A San Jose bankruptcy attorneyexplains: What is the Lender’s Role in Foreclosure?

A lender in a foreclosure is the entity holding a borrower’s mortgage loan and will most times want to foreclose on a property to protect its own interest. If the borrower falls behind on payments, a foreclosure sale will sometimes allow the lender to recoup some of the credit that they extended to the borrower.

The lender is obliged by law to inform the borrower of their intent to conduct a foreclosure sale on the property. The lender’s role in the foreclosure is to track your timely payments on your mortgage, and contact you should you fall behind. The lender involved in the foreclosure will have the information on what is due in order to stop the foreclosure process. If you receive a foreclosure notice from your lender (or someone acting on your lender's behalf), you should call your lender right away. The longer you wait, the more your options diminish and the closer you get to losing your home.

The further along the foreclosure goes; the lender will also be the person to inform you of the pending sale date. They will do this themselves or, more typically, through a trustee.

Sagaria Law is available should you decide to seek legal counsel with regard to a foreclosure notice or a foreclosure that is just days away – call us now…chances are we can help you save your home from foreclosure!

If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or 1800.941.6730 and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. Sagaria Law can assist you with all aspects of your bankruptcy case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, lien stripping, a cram down, stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist in all of these important areas. Please complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.