How to Prevent a Foreclosure

Strategies to Prevent a Wrongful Foreclosure

Home foreclosure can be a frightening thing to go through. If your home is at risk of going down the path of foreclosure, there are a few strategies that you should examine before all hope is lost. Even if your home is not actually at risk of being foreclosed, banks or firms can sometimes make mistakes. If this happens, you will need to contact a wrongful foreclosure lawyer in Albuquerque in order to correct the situation. Here are some strategies to prevent a foreclosure, suggested by wrongful foreclosure lawyers in Albuquerque.


Stay Calm


The first step is to stay calm in order to assess the entire situation and evaluate where the problem actually is. If you are current on payments and the bank is still threating foreclosure a wrongful foreclosure attorney can help you navigate this process and reach a favorable outcome. Even if you have missed payments, first contact the bank and see if they have any options available for you to get caught up. Don’t listen to the bank if they tell you that you do not have any options. If you contact a wrongful foreclosure attorney, they may be able to suggest options that the bank representative is unaware of.


Alert the Lender of Late or Missed Payments


If you are behind on your payments or expect to be unable to make a payment, then you will need to contact your lender as soon as possible. The main goal here is to work with your lender to try and form an arrangement where you can permanently or temporarily modify your payments or mortgage in order to prevent or postpone foreclosure.


Refinance or Renegotiate the Loan


If your financial situation has changed since you first initiated your loan, then you may be able to work with your lender to alter your repayment plan entirely. You have the possibility of refinancing your loan to make the payments easier to handle and avoid foreclosure all together.


Get Forbearance on Your Loans


In some cases, you may be able to temporarily halt loan payments when times are tough. Lenders are often willing to work with you and your situation so that you can make the payments. Forbearance will allow you to temporarily postpone any payments or reduce them drastically so that you have time to secure a job, pay off other expenses, and prevent a foreclosure.


Sell the Property


If all of your options have been exhausted, making the difficult choice of selling the property will be your best and last resort option to prevent foreclosure. If you and your home go through a foreclosure, your home will likely be sold at a value less than it’s worth. If you can sell your home on your own without the court interfering, then you will be able to get a better price.

With any legal matter, especially in home foreclosures, it’s always wise to get professional assistance. If a legal action has been incorrectly filed against you, hire an affordable wrongful foreclosure lawyer in Albuquerque, like Eric Ortiz & Associates. If you are struggling with your financial situation and need advice, hiring a foreclosure attorney will help you fight the foreclosure with better results and may be much cheaper than you expect.

Wrongful Foreclosure Attorneys

ABOUT WRONGFUL FORECLOSURES


Home Foreclosure Stages


If a home is at risk of being foreclosed, the process that a bank has to go through to foreclose a home can be long and often provides the homeowner with enough time to make amends or come up with a strategy to help stay in the home as long as possible. In other cases, some foreclosures may not be allowed and are considered wrongful. These types of foreclosures can be fought with the help of wrongful foreclosure attorneys in Albuquerque, New Mexico. It’s important to understand the various rules and stages of a foreclosure so that you can protect yourself and your home.

By definition, a foreclosure happens when a property owner cannot make payments on his or her loan, and because of this the bank asks a court to allow them to seize the home. A foreclosure action has multiple stages in Albuquerque, New Mexico; first there is a Notice of Default that must be sent after one or more missed payments; second, the bank files a foreclosure lawsuit and asks the court for a judgment; third, if a judgment is granted by the court there is a public sale where the house is auctioned off, usually resulting in the bank gaining ownership; fourth, there is a redemption period that may last from one to nine months where if the borrower can pay off the judgment amount entirely they can keep the property; finally, if nothing is done to challenge the previous steps, the bank may take possession of the property and evict the homeowner.


Pre-Foreclosure Period and Notice of Default


The first step that begins a foreclosure is when the bank sends the borrowers a notice informing them that they have missed one or more payments. Once the notice is sent, the bank can then legally file a lawsuit with the court. If you get a Notice of Default and you believe that you are current on payments the bank may be attempting a wrongful foreclosure.


