Foreclosure

All homeowners’ greatest fear is losing the house that they live in, the home they may have been in for years, the place of comfort, respite and refuge from a chaotic world.  Many of our clients express the extreme loss felt when that place of comfort appears to no longer be stable when other financial catastrophes hit.

There are many reasons for falling behind on your mortgage.  You may have experienced a reduction in income, or outright loss of a job.  You may have recently gone through a divorce or a separation.  Regardless of the reason, you need to assess your situation.  If you have fallen behind on your mortgage, a foreclosure is typically served upon you after about four months of non-payment.  Under normal circumstances, you have quite a long time after being served before the house is sold at auction, sometimes as long as a year.

Don’t be afraid of the process, as harrowing as it might be, since there are options open to you.  You don’t have to lose your house.  Come speak with Simon Haysom to discuss what your particular options may be, whether litigating against the foreclosing bank to delay the process while you work out something else, working on a loan modification or filing a Chapter 13 to stop the foreclosure and catch up on mortgage arrears.