If you find yourself behind on your mortgage payments, you are not alone. We consider protecting someone’s home to be the more important and rewarding aspect of our practice. We can stop a foreclosure on its tracks. We can assist you with removing second mortgages and equity loans, getting caught up on your payments, or taking care of past due property taxes. The BEST foreclosure defense is to NOT let the foreclosure sale occur. Important!!
If you are missing payments on your home, the bank will eventually sell the home at auction. However, this isn’t always the end of the road. If the home is auctioned off for less than you owe, they can still come after you for the difference. At Frego & Associates, our foreclosure experts can put a stop to the foreclosure process while we find a solution that works for you, but time is of the essence!! After a certain point in the process, the home is gone and no bankruptcy can get it back.
What Attorneys Can Do Before The Foreclosure Sale
Every homeowner’s financial situation is unique. Our attorneys consult with you and provide you with the best option that will get you on the path towards financial freedom and save your home.
We work with the local counties to keep you in your home when facing a property tax foreclosure or forfeiture. We can reduce your overall debt, allowing you to have enough money to catch up on your property taxes on your timetable, not the government’s. Also, we can force the taxing authorities to allow you 3, 4, or even 5 years to pay on past due property taxes.
Past Due Mortgage
We will design a plan based on your income and seek and order from the federal judge, forcing your mortgage company to follow that plan. As with property taxes, we can force the mortgage company to give you 3, 4, or even 5 full years to get caught up on missed mortgage payments while protected by the Federal Courts!
Remove a Second Mortgage or Equity Loan
In some cases, we can remove a second mortgage and liens if your house is worse less than what you owe on it. Do not let Bank of America, Wells Fargo, Chase, or anyone else foreclose on you.
If The Foreclosure Sale Has Already Occurred
If you’ve been notified that your home has already been sold at foreclosure sale, you still have rights. Under Michigan law, foreclosed homeowners get the right to live in the home during the “redemption period.” The time to redeem your home is, generally, as follows:
- One year if the borrower owes less than two-thirds of the original loan
- Six months if the borrower owes more than two-thirds
- 30 days if the home is abandoned
In order to redeem your home, you must fully reimburse the person who bought the home at the foreclosure sale. Often this includes paying off the full amount of your mortgage, perhaps even more when costs and fees are added. There are also additional costs you’ll owe that purchaser incurred after the sale including insurance premium and property taxes. Since the total cost has to be paid upfront, the original homeowner will need to be able to secure the
financing for this through a loan, which can be a considerable challenge. The best and safest way to deal with a foreclosure is to NOT let the property get sold.
Call Frego and Associates Foreclosure Defense Attorneys Today
A foreclosure proceeding can be one of the most emotionally and financially draining experience for any homeowner. Your first step toward fixing this problem and eliminating debt is to call us at 1-800-646-0075 for a free consultation. Our attorneys can review your situation and devise a plan that will save your home. If you live in Michigan, we have an office near you!