According to the RealtyTrac U.S. Foreclosure Market Report for August 2009, the nation’s foreclosure activity decreased fractionally from July but was still 18% above the level reported for August 2008. One in every 357 U.S. housing units received a foreclosure filing during August. 

If you are reading this, you may be affected. With these unfortunate statistics, homeowners need to know their legal rights and options.

If a person is struggling to make home payments and may be facing foreclosure, the most obvious way to save his or her home, is to work out a mutually beneficial payment plan with your lender, or to revise the terms of original loan agreement in order to make manageable mortgage payments to the lender.

Loan modifications can be done whether or not a person is behind in the loan payments, based on his or her financial situation, current hardship, and ability to make smaller payments.

Additionally, there are a number of state and federal laws in place that are meant to protect borrowers from engaging in unfair lending practices. Unfortunately, many borrowers are unaware that they have been the victims of predatory lending practices. The best way to determine whether or not a person have been the victim of predatory lending is to have a forensic loan audit done on your original loan documents.

If someone have been a victim of predatory lending, he or she may have the right to file a lawsuit against the lender and to put a stop to the foreclosure process for the duration of the suit. When combined with a loan modification, predatory lending violations provide leverage to homeowners in their negotiations with the lenders as well.

Finally, if a person is finding it difficult to make your monthly mortgage payments because he or she is drowning in additional debt, and he or she may not even be able to make a modified payment amount, bankruptcy may be the best option. Bankruptcy not only puts an immediate stop on the foreclosure process, but it also gives the opportunity to start fresh on the finances.

Please give us a call today to find out if bankruptcy is the right solution to your foreclosure and/or debt problems.