If you are more than a year without paying your mortgage, the question of what to do before a foreclosure? You will have to raise it as soon as possible, and not do it when suddenly one day a letter from the court comes to your house along with a demand of about 100-130 pages.
What this brick of papers expresses is that, either you pay what you owe plus what you lack in mortgage, or you oppose that large amount of documentation in 10 days, or your house will be auctioned and you will be left without it. That is, you have 10 days to protect yourself, and in that time you must get a lawyer, and that lawyer has time to write an opposition to defend what has surely been the biggest investment of your life. Complicated to find a specialized lawyer and do it well, and in a hurry, of course.
What you have to do is prevent the situation in which you have been seeing a lawyer for months and start evaluating contracting options for what is going to be an imminent foreclosure. Search and consider the options of a lawyer specializing in the subject and explain your case to him, so that when you find the lawsuit in your mailbox, all you have to do is pick up the phone and get down to work.
What happens when a mortgage is foreclosed?
When the bank sues and forecloses, its intention is to auction the real estate to obtain the money owed to it. Not only the one you haven't paid, but the one you still have to pay, and to which are added the costs of the lawyer and bank attorney, as well as interest.
How long does a foreclosure proceeding take?
If there is no opposition or any unpleasant surprises, it usually takes between 12 and 18 months from the filing of the foreclosure lawsuit. We want to clarify that it will vary a lot depending on the agility of the court that processes the procedure and the workload it has.
If you oppose a foreclosure and file the corresponding appeals, a foreclosure can be extended with an appeal before the Provincial Court for another 18-24 months, and with an appeal before the Supreme Court for another 18-24 months.
In summary, the opposition is basic to be able to protect yourself against a foreclosure, if you do not do it you will be tied hand and foot to be able to exercise your rights.
Procedure to deal with a foreclosure
The procedure to deal with a foreclosure is to prepare yourself for the imminent demand and advise you to find a specialized lawyer who can preserve your interests in the best possible way at the time the demand arrives, because the period of 10 days and desperation can pressure you to accept any offer of services presented to you.
The lawyer will have to study the claim and the documents provided by your opponent well to try to find any loophole that may exist and take advantage of it in your defense.
If this is your case, call us before it's too late.