A significant number of homeowners don’t know the Memphis foreclosure process now face possible foreclosure since they didn’t get the necessary assistance from the local government. In order to qualify for the assistance, homeowners have to meet a lot of difficult requirements to qualify (according to the Obama mortgage program).
But the overview the process of foreclosure in Memphis:
When you are two months late with your mortgage installments, they’re going to send your letters and also you can expect a call from your mortgage company. If you ignore all the contact attempts, a suit will be filed in order to foreclose your property.
Once you receive the legal information, you are eligible for explaining your side of the story in your local court (court hearing). You should do your best here to explain the reason for not fulfilling your obligations.
It is very likely that you will lose the case, then your property will be reposed by the bank and sold at an auction. After this happens, you will be given at 30 day notice to leave the property. If you don’t, they will remove you by force.
There is a number of ways this process can be delayed. Here are some tips that can be used for delaying foreclosure process in Memphis for a very long time.
First thing you should do is try and apply to the lender asking for some more time. If it works the foreclosure filing will be delayed. It is actually not recommended to ignore to notices. A heartfelt letter explaining your reasons for being late with the payments goes a long way.
Try to find some problems in your housing papers periods should you find some mistakes you can successfully delayed the process for at least a year. This technique has been hush-hush by the banks and their lawyers will never inform you about this strategy. Having said that even your own lawyer might not tell you about it since it’s not exactly profitable for him.
You might also consider to file for bankruptcy. This strategy, however, is somewhat controversial in fighting a Memphis foreclosure process.
Filing for bankruptcy should be your last resort. However, it will buy you a lot of months in your own home depending on how good your lawyer is in presenting your financial situation.
There are also other creative ways that can be used to delay the whole process. If done correctly you can stay in your house mortgage free for as long as couple of years independence of your financial situation. Contact your foreclosure local lawyer here to learn about all your options.