Foreclosures happen when a lender or other lien holder takes ownership of a property because the property owner has failed to make regular payments to their lender in a timely manner, and other attempts to acquire the past payments have failed. A lien holder is an organization or individual that has the prerogative to take possession of the property for payment on a debt.
A lawyer who specializes in foreclosures will not only represent you during the foreclosure procedure, but will also work with your lender alone or with the assistance of a certified housing counselor to seek out a possible substitute to foreclosure.
Did you know?
Although many individuals realize that foreclosure can happen when a property owner fails to make timely mortgage payments, it is important to know that property owners face the possibility of foreclosure by failing to pay homeowners association assessments, property taxes, or contractor bills.