Foreclosure Lawsuit


At some point after the bank send a Notice of Default, they may eventually file a complaint in court against the borrowing homeowner and any other individuals who have a claim in the property. Once the pending lawsuit is filed, the lender must give the borrower an in-person notice to the homeowner, who then has thirty days to answer the complaint. If the borrower does not answer, the lender may then finalize the foreclosure through a process called default judgment where they publish a notice of the pending lawsuit once per week for a certain number of weeks in a local newspaper. If there is still no response after that, the court may grant the bank the right to foreclose without further hearing.


Judgment


Once a judge grants the bank a foreclosure judgment it becomes more difficult to end or prevent foreclosure proceedings, but there are still many things that a borrower can to challenge the judgment and get it set aside, especially if there was a wrongful foreclosure. If you have a foreclosure judgment against you, contact a wrongful foreclosure attorney in Albuquerque right away.


Notice of Sale and Auction


After a foreclosure judgment has been issued, the bank may then provide you with a Notice of Sale that states a specific date and time when an auction for your property will occur. Do not worry, you will not get kicked out of your house the day of the auction in New Mexico, but if you receive a notice of sale you have very little time remaining to challenge the foreclosure. Most commonly only the bank bids at these auctions, and after the sale is approved by the court, the bank becomes the legal owner of the property and can begin eviction proceedings. If you have been wrongfully foreclosed and have received a Notice of Sale, do not hesitate to contact a wrongful foreclosure attorney in Albuquerque, New Mexico.


Redemption Period


After a court approves a foreclosure sale, you are still entitled to redeem the property for a certain amount of days after the sale is approved. The amount of days varies depending on the mortgage but is typically 30 days. In order to redeem the property you will have to pay the bank 100% of the amount that was bid at the foreclosure sale. This is frequently impossible for many people as the amount owed is so great. However, at this point in the proceedings you may be getting calls from many investors who wish to buy your redemption rights from you. If you need help redeeming a property or questions regarding selling your redemption rights, contact a foreclosure attorney in Albuquerque, New Mexico right away.

If your home is at risk of being foreclosed, you are struggling with your finances, you are concerned about foreclosure being a risk in the near future, or if you believe that a lawsuit is not justified, you should contact a wrongful foreclosure attorney in Albuquerque like Eric Ortiz & Associates. Attorneys who focus on foreclosure defense can help make sure you have the knowledge you need to make the right decisions.

Bankruptcy Lawyer Albuquerque | Expert Bankruptcy Attorney

We are a team of bankruptcy lawyers in Albuquerque, NM. Our expert bankruptcy attorneys provide free consultations. 

BANKRUPTCY BASICS

Financial troubles can be caused by many different things.  Whether they’re caused by the loss of a job, a healthcare problem or a slump in the real estate market, sometimes people just end up in situations where they have more debt than they can afford to repay.  If you are in a situation like this, bankruptcy may be a good option for you.  We know that the thought of filing a bankruptcy can be scary to many people, but the Bankruptcy Code exists to help struggling consumers get a fresh start, not to punish people.  Filing a bankruptcy provides someone with a lot of protection from creditors; once someone has filed a bankruptcy it becomes illegal for their creditors to contact them and stops the collection calls.  When an individual person or couple needs to file a bankruptcy, there are two main types of consumer bankruptcies they would choose from, a Chapter 7 and a Chapter 13.       

CHAPTER 7

Chapter 7 bankruptcy, or a liquidation bankruptcy, is what most people think of when they think of bankruptcy.  As long as someone qualifies for a Chapter 7, when they file most debts are discharged, meaning that they no longer need to be repaid.  Debts that can be discharged in a Chapter 7 include credit card debt, cash advance/payday loans, debt owed due to a foreclosure, and many other types of unsecured debt.  People qualify for a Chapter 7 as long as they do not have more assets or income than can be exempted.  Eric Ortiz Law provides a free consultation for people considering bankruptcy and will determine if they qualify for a Chapter 7.  Eric Ortiz Law offers very affordable flat rate Chapter 7 bankruptcies and can work with you to make payment arrangements.     

