There are few financial problems more frightening and confusing than a possibility of losing your home. Owning a house, which was once the central part of the American dream, today has turned into a nightmare for millions of Americans facing foreclosures.
Hardworking individuals are often faced with the threat of foreclosure through situations over which they have no control, such as:
- Medical emergency
- Credit Card Debt
- Loss of employment
- Reduction in salary or work hours
- Significant property damage
- Other unexpected events
These and other unforeseen circumstances can negatively affect family’s finances and cause you to start missing your mortgage payments. Subsequently, more than three months of missed payments can prompt your lender to initiate foreclosure proceedings.
In the State of Indiana, foreclosure proceedings involve the following steps:
- The lender files a complaint with the court where the house is located.
- A copy of the complaint and summons is served on the homeowner.
- The homeowner is given a specific amount of days to respond to the complaint and file the Answer to the Foreclosure Petition with court. In the Answer the homeowner should respond to each allegation in the complaint and tell the court about any defenses and/ or counterclaims against the lender.
It is strongly advised that you engage an experienced attorney to analyze and evaluate your case for available defenses and counterclaims.
- The lender and the homeowner will usually hold a Settlement Conference in hopes to prevent trial. Please note, that active negotiations and settlement efforts do not stop the process of foreclosure. Even if you are working with the lender to get a loan modification or to sell your home, the lender can still continue the foreclosure process in courts.
- If the settlement could not be reached, the lender is most likely to file a Request for a Summary Judgment against the homeowner. Such Judgment establishes a specific amount owed on the loan and allows the lender to have the house sold at a Sheriff’s Sale.
- If the Court does not enter Summary Judgment against the homeowner, then the lender may request to set the case for Trial, after which the Judge will make the ruling on the case. If the ruling is in lender’s favor, a foreclosure judgment will be entered against the homeowner.
Foreclosure is a complex procedure and if you are faced with a possibility of loosing your home, every decision made will ultimately affect the safety and stability of your family home. If you have received a foreclosure notice, it is time to consider seeking a legal professional. It does not mean you have to lose your home.
Jason Wischmeyer is dedicated to helping you to save your home and have been successful in defending numerous homeowners against foreclosure.
Protecting your home from foreclosure begins with a thorough and detailed examination of your financial circumstances. We can help you assess your financial options, which may or may not include bankruptcy. We will challenge your lender on any aspect of your foreclosure proceeding that does not follow proper guidelines.
Although, we can dispute foreclosure actions in many different ways, the most common defenses to foreclosure are:
- The terms of the mortgage are unconscionable – that is the terms of your mortgage or the conditions surrounding it are so unfair that they “shock the conscience of the judge”.
- The lender engaged in unfair lending practice – meaning, violated a federal or state mortgage law designed to protect the borrowers.
- The homeowner is a Service member on Active duty.
- The foreclosing party did not follow the State procedural requirements for foreclosure. (For example, the homeowner was not served with the copy of the complaint and summons).
- The mortgage payment administrator made a serious mistake, like crediting your payments to the wrong party.
As you can see, ultimately most foreclosure defenses center on the banks or other lending institutions following the proper procedures. We will carefully examine their records and all of your communications to gain a clear understanding of the chain of events, including but not limited to:
- Did your lender follow the proper procedures for notifying you of the foreclosure proceedings?
- Is your lender’s documentation accurate and up to date?
- Did you make payments that were not properly recorded by the lender?
- Was a proper witnessing procedure followed at the signing to the documents?
Thus, if you are behind in your mortgage payments, have received a foreclosure notice, or are being sued by the bank in a foreclosure situation, something can be done about it. Attorneys at the Wischmeyer Law Office have extensive experience and knowledge of the legal matters surrounding foreclosure and can fight for you in court. Please contact us by phone at (317) 429-0210 or by email at email@example.com and let us know how we can help.