The Best Judicial Foreclosure Attorney in Portland
Michael D. O’Brien and Associates can help you keep your house in Portland
Home foreclosure is terrifying. When folks get behind on their mortgage payments and are unsure of how to act, they become stressed. Indeed, if a homeowner falls at least three payments behind on their mortgage, the lender may refuse to accept your payments that are owed and your home may be foreclosed.
Numerous unforeseeable scenarios can result in foreclosure proceedings, including the following:
- Financial strain caused by large hospital costs
- Accidents on the job
- A decrease in the number of hours you work
- A decrease in employment-related benefits
The majority of our customers never anticipated facing foreclosure. Many are disappointed by their circumstances and seek redemption. But, if you allow your shame to keep you from seeking treatment, you can exacerbate the condition.
You should immediately call an experienced judicial foreclosure attorney who knows a lot about foreclosure laws to assist you in developing a foreclosure defense. Our committed attorneys provide legal services in Portland and the surrounding areas.
For starters, foreclosure is a procedure that must be followed. It is the process that your lender must go through in order to execute its authority to compel the sale of your property to recover an overdue debt from you and your family.
How did it come to this? When you signed the mortgage or deed of trust for your home loan, you surrendered your property to your lender as part of the transaction. In this agreement, you conveyed to your lender a security interest in your home as a means of guaranteeing the repayment of your mortgage loan balance. As soon as you stop making your mortgage payments, your home may be sold without your knowledge or approval in order for your lender to reclaim the money your borrowed from them.
What is judicial foreclosure?
Judicial foreclosure refers to foreclosure cases that are brought before a judge in a court of law. Foreclosure arises when a home is sold to satisfy a debt that has not been paid. The procedure is carried out in accordance with the laws of the jurisdiction in which the property is located.
If the judge decides that the outstanding obligation is in default, a bidding for the sale of the property can be organized to raise funds so the the debt to the lending institution can be paid back. Non Judicial foreclosures, on the other hand, are those that are processed without the involvement of a court.
To initiate the foreclosure process, the mortgage servicer, or the organization that is compensated for mortgage services, must wait 120 days after the borrower has fallen behind on payments.
At this stage, the lender will send a breach notice to the foreclosing party, notifying the borrower that they are delinquent on their mortgage. The debtor then has 30 days to correct the delinquency, and if they are unable to do so, the creditor will initiate the foreclosure process.
Following that, the foreclosing party files a lawsuit in the county, requesting that the court allow the home to be sold to settle the debt. The foreclosing party adds a petition for foreclosure in the complaint, which explains why a judge should enter a foreclosure judgment. Unless the borrower offers a defense justifying the delinquent payments, the court will usually do so.
The foreclosing party may also be entitled to a deficit judgment, depending on the state. A deficiency judgment enables the house to be sold for less than the outstanding mortgage obligation during a foreclosure sale. The deficit is the difference between the debt and the foreclosure sale price. The foreclosing party may obtain a personal judgment against the borrower in most states for the deficit.
Is it possible to get foreclosure protection?
If you are unable to pay your mortgage due to the financial effects of the coronavirus pandemic, you may qualify for foreclosure protection. Several measures have been put in place since the beginning of the pandemic to keep property owners from losing their homes because they did not expect their financial difficulties before they happened. Get an attorney to assist you in finding out more about it and, if possible, avoid getting your home into foreclosure.
Face your Portland foreclosure, or else…
A common mistake property owners make when a lender threatens to foreclose is that they do not take action immediately after learning of the threat. The tactics of ignoring notices and wishing that the matter will go away are not feasible options.
If a lender is considering foreclosing on your home, you must consult with an experienced foreclosure defense attorney as soon as possible. There are a variety of options that can help you avoid foreclosure and offer you more time to set things right.
In most circumstances, taking out another loan to avoid foreclosure is also not a wise choice. You might just spend more money and lose your investment in your home as a result. We can assist you in exploring your options.
There are just four methods for halting a foreclosure sale:
- Resolve the default, which is also referred to as “reinstating” the debt.
- Complete repayment of the debt
- Strike a deal with the lender to obtain an extension.
- File for bankruptcy
No one is quaLified to pursue bankruptcy unless they have participated in a credit counseling session and have a certificate of completion to show within 180 days previous to the filing date of the bankruptcy petition.
If you wait too long, you may be unable to use bankruptcy to halt the foreclosure auction, since you may not receive your certificate in time.
Contrary to what some attorneys may claim, bankruptcy should not be filed in the final minutes or hours before the foreclosure sale.
Bankruptcy is a lengthy procedure that requires an inventory of all of your assets and liabilities. Inadequate preparation of the bankruptcy petition may lead to the forfeiture of other properties to which you would otherwise be entitled under the circumstances.
Even if you feel you will remedy the default or sell your property before the foreclosure date, it may be to your greatest advantage to consult with a lawyer long before the sale to ensure that you are fully informed of all of your options. Michael D. O’ Brien and Associates can assist you in attempting to resolve the default or in selling your home.
Simultaneously, we can prepare everything necessary for you to file bankruptcy prior to foreclosure. If you are unable to resolve the default, obtain an extension, or complete a sale prior to the foreclosure sale, you may file for bankruptcy. You can, and should, view bankruptcy as a “last-ditch, ace-in-the-hole” option if all other alternatives fail.
Get the best attorneys to help you
At Michael D. O’ Brien and Associates, we have extensive expertise handling all types of consumer bankruptcies, ranging from the most straightforward to the most complicated.
We are capable of providing a wide range of techniques and deal with any surprise issues that may occur in your case. Many people facing hardship are also facing foreclosure under the foreclosure law, but the good news is that there are steps you can take to keep your house from being sold. Allow our law firm to assist you.