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Category: Legal
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Experience:  Licensed attorney helping individuals and businesses
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After your Mortgage Conpany has gotten a Summary Judgement

Resolved Question:

After your Mortgage Conpany has gotten a Summary Judgement against your property,is there anything esle you can to to stop! or slow down the foreclosure process???
Submitted: 7 years ago.
Category: Legal
Expert:  INFOLAWYER replied 7 years ago.
If you are able to negotiate to catch up on payments, refinance or agree to give up back the property, those would stop the foreclosure.
Customer: replied 7 years ago.

when I purchase my home back in 2006 it sold for $348.000 now these same homes or seling for under $200.000. If I have to move it will be out of state bacause I dont have any where else to go. I need to slow down the process or stop it all together. What would a lawyer do if there client had the same problem Ive got?


Expert:  INFOLAWYER replied 7 years ago.
To slow down the process the borrower should suggest to the lender that it worse off selling into foreclosure and instead should seek to refinance the loan.
Customer: replied 7 years ago.

My loan is with Litton Loan Sevicing Co out of Huston TX they dont originate loans. I think this is why they have been so hard headed and just wasting time.


Let me as this question and I will be finished. Should I file Chapter 13 because if I loose the house my credit is done anyway for a while.




Expert:  INFOLAWYER replied 7 years ago.
If you are unable to make progress with the lender and have no other assets to protect, bankruptcy is an option. But you should exhaust all efforts with the bank including offering to give back the property provided you are fully released as that will save you the effects of bankruptcy and save the bank the cost of foreclosure. If you are able to involve local counsel, even for limited purpose of negotiating with the bank, it may produce better results as sad as it may be the bank tends to give attorneys and other people of authority more deference.
Customer: replied 7 years ago.

What do you think about Loan Modification Companys who charge a fee to act in my behalf? and try to get the Loan Company to restructure the loan?


This is my last reply!




Expert:  INFOLAWYER replied 7 years ago.

You are better off paying a lawyer, proceeding on your own, or saving the money towards the loan payments. These companies often dont do much for you and cannot handle litigation aspects as a lawyer can.

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