Foreclosure: What is it? | Albertazzi Law Firm
Updated: Feb 28, 2020
Foreclosure is the process of taking possession of a mortgaged property as a result of the mortgagor’s failure to keep up mortgage payments.
If you are behind on your payments, and the bank starts to talk about foreclosure, it is a good idea to consult an attorney experienced in real estate law. This short video below features Anthony Albertazzi speaking about this topic:
With the current lending situation, many banks are not able to simply sell your home and cover the debt you owe on the mortgage. Today, many foreclosures take months or even years to complete. This can be very draining on your time and resources, and an attorney may be able to help you find a quicker solution.
In many cases, it may be a good idea to try to challenge the foreclosure. Depending on your personal situation, it may possible to keep your home. Even if you don’t want to try to save your house, it is a very good idea to talk with an attorney about all of your legal options. The small fee that you pay, and the time it takes will be well worth it if you’re able to find a solution that fits your needs.