How to Prevent Foreclosure in Your State
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Transcript of How to Prevent Foreclosure in Your State
HOW TO PREVENT
FORECLOSURE IN
YOUR STATE
Michael P. Coyle, Esquire
Maryland Bankruptcy Attorney
How to Prevent Foreclosure in Your State thecoylelawgroup.com 2
Have you slipped behind on your mortgage payments? Are you receiving regular
notices from your lender regarding your situation? With each passing day, you
are moving closer and closer to foreclosure.
There is nothing simple about preventing foreclosure. Regardless of where you
live or what type of financial situation you are in, if your lender has sent you a
notice of foreclosure it should be taken seriously.
Note: rather than deal with this alone, hoping you make the right decisions, it is
often best to consult with a bankruptcy attorney. A qualified legal professional
can help you with every step of the process, from answering letters to mediation
and everything in between.
How to Prevent Foreclosure in Your State thecoylelawgroup.com 3
What Next?
Just because you are having trouble making your monthly mortgage payment
doesn’t mean you are going to lose your home. What it does mean is you have
to make some changes.
Here are several strategies to consider:
1. Negotiate with your lender. It is a misconception that mortgage lenders would
rather repossess a home than service the loan. You may be surprised at what
you hear once you are open and honest with your lender, letting them know that
you need assistance. They may be willing to modify your loan to make your
payments more affordable.
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2. File for bankruptcy. This may not be a decision you want to make, but
remember one thing: you need to do what is best for you, your finances, and
your home at the present time. If this means bankruptcy, it is time to learn more
about Chapter 7 and Chapter 13. Once again, this is a complicated process, so
you don’t want to go at it
alone. You are better off
working with a bankruptcy
attorney who knows what
to expect and how you
should move forward.
3. Sell your home first.
Unless you are married to
the idea of staying in your
home, this is something to
consider. If you sell your
home before it is repossessed, you never have to concern yourself with the
foreclosure process.
Note: this may be difficult to do if your loan is underwater, meaning you owe
more money than the property is worth. If you find yourself in this position, it is
time to negotiate a short sale with your lender.
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Communication is Key
What do you notice about the three strategies detailed above? With each one,
communication is essential to your success.
You should never run and hide from your lender, as this is only going to make
things worse. They cannot help you better your situation if you are avoiding all
communication.
The same holds true with a legal professional. If you need help, reach out to an
attorney who can put you on the right track. Keeping to yourself and attempting
to do everything on your own could make your situation worse.
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Questions to Ask an Attorney
If preventing foreclosure is on
your mind, here are some
questions to ask an attorney:
Is it too late to prevent
foreclosure?
Is bankruptcy my only
option?
Can you help me better
communicate with my
lender?
Are there alternatives to
foreclosure worth
considering, such as a
mortgage modification?
Are there steps I can take right now to improve my chance of preventing
foreclosure?
As scary as it may be, there are things you can do and steps you can take to
prevent foreclosure. This is challenging and stressful, but you should always
keep your eyes on the finish line. If you make the right decisions with the help of
an attorney, you may be able to stay in your home for the long run.
How to Prevent Foreclosure in Your State thecoylelawgroup.com 7
About the Author
Michael P. Coyle, Esquire
Mr. Coyle is one of the founding partners of Chaifetz and Coyle. Prior to Chaifetz and Coyle, Mr.
Coyle was a law clerk to The Honorable Robert J. Yock. Mr. Coyle then was an attorney with
several of the largest and most prominent law firms in the country, before starting his own
practice.
Mr. Coyle graduated summa cum laude from The Washington College of Law (American
University) in 1994, and was a member of The Law Review. Prior to Law School, Mr. Coyle
graduated with a BA in Government from Franklin & Marshall College, Lancaster, PA.
Mr. Coyle’s practice specializes in bankruptcy, foreclosure defense, general litigation, civil rights,
and employment discrimination. Mr. Coyle manages the Bankruptcy Department of Chaifetz &
Coyle.
6700 Alexander Bell Drive, Suite 200 Columbia MD 21046
Phone: (410) 884-3180 Fax: 410-884-3104