CHAPTER 13

Chapter 13 bankruptcy, or a reorganization, is a type of consumer bankruptcy that is an option for people who have more debt than they can afford, but also have too many assets or have too much income each year to qualify for a Chapter 7.  When someone files a Chapter 13 with us we will work with the bankruptcy trustee and creditors to develop a repayment plan that they can afford.  This plan will include a determination of an affordable monthly payment amount, and may reduce the interest or principal owed on certain debts.  Once the plan is approved you simply make one monthly payment to the bankruptcy trustee and the trustee distributes it amongst creditors.  Usually Chapter 13 plans are designed to be paid off in a period of five years.  In most cases Eric Ortiz Law can file a Chapter 13 for an upfront payment of $1,500 - $2,000.  Depending on the complexity of the individual bankruptcy the total cost could be more than what is paid up front, but if there are any additional legal fees they would get paid out of the monthly plan payment.     

HOW BANKRUPTCY IMPACTS CREDIT

Many people think that if they file a bankruptcy they will never be able to get financing for a car or home ever again.  In reality, most people can still qualify for an auto loan immediately after filing bankruptcy, and if they are diligent about rebuilding credit it is not uncommon for people to qualify for a home loan three years after filing a bankruptcy.  In fact, some people will actually see their credit score go up after they file a bankruptcy if they have many unsecured debts that get discharged with the help of a bankruptcy attorney.  Although most credit reporting agencies will report that someone filed a bankruptcy for ten years after it is filed, most lenders will stop considering it in much less time.  Usually the impact of a bankruptcy on credit is more akin to having no credit than having bad credit; as long as you’re careful after filing a bankruptcy good credit can be built without difficulty.  Call us today to schedule a consultation with one our best bankruptcy lawyers in Albuquerque, NM.

Eric Ortiz & Associates is rated 5.0 out of 5.0 stars based on 11 ratings and 11 user reviews

Personal Injury

​Eric Ortiz, an experienced and passionate personal injury lawyer, takes a unique approach to personal injury. While he not only prepares each and every case for trial to maximize recovery, he also focuses heavily on actually being able to collect. In New Mexico many drivers carry a limited amount of insurance and Eric Ortiz always looks into recovering from the driver personally by running asset checks and obtaining a financial picture of the driver through private investigation.  

Our experience in commercial litigation and bankruptcy gives us the personal injury law expertise to pursue the maximum recovery available not only against drivers personally but also in pursuing corporations, or insurance companies where there are complicated coverage issues.

Finally, there is never a risk to you if we take your case on contingency; we never charge you anything for our work, costs we have advanced, or taxes unless we receive adequate proceeds to cover them. Many firms force you to be responsible for all hard costs and gross receipts tax, even if they do not recover as much as they expect to. This can result in situations where you end up owing money to your attorneys when all is said and done if the hard-costs and gross receipts taxes are greater than what they recover for you; we never charge you for more than what is recovered on a contingency fee matter even if that means our office takes a loss. Moreover, many firms will always charge a 40% rate on contingency fee cases, even on simple matters that they can resolve without going to court. We charge a sliding percentage on contingency fee cases which we base on the complexity of a case; we often charge rates as low as 25%. This will frequently result in thousands of additional dollars in your pocket.

Eric Ortiz & Associates is rated 5.0 out of 5.0 stars based on 11 ratings and 11 user reviews

Real Estate

Located in Albuquerque, NM, Eric Ortiz Law Firm’s attorneys takes a different approach to family law. First, we understand that this is a difficult season of your life.  Accordingly, we approach each family law case with the utmost compassion and empathy.  We want your case resolved quickly and in your favor.

Additionally, we understand that family law is similar to commercial litigation in that divorce and custody arrangements are essentially disputes over property and contracts.  Consequently, we treat family law cases as thoroughly as we treat commercial litigation cases.  Other law firms do not accord the same level of care and strategy to family law litigation.

