Foreclosure Defense and Workouts

Foreclosure Defense

The loss of a home (or other property) to foreclosure can be devastating, and more and more South Carolinians are facing this possibility every day. No one has to fight alone. Defenses and alternatives to avoid foreclosure may be available. For example, there may be claims against a lender for its handling of the foreclosure process or for predatory lending practices.

Time is of the essence in a foreclosure defense case. You have thirty days to answer a foreclosure complaint, measured from the date of service. If you fail to serve a timely response, your case becomes much harder to defend; however, you still may have ways to save your home (property).

Be aware that you may face a deficiency judgment. A lender seeking a deficiency judgment plans to hold you responsible for the amount of money owed which it fails to collect from selling your home (property). For example, if you owe the lender $100,000.00 on your home, and it sells for $60,000 at the foreclosure sale, the lender will receive a personal judgment against you for the remaining $40,000. Often, Mr. Jordan is successful in deleting or limiting deficiency judgments.

Mr. Jordan has 30+ years of experience representing lenders in foreclosure suits, and he now represents defendants (borrowers) in foreclosure suits. If you are facing foreclosure, contact our office as soon as possible to discuss your options for fighting foreclosure.

Workouts

Modifications: Under the Home Affordable Modifications Program (HAMP), you may qualify for a modification of the mortgage loan on your home. This may be a good option if you have fallen behind on payments and are facing rising payments and fees in addition to past due payments. We may be able to assist you with the modification process and your defense while the modification is pending. Beware of lenders telling you the foreclosure process will be suspended while the modification application is pending, as often the foreclosure process continues while modification is, apparently, being considered by the lenders. We can assist you in the entire process and work with you to try to save your home.

Deed in Lieu of Foreclosure: A deed in lieu of foreclosure is an option if you are resigned to losing your property and do not want to face foreclosure. We can assist you in encouraging the lender to accept a deed and thereby avoiding further damage to your credit caused by foreclosure proceedings.

Short Sale: A short sale is another option. With a short sale, you would find a willing buyer of your property, and we would assist you in negotiating with the lender to allow a sale of the property with resulting sale proceeds that are acceptable to your mortgage lender. In other words, we assist you in encouraging the lender to accept a lower payoff than the lender is owed and to write off the balance.

Acting promptly is key in defending your home. Contact us today to discuss which option would be right for you.