The Pettitt Firm is dedicated to representing homeowners facing forclosure, as well as assisting lenders who are harmed by loan default and who need to foreclose on properties in order to recoup their losses. Foreclosure is an extreme step, and given the number of foreclosed properties on the market, not one a lender should take lightly. However, it may be necessary in order to compel a recalcitrant borrower to face the reality of his situation. Our attorneys are also understanding of the extreme hardship that foreclosure can place on families. We work to keep families in their homes whenever possible, while working to get lenders the money they are owed.
In the current economic climate, public sympathy mostly sides with homeowners who are unable or unwilling to pay their mortgages. Many remedies have been proposed or enacted to keep delinquent borrowers in their homes. Restrictions placed on foreclosure have enabled delinquent borrowers who no longer have the means to maintain their properties to essentially squat as their homes fall into disrepair, further damaging lenders and negatively impacting the value of surrounding properties. Moreover, foreclosure restrictions prevent lenders from liquidating distressed assets to free up working capital so they can provide loans for prospective homebuyers.
We understand the power of a foreclosure filing to force a delinquent borrower to the negotiating table to develop a solution such as:
If a home has dropped in value to below the outstanding loan amount, a loan modification may be in the interest of both sides. Our attorneys negotiate with homeowners and banks to have the terms of the original loan permanently changed to reduce payment amounts while making sure payments continue.
You worked hard to purchase your dream home. When unexpected circumstances occur that put your home at risk of foreclosure, you can take crucial steps to ensure your lender complies with its legal duties. The Pettitt Firm combines innovative strategies with fierce determination to defend your right to keep your home. When selling your home presents the better option, we guide you toward the most advantageous situation. We fight banks to protect your home from wrongful foreclosure by challenging the legality of the proceedings. If necessary, we can help you file a Chapter 13 petition to stop the foreclosure action.