Rarely.
I realize that there are a number of “law firms” from other states that claim to be able to stop or delay foreclosures without filing bankruptcy. They are all scams.
If you never listen to another word from a foreclosure lawyer, listen to this one: there are three ways to stop a foreclosure without convincing the bank to do it on their own -Paying Up, Bankruptcy, and a Temporary Restraining Order.
TROs are pretty tough to get. You have to basically come up with evidence that the foreclosure is clearly wrongful, that the homeowner will be severely and irreparably harmed, and that. Which is not always the case. Now, a foreclosure can be illegal even if the borrower is behind on payments, but asking a court for a TRO requires some pretty heavy lawyering and I don’t know any lawyers who will do it without being paid up front. See, even if you have a good case against the foreclosing bank, letting the foreclosure happen doesn’t destroy the case. Sometimes, it is actually better to do that, because the bank will then try to eject you from the property in a state court lawsuit and you can bring up their illegal conduct as a counterclaim.
Paying up is pretty simple: you can either pay off the entire loan (which you can do after the foreclosure anyway through your 1 year right of redemption), or you can exercise your right to cure, in which case you pay back the amount of money you are behind and the mortgage gets reinstated. The right to cure in Alabama is absolute and can be exercised at any point up to 5 days before the foreclosure sale. Furthermore, they have to provide you with notice of the amount required to cure the default so you know what it will take to fix it. If you send them that amount, they have to call off the foreclosure.
And finally, there is Chapter 13 bankruptcy, which is what most people who want to stop a foreclosure end up doing. There are two reasons for this: 1) there are a million bankruptcy lawyers who flood the TV, radio, and yellow pages with advertisements announcing their ability to “STOP FORECLOSURE, REPOSSESSION, WAGE GARNISHMENTS” and 2) Chapter 13 is a simple, guaranteed remedy. If you can catch up the mortgage arrears over 5 years and keep making the regular payments, then you keep your home. It’s that simple. This is a great remedy – unless you’ve been dealt with illegally, in which case you may have rights against your lender that give you a better result than filing bankruptcy.
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need help
i talk to seterus on 08/25/14 and told them i needed a update notice of intent to foreclose letter showing what i owe, so i could get the money from my pension, i receive the letter from seterus on 09/02/14 dated 08/28/14 on 09/03/14 i fax the letter to my pension for the amount i owe,said it would take 3-5 days, called my pension on 09/08/14 to see if they have receive all paper work, and they said they did, today i look at my pension online and money will be in my bank tomorrow, so i called seterus this morning to give them a update about payment then i found out that my home is foreclosed on 09/04/14 and now they want me to apply for restated of mortgage and total must be paid in full $3131.38 plus attorney fees that would be about $2000.00 more,i can paid $3131.38 what i owe , but i can’t paid the $2000.00 attorney fees that would be over $5000.00 to save my home, i know that they are charging me for little things like $15 for property inspections every month but $2000.00 in attorney fees after i told them that i was geting the money from my pension. my mortgage company was countrywide then Bank of America and now seterus
thanks
john
sumiton alabama 35148
205-317-7201 i have no cell phone service at work you my leave a voice mail
jfowle28@hotmail.com
John,
I’m going to email you directly so we can discuss this. It sounds like Seterus’ right hand was working with you to cure the default while the left hand went ahead with foreclosure. That could be a problem, depending on how they provided you with notice of the foreclosure. Call me when you get the chance and we can talk about this.
Judson E. Crump
Can someone help me I have a sale date of 7/16/19 which I was unaware of until 7/16/19 this was a surprise to me as I was told to do a 2nd loan modification application last week because the first one expired which was done in February so I was told to resubmit another one last week so I resubmitted on the 8th of July, I’m a truck driver who doesn’t go home often to receive mail and always call weekly for updates no one has told me verbally when I called until the sale date yesterday this is unfair and two representatives from the mortgage company agreed yesterday that it was the fault of the reps that had me on the phone prior to the sale date for neglecting to inform me of the sale date and making me believe the new modification loan application was accepted
Stacy,
I didn’t see your post until recently. I’m sorry this happened to you. If you believe that the foreclosure sale was conducted wrongfully, you can call my office and I can see if we can help you. I don’t know what state you’re in, so I may not be able to help you. But if you’d like to review the matter with an attorney, you can call my office at 251-272-9148.