Getting a foreclosure notice is not anything anyone ever wants to happen. Losing your home can be devastating, especially for people who have a family and children living in that home. If you do receive a foreclosure notice, you should absolutely talk to an experienced bankruptcy attorney as soon as possible. It is important that you do not procrastinate on contacting an attorney because they can help you prevent your house from actually going into foreclosure.
The biggest thing to realize here is that you should make sure you contact an attorney regardless of what you think you want to do with the house. So, even if you want to sell your home, you should still speak with a bankruptcy attorney. There are situations in which you may actually lose the house but you still owe the remaining mortgage balance that was on the house.
In a foreclosure, the homeowner loses the title to the house because they can’t afford to continue making mortgage payments on it. Once it goes into foreclosure, the house will be auctioned in a sheriff sale. The person who buys the house will be the one responsible for paying the remaining mortgage. In other situations, the bank may actually buy the house back because no one else was interested in taking this risk.
Juan C. Velasco, Esq. is a trusted attorney who concentrates on bankruptcy, family law, real estate, and estate matters who has been serving the New Jersey area for over 25 years. If you are in need of experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.