In a foreclosure situation, it is important to take action promptly. People often contact our office in a panic because they about to lose their property within days. The truth is, most people wait far too long. The window of opportunity to find a solution can close very quickly. When this occurs the options available to save a home from foreclosure become much more limited.
We were recently contacted by a father whose family was about to be evicted from their home. He came to us very late in the foreclosure process. Despite the delay, we were still able to gather the relevant documents and review what openings were still available to improve the situation.
Unfortunately, the court had already finalized the foreclosure, the title had already changed hands back to the lender. This family had limited income and no additional resources to buy the property back from the bank (which is a strategy we use in certain situations). However, our team of professionals was still able to negotiate an extension from the lawyer’s office for the family, which gave them a full extra month to secure a new residence. They were relieved to have some closure and extra time.
As you can see from this situation, it is best not to waste the limited time you have when a bank initiates a foreclosure action against you. If a lender’s lawyer contacts you, that is a signal that you need to aggressively take control of your situation. Do not wait around. There were far more favorable options that were available to this family had they jumped into action sooner. Please be sure to get the help you need as soon as possible if faced with a demand by your creditors.
