Six Steps To Save Your Home Now
Remember that you have 20 days to file a formal answer in court after you are served with a foreclosure complaint. If you answer without an attorney, it is important to respond to each allegation in the complaint. Explain in detail any mistake the lender made. You should be reasonably certain that you can afford to stay in your home.
- If you want to keep your home, talk to an attorney who understands the foreclosure process. Perhaps the most important way to protect yourself and your home is to understand your rights.
- Respond to the complaint within the 20 days you have to respond. By responding to the complaint, you do not limit your rights. If you do not respond, you lose your rights.
- After responding, make an in-person appointment and speak with your lender, if that is possible.
- If you did not respond, you can still ask for loss mitigation. You can work with the lender to pursue the stopping of foreclosure and find a “cure.” Federal law stops a foreclosure if a complete application for loss mitigation has been made with the lender.
- If a judgment of foreclosure is entered, you have six months to come up with all of the money you owe. Wisconsin law also allows you to reinstate the mortgage if you pay all past-due payments and costs. Chapter 13 bankruptcymay also stop the foreclosure.
- If you do none of these, though, your home will go to a sheriff’s sale.
What You Can Ask For
Take advantage of the court’s mediation program. You may be able to work out a modification agreement with the lender to roll your past-due payments and expenses into a modified mortgage. The lender may also offer funds for you to leave the home with some cash, if all of your personal items are removed and the home is left in “broom swept” condition.
If the lender agrees to work with you, then you have to provide financial information. Talk to a counselor from the federal Department of Housing and Urban Development (HUD) before you get sued for foreclosure. This meeting is important and can protect you from a lawsuit.
We Can Help
Foreclosure may feel like the end of the world, but there are options and help is available. To speak directly with a lawyer who has helped hundreds of people just like you with personal bankruptcy and foreclosure alternatives, contact Christine Wolk at Wolk Law Office in Oshkosh today at 920-385-5621. You can also contact us through email. We serve clients throughout Winnebago County as well as Fond du Lac, Outagamie, Green Lake, Waushara and Marquette counties.
We are a debt relief agency. We help people file for bankruptcy protection under the U.S. Bankruptcy Code.