Foreclosure Defense in Opelika: A Brief Guide

David S. Clark, an experienced Chapter 7 & Chapter 13 bankruptcy attorney breaks down your next steps when facing foreclosure in Opelika, AL.

Debt and repayment can be intimidating. When repaying debt becomes a struggle in Opelika, a common financial threat that arises is the possibility of property foreclosure, including of your own home. However, when faced with the possibility of foreclosure in Opelika, there are still several steps you can take in an effort to keep your home. David S. Clark is an experienced bankruptcy attorney who serves the Opelika area, providing professional advice and assistance for those facing financial hardships. From our experience, here is a brief guide to foreclosure defense in Opelika.

Common Defenses When Facing Foreclosure:

Forbearance

Asking for forbearance is one common option when looking to avoid foreclosure in Opelika. Forbearance is when lenders or other creditors delay repayment on a loan in order to avoid foreclosure. This allows borrowers time to repay loans while also protecting lenders from having to absorb potential financial losses on a property when foreclosure occurs.

Forbearances are commonly granted for mortgages. So, if you face foreclosure on your home or property in Opelika, asking for forbearance may be the best next step, depending on your unique situation.

Repayment Plans

Another common option to help avoid foreclosure in Opelika is arranging a repayment plan with the lender. Repayment plans are exactly what the name implies: plans arranged that outline a plan for repaying a loan or other debt over time. These plans are created specifically to find the best timeline for repayment that is fair to both parties involved. 

Repayment plans work by splitting the sum of a debt and spreading it out over time. This way, multiple payments of smaller increments are made over a designated period of time that add up to the total amount of the debt. These plans can help you when you face foreclosure in Opelika by allowing you to continue living in your home while working towards paying down your debt. This improves job stability and peace of mind while working toward reestablishing financial freedom.

Refinancing Your Loan

Along with asking for forbearance and requesting a repayment plan, refinancing your loan is another common step taken in Opelika to avoid foreclosure. When payments are getting tight and you feel the pressure of potentially missing a future payment, refinancing can be a solution that keeps you from missing payments and facing foreclosure. 

Refinancing allows borrowers to essentially restructure their contract in a way that becomes more immediately affordable for them. This could look like an extended timeline with lower monthly payments, for example.

Opelika Foreclosure Defense with David S. Clark

When facing foreclosure in Opelika, AL, you are not alone. David S. Clark is a professional, experienced bankruptcy attorney specializing in helping Auburn and Opelika residents navigate difficult financial situations and get back on their feet. Our team is ready to help you navigate your unique situation and find your best path forward. Reestablishing financial independence and freedom from debt is a process that takes time and dedication. But, with the right help, it’s possible for everyone. 

If you’d like to know more about David S. Clark’s foreclosure defense services, or other financial law services, get in touch with us today! We provide free professional consultations to better understand your situation and give you the best professional financial advice possible. Let us help you navigate the foreclosure defense process in Opelika and put your best financial foot forward today!