Buying a home is a huge step in the lives of many people. Sometimes the step is too big, and the responsibility of keeping up with mortgage payments can get the better of otherwise well-meaning people. When this happens, they may run into legal action by the bank that owns their home — which usually means foreclosure.
When a home is foreclosed, it means that the holder of the mortgage (your bank) will repossess their home. It also means you must move out. Additionally, depending on how much is still owed on the home versus the value of the home, a deficiency may have to be paid. There are different types of mortgages that can be used as well, in addition to the legal concept of “acceleration.”
All of this is to say that the legal process of foreclosure is very complicated and it can be easy to feel overwhelmed by the entire process. However, there are ways to minimize the damage of a foreclosure and you can even successfully fight back against a foreclosure. But you will need experienced legal counsel to see it through.
At H. Clay Parker, Esq., we have extensive experience with foreclosure cases, and we can help you defend this legal action. Many people who are under foreclosure are good people who are caught up in a bad time in their life. They need legal counsel to get them through it. Give us a call if your bank takes legal action against you in the wake of missed mortgage payments.