Foreclosure Defense

Foreclosure Defense Attorney in Jackson, Mississippi

Through April 2023, according to statistics assembled by ATTOM Data Solutions, the number of housing in foreclosure nationwide stood at 32,977, up 8 percent from the year-earlier basis. Mississippi, the Magnolia State, whose population ranks 34th in the nation, saw 164 ongoing foreclosing proceedings in April, bringing it in at the 36th spot, with one in every 8,033 homes being in foreclosure.

If you as a homeowner in or around Jackson, Mississippi, are on the brink of foreclosure because you’re starting to miss payments, or just making partial payments, or if your lender has already contacted you regarding your loan and ways to mitigate your obligation to avoid foreclosure:

Contact The Law Offices of Wes Stover for Immediate Assistance. Call us at (601) 401-8996 and we will examine the circumstances, along with your financial situation, and advise you of the best legal path forward to protect your rights and interests.

The Law Offices of Wes Stover proudly serve clients throughout all of South Mississippi, including Hinds County, Jones County, Madison County, Rankin County, Lamar County, Simpson County, Smith County, Covington County, Forrest County, and Wayne County. Your initial consultation is free. We have offices in Jackson and Laurel and we also offer phone consultations, if necessary.

What Is Foreclosure?

Foreclosure is generally the process by which the person or entity holding your mortgage (or, promissory note and/or the deed of trust) can come after delinquent homeowners to either get the mortgage or loan back on track or sell the property to recoup their investment.

The promissory note is the homebuyer’s agreement to pay back the loan on an agreed-upon schedule and an agreed-upon amount, which can be adjusted if the loan is not fixed and if it includes an escrow amount for property taxes or homeowners’ insurance, which tend to rise. The deed of trust gives the lender a security interest in the property and generally will include a power-of-sale clause.

The Foreclosure Process

Though Mississippi is known for some of the fastest foreclosure processes in the nation under certain circumstances, federal law does provide some leeway that can stretch out the process. Although, if foreclosure looms, you need to act quickly and obtain the services of a foreclosure defense attorney.

The foreclosure, or actually pre-foreclosure, process begins when you’re late on a payment, or even on your real estate taxes or homeowners’ policy. Late fees and other charges can be added to the amount due.

Under federal mortgage servicing laws, the lender must try to contact you 36 dates after a missed payment to discuss mitigation options, including loan modification, forbearance, or a modified repayment plan. After 45 days, the lender must put the mitigation options in writing and assign someone to work with you.

The mortgage holder cannot in most cases begin the actual foreclosure process until your loan is 120 days past due, at which point the loan servicer must send you a breach notice, informing you that your loan is in default. If the lender wants to foreclose, it has two options—judicial and nonjudicial.

A judicial foreclosure takes place before a judge, who will rule one way or the other. If the homebuyer doesn’t show up, the lender will win automatically. The homebuyer does have the option of showing up to argue his or her side of the case. Most lenders, due to court costs, however, choose the nonjudicial route, whereby they serve notice of an impending sale, or auction, of the property.

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Options to Save the Property, Including Bankruptcy

You may be able to work out a mitigation option with the lender, either temporarily until you get back on your financial feet, or permanently with lowered and/or stretched-out payments if the servicer agrees. (Remember, most mortgages are sold to investors soon after the originating lender completes their part of the transaction. After that, they just service the loan on behalf of the investing entity.)

With interest rates rising nationwide, the window for this type of mitigation may be closing, if it was ever that big to begin with except during the pandemic. Some programs do exist for homes affected by natural disasters, however.

The quickest and surest way to stop—at least temporarily—a foreclosure is by filing for bankruptcy. When you file for Chapter 7 or Chapter 13 bankruptcy, the court will issue an order known as the “automatic stay,” which prevents all creditors from collecting past-due amounts, seizing your possessions., or taking any legal action against you.

In the case of secured loans, such as those for real property, however, the lender can petition to have the stay removed and proceed with foreclosure or repossession efforts. The filing does, however, present you with an opportunity to reorganize your obligations to save your residence.

Will Bankruptcy Allow You to Keep the House?

A Chapter 7 bankruptcy is one based on the liquidation of assets to pay off creditors as much as possible. Equity in your home is protected up to a point. In Mississippi, you can protect up to $75,000 of equity in your home if it sits on less than 160 acres. In other words, if you owe that amount or less on your home, you can keep it, but other possessions may be liquidated.

Chapter 13 is different. It is known as a “wage earner’s plan” or a "debt consolidation plan." Under Chapter 13, you can roll all of your debts into one monthly payment based on your disposable income—what’s left over after customary living expenses. Depending on your income, you will be in Chapter 13 for three to five years, after which time you either will have paid your debts in full or those debts will be discharged or forgiven.

Since a home represents a secured debt, that figures in a bit differently. To keep your home, you will have to continue to make agreed-upon (or mitigated) loan payments monthly. However, the arrears on your real property can be factored into the monthly fee you pay to the bankruptcy trustee, who then pays creditors. Under this type of arrangement, foreclosure can be avoided.

In either type of bankruptcy filing, you need to take advantage of the time and opportunity the automatic stay provides you. Secure the services of a foreclosure defense attorney who is well-versed in bankruptcy law and will approach the lender to see what steps can be taken to save your home and your investment. Lenders would rather service loans than add “Real Estate Owned (REO)” to their inventory if they can’t find a suitable buyer.

The Importance of a Foreclosure Defense Attorney

Losing the place where you live, which also no doubt represents the biggest investment you’ve ever made, is not something anyone wants to go through. Though you can stretch out the process and stay longer, there are options that may enable you to keep your residence under modified terms.

Bankruptcy no doubt is the surest option for most homebuyers. It offers federal and state protections and opportunities that you can take advantage of if you team up with an experienced and knowledgeable foreclosure and bankruptcy attorney.

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Foreclosure Attorney in Jackson, Mississippi

At The Law Offices of Wes Stover serving the greater Jackson and Laurel areas and all of South Mississippi, our concentration on bankruptcy strengthens our ability to deliver the focused attention and reliable debt relief guidance you deserve. We will treat you like family: giving you respect, listening to your needs, and helping you reach your goals. Together, we will work for you and with you to give you the best possible result.

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Throughout the years, The Law Offices of Wes Stover have been really helpful. Thank you for being understanding and ensuring that my case was never overlooked. Please be safe, and may you all prosper in the years to come.

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Outstanding and professional people to work with. This is my second time filing due to hardship. They were very understanding and did not charge a high price. They got the job done, so thank you, everyone at The Law Offices of Wes Stover.

- Natasha W.

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