There are hundreds of reasons why people end up facing foreclosure in Topeka, KS. A job loss, serious illness, or even an unexpected family emergency can cause someone to fall behind in mortgage payments and fail to recover in time to prevent a foreclosure filing. If you’re on the cusp of losing your home, here are two things you can do to stop the procedure.
Sue the Bank
Before the sheriff knocks on your front door and tells you to move out, you can go on the offensive and sue the bank to stop the foreclosure. This will only work if the lender is using a non-judicial process to repossess the home. The court will force the bank to stop the proceedings if you can provide a legitimate reason why the lender should not be allowed to continue.
Some valid reasons include:
* The lender doesn’t actually own the note to the home
* The bank broke the law (e.g. didn’t comply with state laws regarding mediation)
* The bank committed fraud when underwriting or servicing the loan
* The lender didn’t complete the steps in the right order required to repossess the house
Filing a lawsuit is expensive, so you need to make sure you have solid evidence of the bank’s wrongdoing. Otherwise you may lose your case and your house.
File for Bankruptcy
If your bank is using a judicial proceeding to foreclose on your home or you don’t have any evidence of wrongdoing on the part of the lender, then your other option to save your home is to file for bankruptcy.
When a bankruptcy petition is filed with the court, an automatic stay is put in place that prevents any and all creditors from continuing their collection efforts. In this case, your lender would have no choice but to stop the foreclosure proceedings until the bankruptcy case concluded. However, during that time, you can make an effort to negotiate with your lender to keep the house.
Dealing with a foreclosure in Topeka, KS can be challenging and exhausting. It’s best to hire an attorney to help you deal with the issues you’ll run into while trying to save your home. For more information about preventing a foreclosure, visit Website Domain.
