For most people, a house or similar real estate is the single largest asset that they will ever own. Over time, the structures and buildings in which we live become cherished homes, with which we become attached as we create indelible family memories.
The majority of people must take out a loan to purchase a house or other real estate. A loan is documented by a promissory note given to whoever made the loan to the borrower (usually a bank). The note is typically secured by a mortgage against the property. Unfortunately, circumstances can arise where it becomes difficult or impossible for borrowers to pay back the loans taken out to purchase their property. In such situations, the bank may decide to foreclose on the mortgage through litigation.
Our litigation attorneys are sophisticated in representing both borrowers and lenders in mortgage foreclosure litigation.
If you are the owner of real estate facing mortgage foreclosure litigation, it is imperative that you obtain legal counsel early in the process, as successful litigation of such matters mandates planning in the early stages. At the onset of foreclosure representation, our attorneys work with our clients to determine the best available course of action, whether that be a mortgage modification, short sale, deed in lieu of foreclosure, or consent foreclosure. It is also possible that a client will have a defense to the action being brought by the lender.
No two situations are identical, but early intervention with legal counsel will aide in obtaining the best possible outcome.