A foreclosure action begins when the bank/lender/financial institution files a lawsuit stating that the you are in default of some aspect of the loan agreement. This stage is known as Lis Pendens or suit pending. You, the homeowner, must be notified in writing that legal action is pending, i.e. you will be served with a summons. If a response is not filed to this notification, the court can enter a default judgement and the home can be sold at a court supervised auction, often within 20-35 days. But if a respond is filed within the specified time period (usually 20 days) then the case can be defended based on the facts and circumstance, additionally maybe other options can be worked out depending on your goals. Do not let the lender take your options away by your failure to get representation and respond to the foreclosure action.
Depending on your goal, the lender may be open to a loan modification of some kind. Remember, the bank wants to get their money and they don’t want to go through the legal process either. This is where having an attorney to negotiate with the lender can be very helpful.
If you feel your home is in jeopardy the best thing you can do is contact a foreclosure attorney as soon as possible. Do Not Delay. Prepare yourself for any action by the lender and this will give you the best opportunity to keep your home.
“It’s not the load that breaks you down. It’s the way you carry it.”