Does the bank have the right to take my home?
If you are behind on your mortgage payments, it is possible for the bank to foreclose on your home. When you signed your mortgage agreement and promissory note, your house was put up as collateral in the event that you were unable to make your mortgage payments. That means the bank can force the sale of your home in order to collect the money it is owed on the property.
That does not mean, however, that you have no choice but to hand over the keys. There are specific steps involved in the foreclosure process, and actions you can take to protect your own interests. Now may be the right time to contact a lawyer to discuss your situation and see what options are available to save your home.
The Bank Might Have The Right To Foreclose. But, You Also Have The Right To Defend Yourself.
Depending on your unique circumstances, there can be a number of different ways that you can prevent a foreclosure, including loan modification and filing for bankruptcy, among others. In some situations, a debt consolidation loan might be able to provide the relief you need.
An experienced lawyer can review your circumstances and help you understand the available options as well as the benefits and potential pitfalls associated with each one. Do not assume that the lender has already won and that your house is as good as gone. You have options. You have options. Don’t be afraid to contact a lawyer for help.
Keep an eye out for the next post in our series when we will provide more detail about how you can stop the bank from taking your home.