The process of foreclosure allows a lender to repossess property to which they hold title, and sell it to make up for missed mortgage payments. Property owners also risk foreclosure for delinquent tax payments.
Lenders have the legal right to assume ownership of homes which have delinquent loans. However, foreclosure is an expensive and lengthy process. Many lenders prefer to work out payment plans with a homeowner if possible. Banks and other lenders would rather avoid accumulating real estate which they must then sell.
Fear of foreclosure can make a homeowner vulnerable. These owners may be afraid of losing their homes, and become desperate. For example, these property owners often become easy targets for “foreclosure rescue operators” who offer some illusory assistance. These operators actually intend to assume ownership of homes illegally, or at bargain prices only to sell them at profit. The victims of these scams are often elderly.
The bankruptcy attorneys at O’Connor, Acciani & Levy Co., LPA can help you if your house is in foreclosure. We can advise you during your financial difficulties and show you how you can save your home. Speak with a bankruptcy attorney today about your foreclosure by calling 513-842-9029, or toll free 877-288-3241. Our attorneys offer free consultations to discuss your legal options for eliminating debt and stopping foreclosure.
You can also fill out our free, no-obligation bankruptcy evaluation to explore the legal options for your specific financial situation.
O’Connor, Acciani & Levy Co., LPA is a debt relief agency.