Foreclosure is the term used for the process that involves legal action against someone when they are in default on their mortgage payments. What it means is that the financial institution that holds the mortgage has started the process of taking possession of a house. The following will cover some information about foreclosure and how a lawyer can be beneficial if you are going through this process.
Types of Foreclosure
The two types of Foreclosure in Woodbury MN encompasses include foreclosure by publication and foreclosure by action.
1) Foreclosure by publication – This process starts with the mortgage company publishing the foreclosure notice in your local newspaper/publication. The publication of the notice must go on for six weeks.
2) Foreclosure by action – This process is where the mortgage holder requests a judgment against the homeowner through the local court system. The homeowner in default is named the defendant and the mortgage holder the plaintiff.
How a Lawyer Can Help
Foreclosure Woodbury MN lawyers can help in many ways if you are facing either type foreclosure.
1) Automatic stay – A lawyer can file for an automatic stay when you file bankruptcy to stop foreclosure proceedings. This can give you some time to get your bills under control so you may be able to keep your home in the end. Chapter 13 bankruptcy will put a stop to the foreclosure and is good if you have the income to may the payments.
2) Negotiations – It is unlikely that you can negotiate with your lender. However, your lawyer may be able to intervene on your behalf and work something out that is equitable for all concerned parties. They may be able to restructure the debt to make it more affordable.
3) Legal Claims – You may have legal claims against your lender that you are unaware of where an attorney can help. Sometimes lenders try to get away with illegal steps towards foreclosure and that needs to be addressed by a Foreclosure Woodbury MN attorney.
If you are facing foreclosure and it is making you feel unsure about your future, seek advice from an attorney. There is no shame or harm in requesting a free consultation to find out what you can do. Your financial well-being is at risk if you ignore the problem. The Lamey Law Firm offers quality representation for bankruptcy and foreclosure.
