Frequently Asked Questions

• If my house is sold in foreclosure, do I receive any money?
  When the house is sold in foreclosure, first, the mortgage holder is paid in full. Then any other judgments or liens against the homeowners filed on their property are also paid. Once all judgments and liens are paid, if there’s any money left over, it needs to be claimed by the homeowner.
• How long does the homeowner have to respond to a foreclosure lawsuit?
  When the summons and complaint are served upon the homeowner, they have either 20 or 30 days to file an answer to the complaint in writing, to the attorneys for the financial institution and filing an additional copy of the answer with the court where the foreclosure lawsuit was brought in.
• If the foreclosure lawsuit is litigated, how long can it take?
  This is a very loaded question. Our office has some cases that last three to five years and other cases that last five years to fifteen years. It depends on the circumstances of the foreclosure lawsuit, the acumen of the attorney defending you, the judge in the case is pending in front of and various other factors.
• Can a homeowner make partial payments on a foreclosure lawsuit and if so, does it stop the foreclosure for moving forward?
  A homeowner, under certain circumstances, can make partial payments of their mortgage. However, if a partial payment is made, it creates a past due balance, which can still lead to a foreclosure lawsuit. If you can’t afford to make the full payments on your mortgage, you need to modify your mortgage to make it more affordable.
• Did your bank have the right to foreclose your home?
  This question cannot be answered with a simple yes or no. It is common for the bank that underwrites your mortgage to sell the mortgage to another bank. Then sometimes the second bank sells it to a third bank. Whether the bank foreclosing on you home has standing to bring a foreclosure lawsuit is a question that requires an investigation to ascertain whether the bank actually has the ability to foreclose on your home. The legal issue is referred to as standing to bring a foreclosure lawsuit.
• What alternatives does a homeowner have when faced with foreclosure?
  If the homeowner is served with a summons and complaint he or he must initially prepare and file an answer to the foreclosure complaint with the court and the bank’s attorney and appear in court for scheduled court appearances before utilizing any of the other options. In addition, the homeowner could apply for a loan modification. The homeowner can bring the arrears current by paying them and/or the homeowner can enter into a forbearance agreement. In addition, the homeowner can file either a Chapter 7 or Chapter 13 bankruptcy. A short sale or deed in lieu are foreclosure additional options available to homeowners. The best way to ascertain what the homeowners best option is is to consult with an experienced foreclosure defense attorney as soon as possible.