Home Foreclosure
Help! I Want to Save My Home from Foreclosure!
If you have missed several mortgage payments or your lender has already initiated home foreclosure, The Dorn Law Firm stands ready to help. The earlier you contact us, the better the chances of a favorable solution. Call 248.438.8716 immediately to explore your options. We have helped hundreds of clients in the metro Detroit area avoid home foreclosure.
A Little Behind on Your Mortgage…Or Way Behind?
Some lenders will take action after three missed payments, some will let it go longer. If you have received a Notice of Default, it means that the lender has initiated home foreclosure proceedings. A date will be set shortly to sell your house to the highest bidder and you will have to move out. All is not lost, however. An experienced bankruptcy and foreclosure prevention attorney can explain your options. Based on your income, expenses and number of missed payments, bankruptcy attorney Heather Dorn, will determine if you can realistically afford to stay in your house by making up missed payments.
Options for Keeping the House
- Workout: In this situation, the bank agrees to let you stay in the house and (a) the bank writes off part of what you owe, and (b) the bank extends the number of payments, or (c) lets you pay the arrears over time.
- Chapter 13 bankruptcy: You keep the house in exchange for a plan to repay all or part of the arrears (and other debts) over three to five years. You must be able to keep current with the mortgage payments.
Cutting Your Losses
You can't just stop writing the mortgage checks and walk away. You are still on the hook if you owe more than the property would fetch at sale. Our attorney negotiates with the lender to minimize your exposure.
- Short sale: By agreement with the lender, you can sell the house for what you can get, turning over the proceeds to the lender. The lender then forgives the difference. This allows you to walk away without owing money on a house you no longer live in. It also has less impact on your credit rating than a home foreclosure.
- Deed in lieu of foreclosure: Similar to a short sale, except that you convey the property directly to the lender as satisfaction of what you owe.
Free Home Foreclosure Consultation
We understand it would be heartbreaking to give up your home, but in some cases it's best to get out while you can if you are only postponing the inevitable. We will make every effort to keep your house if feasible, and will protect your interests if you must surrender your home. Call 248.438.8716 or contact us online.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
