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Foreclosure and Loan Modification Blog

Should You Negotiate A Consent Order In Foreclosure?

Sometimes you have to give something up to get something else. That's the case for recent clients of our firm who agreed to a consent order that involved them consenting to judgment and withdrawing their contesting answer to the foreclosure complaint in exchange for getting more time before judgment was entered and avoiding a trial.

A little background on foreclosures is required to explain what a consent order is. In judicial foreclosure states like Florida, New Jersey, New York, Pennsylvania, and Illinois, a lender must sue a homeowner in a civil lawsuit in order to foreclose on their home.

If you're served a foreclosure summons and complaint, which starts the lawsuit, you have the right to answer it and deny the bank's claims and raise your own defenses. And you should, if you have any desire to keep your home. It can buy you a lot of time in your home, during which you can work toward a permanent solution.

What Is Final Judgment of Foreclosure, and How Can You Avoid It?

A final judgment of foreclosure is an order in certain states that a plaintiff/bank gets from the court, which allows them to sell a defendant's home for failure to pay the mortgage.

Final judgment of foreclosure is one of the last dominoes to fall before the foreclosure sale, and a big loss for a homeowner who wants to keep their home.

Final judgment can be in rem (against the house), in personam (against the homeowner), or both. If the lender believes there is a deficiency on the in rem judgment because the home won't sell for enough to cover all the money they're owed, they can seek an in personam judgment against the homeowner.

About this Blog

Amerihope Alliance Legal Services is a leading loan modification and foreclosure defense law firm with attorneys licensed in 5 states. We have helped over 7,000 homeowners fight back and keep their homes.

Click to Read Our Super Loan Mod Success Stories

Our goal is to provide valuable information to help homeowners who are trying to obtain a loan modification or to stop foreclosure. You may schedule a free consultation at any time.

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