phone or in person.
Bankruptcy
Bankruptcy stops a foreclosure if filed before the foreclosure date. An emergency filing can be made up until 24 hours before the foreclosure date. Most bankruptcies filed in an attempt to save a home fail because the consumer does not understand what it is. If you have to file a Chapter 13 Bankruptcy, then all the debts that you currently are not paying on will get rolled into a monthly payment plan. You will be responsible for this payment plan plus you will have to immediately start making your normally scheduled mortgage payment. If you can not make the normal mortgage payment then the bank may eventually be able to start the foreclosure process again.
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