Feeling Pressure

Paying Mortgage, Bills

Behind on Payments

3 Months or More

Received Summons

Facing Foreclosure

Creditor Threats

Seek Consumer Defense

If you are three months or more behind on your mortgage payments, you will go to get your mail one day soon and find a letter from your mortgage lender called a demand letter. This won’t be the first notice you’ve received, but it will be the most alarming. If you don’t catch up on your payments within 30 days, the letter informs you, the bank will initiate foreclosure proceedings and you will lose your home.

What You Can Do Right Now?

  • Your first step at this point is to assess your situation. Is the problem your mortgage premiums? Other bills that you owe? Lost income? Illness or injury? Is your situation likely to be temporary or long term?
  • Your next step should be to contact your lender immediately. Ignoring the letters will only accelerate the action against you. Speak to someone who works in loss mitigation, not collections, and explain your situation honestly and thoroughly, making it clear you are seeking a solution. Provide full documentation to demonstrate your financial hardship. Depending on your situation, your lender may suggest a number of different strategies for getting back on track.

How We Can Help?

Negotiating with mortgage lenders is notoriously difficult. It is incredibly hard to get the personal attention your case deserves, and many mortgage companies will not even inform you of all of the options you have. That is why you need an experienced foreclosure attorney in your corner. We will inform you of your legal rights and options and make a passionate stand on your behalf.
Depending on your situation, we can help you pursue any of the following courses of action:

  • Reinstatement or partial reinstatement
  • Negotiating a repayment plan to get back on track
  • Forbearance
  • Loan modification to reduce your interest rate or premiums
  • Refinancing through a program like HARP
  • A whole sale, short sale, or deed-in-lieu
  • Chapter 7 or Chapter 13 bankruptcy
  • Contesting the foreclosure in court

Questions and Answers

Q
Is it too late to save my home?
A Everything hinges on your specific situation, but you are still right at the beginning of the foreclosure process. After you receive your notice from the bank, there is a delay period. In South Carolina, an uncontested foreclosure takes from four to six months. If you contest the foreclosure in or out of court, the process can take even longer. As discussed above, there are many options which may help you to save your home.
Q
Is Chapter 7 or Chapter 13 bankruptcy the right decision to save my home?
A Possibly. Filing for bankruptcy is a drastic decision. Modifying your loan or refinancing are generally better choices when they are available. In some cases, filing for bankruptcy may give your best chance of staying in the home. In situations where you expect your hardship to be temporary, Chapter 7 bankruptcy may be best. For longer-term hardships, Chapter 13 bankruptcy is typically the best option.
Q
What if I have to go to court?
A South Carolina is a judicial foreclosure state where the lender must sue you in order to prove they have the legal right to foreclose. This is a good thing. In other states, you are not entitled to defend yourself in court; you simply receive a notice and the property goes up for sale. You have the opportunity to defend your right to stay in your home, and as your South Carolina foreclosure lawyers, we will do everything possible on your behalf to stop the foreclosure process.

If you have reached the three-month mark and are still behind on your mortgage payments, you are right at the start of the foreclosure process. This is the time to take action, before you are summoned to court to begin the official judicial proceedings. There is still time to try to renegotiate your mortgage with your lender and get back on track. If you are ready to take action now, then fill out the form below to request a FREE consultation with the experienced foreclosure attorneys at Compton Law!

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