I have received a rash of calls lately from people who are about to be foreclosed on or have been foreclosed on. They want to know what to do. For most people, I have to tell them it is too late.
A few things to keep in mind if you are behind on your mortgage:
1. You can file bankruptcy if your situation warrants it. But, it is not an overnight process. Most bankruptcy attorneys need a week or more before they can get you ready to file bankruptcy.
2. If you believe your loan had some improprieties such as TILA or RESPA violations, an audit needs to be done. This is a process that can take from a couple of weeks to a month.
3. Even if I have everything in front of me and had enough time to prepare the lawsuit, it still takes a day to file it and then it has to be served. So, you are looking at 4 to 5 days in most cases to file and serve a lawsuit.
4. Once you have been foreclosed on, you can expect to hear from the bank or the purchaser in just a few days. If you think the foreclosure was not done properly, you need to move on this and have an attorney review it ASAP.
The moral of this is that the time frames can come up on you quickly. The longer you wait, the harder it is. You need to get legal help as soon as possible.