Are you a homeowner in the middle of the modification process with your mortgage company and you just got a notice of foreclosure? Have you been told over and over the modification was still being reviewed? Have you been told the modification was approved? But all of a sudden you find a notice in the newspaper listing your home with a foreclosure sale date set at the courthouse. This is called “dual tracking”. Mortgage companies review loans for modification and try to foreclosure at the same time. They don’t stop the foreclosure process when a mortgage is considered for a modification. If you are in the modification process with your mortgage company, never assume that it will be approved or that they won’t foreclose. The procedure for foreclosing in Mississippi is fast and you can’t trust anything the mortgage company tells you over the phone. If you find out your home is in foreclosure, contact our office immediately. We can file a Chapter 13 bankruptcy to stop the foreclosure sale and you can still be eligible for a modification. You do not want to be evicted and fighting to get your home back after the foreclosure. Better to be on the safe side and stop the foreclosure before it happens.
Disclaimer: This blog is intended as general information purposes only, and is not a substitute for legal advice. Anyone with a legal problem should consult a lawyer immediately.