Residential Foreclosure  
 

Are you getting behind on your mortgage? Have you received a notice of foreclosure? Are you unsure whether you might be a candidate for a mortgage modification? Then consider the following.

Residential foreclosure cases are like proverbial "snowflakes." No two are exactly alike because no two homeowners are exactly alike. And, because statutes, regulations, and case law affecting this area are evolving almost daily, no two cases will merit the same "cookie-cutter" solution.

There are many who claim expertise in "mortgage assistance" or "preventing foreclosure." But, anyone who guarantees they will stop a foreclosure or get your loan modified should not be trusted. People with mortgage issues should be skeptical about silver-bullet solutions touted in billboards, newspapers, the Internet, and other media. (The Federal Trade Commission's website on "Mortgage Assistance Relief Scams" will provide some eye-opening reading.)

While bankruptcy should always be carefully considered as an option, it is not always the best solution. While a bankruptcy "automatic stay" might stop a foreclosure for a few weeks, it's often the case that a creditor will seek and receive a court order "lifting" the stay to allow the foreclosure to proceed. Pursuing a negotiated mortgage modification or forbearance program, filing a meritorious law suit for wrongful foreclosure, or sometimes a properly-prepared bankruptcy case joined with an adversary proceeding, is more likely to offer a means of permanently protecting your home from foreclosure.

Competent law firms with expertise in the legal fields related to foreclosure (such as real estate, secured lending, bankruptcy, trial practice, and consumer law) should be able to identify and evaluate issues peculiar to each client facing mortgage-related issues.* In addition to its highest ratings in trial practice, Richard S. Alembik, PC has been recognized for its expertise in real estate law, secured lending law, and consumer law related to mortgages under various state and federal consumer-protection provisions (GRMA, RESPA, TILA, and corresponding Dodd-Frank amendments, to name a few).

In evaluating your situation, consider the following points:

 
 

(1) Because your bankruptcy options are severely limited after a foreclosure sale, do not wait until then (or even close to then) before consulting with a knowledgable attorney or a HUD-approved housing counseling agency about your options;**

(2) Because certain rights you might have under civil consumer-protection laws may expire under applicable statutes of limitations, you should consider consulting with a competent attorney about available rights and remedies before it's too late; and,

(3) Because certain government programs like Making Home Affordable and the Emergency Homeowners' Loan Program will expire soon (and may not be extended or replaced) your proverbial sands of opportunity may be running out faster than you think.

  
  Homeowners faced with mortgage issues should not hide their heads in the sand. We know that if you are reading this page you may be experiencing financial and emotional stress that you never imagined could happen to you. But, we also know that when you shake the sand out of your hair, get competent advice, and address your problems in resolute fashion, there is reason for hope.

Allow us to study whether, working together, we can team up to face your challenges. Call us to set up a confidential initial legal consultation to identify and discuss your available options. 		 

* Other than advice from a competent attorney, the firm believes that the next most trusted source of information on foreclosure-related matters is the website maintained by the National Association of Consumer Advocates (NACA) and its suggested links and affiliates, including the Institute for Foreclosure Legal Assistance.

** The following are some of the Atlanta bankruptcy firms with which the firm often collaborates: Ellenberg, Ogier, Rothschild & Rosenfeld, P.C., The Rothbloom Law Firm, The Law Office of Shannon D. McDuffie, P.C., Jason L Pettie, PC, and The Law Office of Evan M. Altman. The firm often refers its clients and prospective clients, before they meet with it, to one of these firms for the purpose of gathering information on the type of protection available under bankruptcy law, ruling in or out bankruptcy as a solution to foreclosure, eligibility-screening, and means-testing.

Rick Alembik's 2009 television appearance on Leyes Cotidianas (in English with Spanish subtitles). (Windows Media Player required.)
  Developments in Home Foreclosures First Segment
  Consumer Protection Second Segment
  Options to Consider Third Segment
  Rick Alembik's Summer 2011 television appearance on Leyes Cotidianas on the subject of "HAMP," mortgage defaults, and modifications.
  HAMP Part One HAMP First Segment
  HAMP Part Two HAMP Second Segment

Used with permission of Leyes Cotidianas, which reserves all rights.

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