What is foreclosure?
Foreclosure is the legal process whereby the bank takes title to your home in response to non-payment of the mortgage. You have many rights in a foreclosure proceeding which may help you keep your home.

How can I avoid foreclosure?
There are many legal tools available to help you avoid or stop foreclosure. You may be able to become up to date through a forbearance or other type of agreement. You may also be able to setup a repayment plan through a chapter 13 bankruptcy.

If my property is foreclosed, do I owe any more money?
A bank will often foreclosure your property and then charge you what is called a “deficiency”. A “deficiency” is the difference between what you owed and what the bank received in the foreclosure sale. So, for example, if you owed the bank $300,000 and the property was sold for $220,000 in a foreclosure sale, then your deficiency would be $80,000 plus any related costs.

If my property is foreclosed, is it true that I have a right to buy it back?
Not necessarily. Some states do have a “right of redemption” where you have a certain period of time to buy your property after the sale. In many states, however, this right does not exist and once the foreclosure sale happens there is no way to undo the sale. The best thing to do is avoid the foreclosure and not risk losing your property.

Can I speak to the bank directly about my foreclosure?
Yes. In fact, we encourage clients to be directly in contact with the bank. However, remember that what the banks says and what the bank does can be two different things. A foreclosure attorney can often find out exactly what point of the foreclosure process you are at and what rights exist to stop the foreclosure.

Contact us today at (301) 933-2595 for a Free Consultation or fill out the Consultation Request Form.