West Virginia Foreclosure Attorney
There are few more frightening prospects than that of losing your home. Unfortunately, that is just the reality that so many individuals and families have had to face in the recent economic downturn. Many people attempted to deal with their banks on their own. This often resulted in homeowners still losing their homes after months or even years of fruitless negotiations. The foreclosure crisis is filled with stories of people who worked hard and did everything they could to keep their homes only to have an unsympathetic bank refuse to offer loan modifications or any other type of help to struggling homeowners.
A real defense against foreclosure often begins with a consultation from a highly skilled and experienced attorney who can help you fully understand the options that are available.
Often Chapter 13 bankruptcy is the strongest line of defense against foreclosure. The automatic stay of Chapter 13 halts all collection activities, including foreclosure. The repayment plan of Chapter 13 allows people to become current on their secured debts while removing the burden of excessive unsecured debt.
West Virginia Mortgage Negotiation Lawyers
Many lenders are open to modifying loans and have established programs to facilitate the efficient modification of interest rates, mortgage durations or loan amounts. This is a particularly attractive option for homeowners who are not eligible for a Chapter 13 bankruptcy or who, for some reason, do not wish to file bankruptcy. However, there are a number of potential pitfalls that await in the path of a homeowner, particularly one who attempts to negotiate with the lender without legal assistance.
At Broadwater Law Group, we are committed to helping our clients fight the best fight. For those who are facing the possibility of foreclosure, we offer the highly skilled and experienced representation that is needed to protect their homes. Our law firm has more than a decade of experience providing client-focused representation that is dedicated to offering our clients real help and real hope when overwhelming debt is threatening their homes and financial well-being. Let us put that experience to work for you.
We offer our exceptional representation to those who need assistance in stopping creditor harassment, including such activities as:
The Foreclosure Process in West Virginia
Some important facts about the foreclosure process in West Virginia include the following:
Nonjudicial foreclosures are allowed — This means that lender does not have to get court permission in order to foreclose.
90 days in arrears usually triggers a foreclosure action — If you have missed two consecutive mortgage payments, you are definitely in the danger zone.
Foreclosure letter — After three mortgage payments have been missed, the lender sends the case to a foreclosure trustee. The trustee will send the homeowner a notice of the impending foreclosure. The homeowner has the right to cure the arrearage by making the past-due mortgage payments, plus fees. If this is done, the lender will cancel the foreclosure.
Notice of trustee sale — This document will be served to the homeowner and other lien holders, posted at the county courthouse and published as a Class III legal advertisement once a week for four consecutive weeks.
The trustee sale — The property will then be sold at a public auction on the courthouse steps.
While we can stop foreclosure at any time up until the foreclosure sale, the sooner you seek legal help the better. If you have missed a mortgage payment or you are having difficulty making your mortgage payments, you should take that as a sign that you need help. And keep in mind that by delaying the inevitable, you may be incurring additional interest charges and late fees with each passing month.
Helping Homeowners Keep Their Homes
At our law firm, we are dedicated to helping people obtain debt relief through loan modifications, Chapter 13 bankruptcy, Chapter 7 bankruptcy and other means. Our lawyers understand the loan modification process and how to persuade banks to modify loan terms. When we handle your case, we will seek the best possible result for you.
Are You Tempted to Negotiate On Your Own?
Before you start negotiating with your mortgage company, you should learn about loan modifications and what lies ahead. These are some of the challenges you face:
The right hand does not know what the left hand is doing — Many mortgage lenders are large institutions. While you are negotiating with a loan officer, another arm of the lender may be preparing to foreclose.
Modifying a loan is a complicated process — Numerous documents must be collected, reviewed and organized. If the mortgage is a government-backed loan (as most are these days), Fannie Mae must give its approval. It can take a year or longer to complete the process. In the meantime, you are paying high interest charges.
One mistake could trigger a foreclosure or send you back to Square One — When it comes to getting a loan modification, the risks of failure are high.
Contact the Fayetteville Home Foreclosure Attorneys of Broadwater Law Group
When your home is threatened with foreclosure, turn to the highly skilled and experienced West Virginia foreclosure lawyers of Broadwater Law Group. Our law firm is experienced in negotiating loan modifications. We know the process, what is and what is not possible, and how to navigate the bureaucracy at your mortgage company. The fact that we are lawyers conveys additional credibility in the eyes of lenders. If the lender does try something inappropriate, we will take action to protect your rights.
To schedule a free initial consultation, simply contact us online.
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