Trustee’s Sales
When an individual takes out a loan from a financial institution to purchase property, they are required to maintain payment as agreed with that institution. Therefore, if a person falls behind on their loan payments, the financial institution is legally entitled to foreclose on that property and initiate sale proceedings to recoup their investment. Typically, this is done by appointing a trustee who will handle the sale of the home or property.
If you or someone you know is facing financial difficulties, you may be in a position where you can no longer meet loan payments. If this is the case, you still have legal options available for keeping your home or property. Contact the Boca Raton bankruptcy attorneys of Eric N. Klein & Associates, P.A., at 561-353-2800 today to learn more about what you can do to keep your property.
Preventing Trustee’s Sales
When a financial institution decides it wants to initiate trustee’s sale proceedings on a property, it must first notify the borrower of its intentions in writing. However, there are certain situations in which an individual can question the legality of the proposed trustee sale, thereby delaying the process. These measures include:
- If the individual has filed for bankruptcy or been denied a loan modification
- If the individual needs more time to sell their property themselves or apply for a loan modification
- If the trustee’s sale date is within 30 days
While this type of action usually cannot terminate the trustee’s sale process, it can delay it significantly, typically for periods lasting longer than six months. This may give you a change to get your finances back under control.
Contact Us
If you or someone you know is in a dire financial situation and would like to discuss your options with a knowledgeable financial attorney, contact the Boca Raton bankruptcy lawyers of Eric N. Klein & Associates, P.A., at 561-353-2800 today.
