Is Your Mortgage Heading Into Default?
Are you struggling to keep up with your mortgage payments? The abuses of the mortgage industry have led to some reforms in recent years and a homeowner is not defenseless against the banks and service companies when they seek to foreclose.
In Maine, there are strict requirements for a foreclosure and when the lender fails to follow the rules, the homeowner can seek protection. A foreclosure action must be brought in court where a judge will determine the outcome of the foreclosure.
Lenders are required to inform struggling homeowners about options to avoid foreclosure. Companies who own or manage mortgages can be required to negotiate in good faith with a homeowner who cannot make payments as promised.
Even if you are currently in default for not paying your mortgage, you have a right to cure. You have a right to pay what is owed and to bring your payment status current. Your mortgage lender must clearly advise you of the amount owed, methods of payment and grant 35 days to address the situation before proceeding to file a foreclosure complaint in court.
What Are My Options?
As a Mainer, you have a wide variety of options that can help to save your home. Maine’s Foreclosure Diversion Program (FDP) provides homeowners in foreclosure a chance to explore other options to keep their homes.
If you have received a Notice of Foreclosure and have received a Foreclosure Complaint and Summons, you have 20 days to file an answer with the court. Do not delay in contacting us to help you request mediation. In mediation both parties talk about whether it is possible to avoid a foreclosure on the property without going to trial.
The experienced attorneys at Shankman & Associates Legal Center can help you to choose the option that is right for you, and guide you through the process. Our firm can help you evaluate your alternatives including:
- Repayment plan
- Temporary changes such as reduction in interest rates
- Modification of the mortgage
- Sale of the property
If you are a homeowner unable to meet your mortgage payments, contact Shankman & Associates Legal Center toll free at 800-542-6133 or 207-209-3298. We represent Mainers in foreclosure actions and work with homeowners to avoid foreclosures through negotiation, mediation and, as necessary, litigation.
We Can Represent You At Your Foreclosure Hearing Or Mediation
At Shankman & Associates Legal Center, our lawyers have the knowledge, experience and dedication to represent you in at a foreclosure hearing, mediation or an action against a mortgagor bank or servicer to stop harassment, to recover damages you’ve suffered because of unfair collection practices.
The success of your case relies on your being able to gather the necessary paperwork. You will need to provide the following documents whether you are meeting with us or with a mediator and your lender:
- Mortgage documents (the actual “deal” that was signed)
- Tax returns for the last two years
- Pay stubs for the last 2 months
- Bank statements
- All mail from the lender/servicer
- If you have a business or home-business Profit and Loss Statements
- Legal documents for child support or spousal support amounts
- Rental or lease agreements and evidence of at least 2 months rent
- Property tax and property insurance documents
- Utility bills
Our offices are located in Lewiston and Topsham. Call us today at 800-542-6133 or 207-209-3298 for a free telephone consultation. Our attorneys can counsel you on how and when to submit paperwork and help you with the documents and the forms along the way.