This two-prong approach of compassion and meticulousness has led the Ortiz Law Firm to be incredibly successful in all our family law cases.  Let us put this family law approach to work for you.

Eric Ortiz & Associates is rated 5.0 out of 5.0 stars based on 11 ratings and 11 user reviews

Commercial Litigation

Eric Ortiz understands contract disputes and can help with commercial litigation issues in Albuquerque, NM. From needing to collect on a promissory note to a dispute of a construction contract, Eric Ortiz understands how to pursue claims resulting from any contract dispute.

Commercial litigation frequently involves difficult questions, multiple claims and parties, and each case requires heavy strategic planning. Because of the difficult nature of commercial claims we offer free consultations in the area of commercial litigation to discuss the details of your particular case.

Albuquerque Foreclosure Lawyers

If you are facing foreclosure in New Mexico, we can help. A little known fact is that foreclosure is never immediate. Bank and lenders must file and win a lawsuit in court before they can actually take your property.

Banks make an incredible numbers of errors in processing foreclosures, loan modifications and loss mitigation. These mistakes can lead to lender liability and frequently lead to either favorable settlements or result in a significant delay before you have to leave your home.

Unlike other foreclosure defense firms, the Ortiz Law Firm works to take advantage of these bank errors to keep you in your home.  Eric Ortiz has a strong track record of delaying eviction or a favorable workout.

STRATEGY 

The Eric Ortiz foreclosure defense attorneys will answer your complaint, require the bank to prove its chain of title and hold off the bank while we help you process a home loan modification, deeds in lieu or short sale. In the case of serious lender liability we will aggressively pursue foreclosure fraud. Let Eric Ortiz help you avoid foreclosure today!

PRICING 

Eric Ortiz offers incredibly affordable foreclosure defense solutions in Albuquerque NM. Unlike most attorneys, in the majority of cases we do NOT require an upfront retainer. With a credit card on file, we can offer low monthly rates from as low as $500 per month. Many clients think of their monthly payment as low monthly rent while a solution is being worked out.

Eric Ortiz & Associates is rated 5.0 out of 5.0 stars based on 11 ratings and 11 user reviews

Probate Lawyer Albuquerque

Not everyone thinks they will need an Albuquerque probate attorney, but if a relative has passed away, you'll need one to help administer the estate. In some cases, there may already be an attorney administering the estate, but he or she might not be allocating the shares of property and wealth appropriately. In either situation, you can count on the experienced probate attorneys at Eric Ortiz Law to handle your case with professionalism and courtesy. The Eric Ortiz Law Firm is comprised of legal experts, which is why you can trust them to fulfill all your Albuquerque probate lawyer needs.

Many people think that there will never be an issue with the estate of a loved one, but consider the following scenario. A close, beloved relative leaves the bulk of his or her estate to a caretaker who is not a member of your family and only knew your loved one for a brief period of time. Sometimes, this is a decision made when your loved one is completely lucid, but other times it could be a result of a momentary lapse in judgment. Even worse, it could be that the caretaker has influenced your relative in some way. Your relative might also have forgotten about any natural heirs. In these situations, the will can be set aside. An Albuquerque probate lawyer can help get the situation sorted out so that the best interests of all parties involved are served.

In either situation, you can hire a Albuquerque probate attorney from the firm of Eric Ortiz Law to help you. With a wealth of experience in probate law, the team at Eric Ortiz Law is trained to handle a wide range of estate scenarios. Probate litigation can take a financial and emotional toll on everyone involved. That is why seeking a fair and speedy resolution is important. Your Albuquerque probate attorney has the experience and knowledge you need to resolve your probate issue to your satisfaction, so you can put the matter behind you and begin grieving for your loss. Call today for a consultation with an experienced and caring probate attorney in Albuquerque, NM.

We now have a website dedicated to probate law. Please visit nmprobatelaw.com to learn more about our probate law practice including will contests, non-probate transfers, trust litigation and much more.

Eric Ortiz & Associates is rated 5.0 out of 5.0 stars based on 11 ratings and 11 user reviews