Are You Facing Foreclosure on Your Home?

The Profound Effects of Home Foreclosure

The current economic climate has had a huge impact on large numbers of people today. Foreclosure has touched the lives of individuals directly or of those that are close to us usually in some way. The good news is that there are indeed options and proven ways to stop foreclosure. These options afford homeowners the opportunity to keep their residence and protect their credit rating from damaging marks. With the expert guidance of the Law Office of Kathryn L Johnson, located in Tucson homeowners are better able to leverage their legal options with regard to foreclosure, including loan modification and bankruptcy.

Is Foreclosure Looming in Your Life?

Attorney Kathy Johnson has worked with many homeowners in preventing and delaying foreclosure. Homeowners should understand that it is important not to disregard any foreclosure notice sent by a bank. There are indeed many laws on the books that help homeowners to stay in their homes, and it is important to use these laws to your greatest advantage. Typically, a foreclosure will take anywhere from 6 to 9 months or more of nonpayment of a mortgage to begin. The final phase of a foreclosure is the notice of trustee’s sale. Once this notice arrives, a homeowner should understand that they have 90 days until the home will be sold in foreclosure.

Exercising Your Options with Regard to Stopping Foreclosure

Homeowners must understand that they do have a number of options with regard dealing with foreclosure. Attorney Kathy Johnson is highly qualified in helping those facing foreclosure in finding the best options with regard to their specific situation.

Some examples of foreclosure alternatives include working with a lender to come to an acceptable home loan modification. When a loan modification is not possible or not accepted by the lender a homeowner can choose to do a short sale on their home. Many times a lender will allow a homeowner to occupy the property while it is being listed with a real estate broker in short sale. If a short sale proves to be unsuccessful over a period of months a lender may then offer a deed in lieu of foreclosure option. In addition, as a last resort chapter 7 bankruptcy or Chapter 13 bankruptcy may also be used effectively to deal with foreclosure.