Foreclosure Defense Attorney in Albuquerque, New Mexico

When a borrower fails to meet their loan payments or repayment obligations, the lender may take different legal steps to repossess and sell the property. Unfortunately, missing your mortgage loan payments for up to six months or committing any act that breaches the terms of your mortgage agreement can prompt your lender to initiate a foreclosure proceeding. 

If you're facing the prospect of losing your home to foreclosure, consulting with an experienced New Mexico foreclosure defense attorney is crucial for proper guidance and to protect your rights. At the Law Office of Jason Cline, I'm dedicated to directing and representing clients in their foreclosure proceedings. As your legal counsel, I can review every aspect of your situation and outline an effective strategy to stop the foreclosure and help you retain your home. 

My firm – the Law Office of Jason Cline – proudly serves clients across Albuquerque, Rio Rancho, Los Lunas, Santa Fe, or anywhere throughout the state of New Mexico.

Understanding Foreclosure  

A foreclosure is a legal process initiated by a financial institution – mortgage lender or bank – to seize, repossess, and attempt to sell or force the sale of a property. Through foreclosure, the mortgage company or lender will be able to repossess or take back ownership of a property legally – if the borrower defaults on a loan. 

Reasons for Foreclosure  

Here are some common reasons for foreclosure: 

• Failure to make payments 

• Multiple bills 

• Failure to pay property taxes 

• Credit card debt 

• Sudden relocation 

• Failure to pay property insurance 

• Job loss or decrease in income 

• Credit card debts 

• Adjustable-rate loans 

• Critical illness and medical bills 

• Divorce 

• Natural disaster 

• An unforeseen huge expense 

• Death of a spouse or homeowner. 

If you're facing the possibility of losing your property to foreclosure, you need to reach out to an experienced foreclosure defense attorney immediately. Your legal counsel can enlighten you about the foreclosure process and determine the best way to stop it. 

Foreclosure Process in New Mexico  

Here are the steps involved in the foreclosure process in New Mexico: 

• The lender will deliver a notice of the right to cure the default to the borrower at least 30 days prior to filing a lawsuit. 

• The lender will initiate the process by filing a lawsuit requesting a court order to permit the foreclosure sale. 

• The lender serves the summons and complaint to you (the borrower). You will have up to 30 working days to respond or file an answer. 

• A hearing will be scheduled where both parties will be allowed to present their case. 

• If you lose at trial or the court grants a summary judgment, the judge will order a foreclosure sale on your home. 

A strategic lawyer can represent you at the court hearing, present your case intelligently, or determine the best way to stop the foreclosure. 

Can Filing for Bankruptcy Stop a Foreclosure?  

Yes. Filing for bankruptcy can help stop foreclosure in New Mexico. Once you file your bankruptcy petition, an automatic stay order is activated immediately. This is a court injunction which stops creditors and debt collectors from all forms of debt collection efforts. The injunction also prevents debt collectors from foreclosing or repossessing your home. Hence, you can delay, stop, or postpone foreclosure by filing for bankruptcy. 

Is There a Way to Keep the House?  

Here are some available options to keep your house: 

Filing Chapter 13 Bankruptcy 

Filing for Chapter 13 allows you to propose a repayment plan to pay off your debts using your future income. Essentially, Chapter 13 gives you sufficient time – between 3 and 5 years – to pay down your home loan or debts. Hence, if you continue making the current mortgage payments, you will be able to keep your home in your Chapter 13 case. 

Loan Modification 

Alternatively, you can delay a foreclosure by seeking a loan modification. While your loss mitigation application is pending, the bank or lender may be unable to proceed with the foreclosure action. Your attorney can help file the petition or negotiate the mortgage modification. If your loan modification is approved, the foreclosure will be permanently stopped – unless you default on the new terms. 

Dependable Legal Assistance 

The thought of losing your New Mexico home to foreclosure can be very scary and frustrating. Thankfully, you may be able to stop or delay the foreclosure by taking necessary legal action. Therefore, if you're trying to delay or stop a foreclosure on your home, you need to speak with a seasoned bankruptcy attorney for clear legal direction and to educate you about your available options. 

At the Law Office of Jason Cline, I provide outstanding legal services and defending clients in their foreclosure proceedings. As your lawyer, I can assess all of the surrounding facts of your personal situation and explore your possible legal options. In addition, I will work intelligently to prevent foreclosure and help negotiate a feasible agreement with your mortgage lender to repay your loan and keep your home.