I am negotiating with my lender, which stops my foreclosure case, right?"
Wrong. The foreclosure case does not stop just because you are negotiating with your lender on a loan modification, repayment plan, forbearance agreement or other loss mitigation. This is because negotiations and loss mitigation are separate and distinct from the foreclosure case.
A foreclosure case is a lawsuit involving the court, your lender, and you. A foreclosure case is where your lender is seeking to sell your house at a foreclosure sale to recover the money you owe. Your lender can do this because you signed a Note, that is, an agreement to repay your lender the money that it lent you to purchase your house. The Note is secured by a Mortgage, that is, an agreement whereby the lender is allowed to sell your house when you do not repay the lender the money it lent you when the payments become due. Ultimately, your lender is asking a judge to enforce the agreements by selling your house to satisfy the debt. The foreclosure case continues until your house is sold at a foreclosure sale or until you successfully execute a loss mitigation plan.
This is why it is critical to have an experienced foreclosure defense attorney that knows the ins and outs of foreclosure law and that will fight to defend the foreclosure case. If you want to stay in your house, we want to make that a reality. We can help you understand your options, help you decide what to do next, and handle the case in court. We have helped hundreds of families in these circumstances, and we are here to help you make sound decisions and provide you with strategic legal advice.