Foreclosure Attorney in Baton Rouge, Louisiana
Missing a mortgage payment is often unavoidable. You are shuffling payments around to try and stay afloat, but there just isn’t enough money to cover all of your payments in any given month. This is a common situation faced by thousands of families across our state every day. Don’t let what can be a stressful situation stop you from searching for assistance.
What Is a Foreclosure?
Foreclosure is the legal process mortgage lenders use to seize a property when you have fallen behind on your mortgage payments and can’t catch up in a reasonable amount of time. For persons facing foreclosure, there is often uncertainty about what their rights are and what the best way to address the problem might be. Hoke Law Firm is here to assist you in all of your foreclosure related needs.
A foreclosure begins when the lender files a lawsuit against you and your property. The lender will ask the Court to have the sheriff in the Parish where you live “seize” the property and set a date to auction your property off. paperwork on you or a person of suitable age and discretion residing in the address where you live. They can also serve you at your place of employment. The papers that you are provided will set forth the facts regarding your outstanding debt with the lender and will also set a date that your property will be auctioned. This date is typically at least 60-days from the date that the lawsuit was filed, which allows you plenty of time to take action so that you don’t lose your home.
What to Do If the Bank Files for Foreclosure?
There are often a few options that are available to you to resolve the missed payment, and each carry with them benefits and drawbacks:
File chapter 13 bankruptcy: Chapter 13 bankruptcy allows you to stop the auction right up until the day of the sale (although it is not advisable to wait that long, and instead you should contact Hoke Law Firm immediately upon receiving a letter threatening foreclosure). Chapter 13 bankruptcy allows you to put your missed mortgage payments into a plan that you can pay off over a period of time up to 60 months!
Pay the reinstatement amount I full: This would require that you pay not only the missed payments, but also any legal fees, and sheriff’s commission associated with reinstating the loan. These fees and commissions can often be thousands of dollars, and make it prohibitively expensive. That being said, this is usually the fastest way to go about stopping a foreclosure, however, if you don’t have the funds necessary by the time the sale happens, you risk losing your home.
Undertake a mortgage modification: This is where you contact your lender regarding the availability of modifying your mortgage. You will be required to submit a significant amount of paperwork to the lender as well as a letter describing the circumstances surrounding your default including why it happened, and why it won’t happen going forward. Lenders can, and often do, take their time reviewing your documents. It is often people’s experience that lenders make the process difficult by re-requesting documents already provided, requesting additional documents not originally needed, etc. Also, if you have not submitted your paperwork within 45 days of the auction on your home, lenders do not have to consider it.
Hoke Law Firm and Robert W. Hoke have assisted hundreds of clients to stop a foreclosure and get the ack on track. Our team at Hoke Law Firm is ready to assist you in stopping a foreclosure and letting you make the payments over time. We take pleasure in helping people who have fallen behind on their mortgage and just need a helping hand to get current. Please contact us using the form below and someone from Hoke Law Firm will contact you quickly.