The reality for some Homeowners is they fall behind on their mortgage.  As a result, a Bank may commence Foreclosure Proceedings against them.  While they believe their world is crashing, they can recover and leave unscathed. Therefore, it is important to speak to an Attorney to understand how Foreclosures affect a Homeowner.  If you have been served with a Foreclosure or are currently in the process, contact the Law Office of Brian P. Kowal, PA at (954) 990-7552. 

Foreclosure and the Effect on a Homeowner

Unless you have knowledge of the process, a Foreclosure can negatively affect a Homeowner.  This includes their credit and their ability to purchase another property. Some believe they can represent themselves and attempt to avoid losing their property.  Our office advises against this thinking.  By hiring an Attorney, they will explain to you how a Foreclosure affects a Homeowner. This includes the following:

A.  Homeowner’s credit:  Even before the Bank commences an Action, a Homeowner’s credit has decreased.  Once they fail to pay their mortgage, the Bank may report it to the Credit Agencies.   Therefore, if a Homeowner takes action or attempts to resolve the past amount, their credit will take less of a hit. 

B.  Deficiency Judgment:  A Bank will never explain to a Homeowner that a Deficiency Judgment may be entered against them.  In other words, if the property goes through a Foreclosure Sale and sells for less than the amount owed, the Bank can obtain a Judgment against the Homeowner.  As a result, they can garnish wages and freeze Bank Accounts.  

C.  Loss of Home:  Our office informs the Homeowner that if they do not take action, they will lose their home.  The Process can take six to eight months if they do not respond.  While we understand that they think they are in unchartered waters, they must be proactive.  Every day is a day they can be fighting the Foreclosure or attempting to qualify for a loan modification.

Foreclosures Affect a Homeowner in several ways.  However, your best chance of keeping your property is hiring a Foreclosure Defense Lawyer. If you have questions about the Foreclosure Process, contact the Law Office of Brian P. Kowal, PA at (954) 990-7552.