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Buying a home is a happy time: You begin to dream about the new memories to come, parties you will host and changes you can make to personalize your space. You probably aren’t thinking, however, about foreclosure.

But if you own a home, you should educate yourself about foreclosure. Life happens, things change and circumstances can lead anyone onto this path and what you don’t know can end up costing you.

So, what does every homeowner need to know about foreclosure? We’re sharing four things the legal experts at Mina Nami Khorrami LLC think every homeowner needs to know. Generally speaking, the context of foreclosure defense – from a legal standpoint – is that unless there is a violation of mortgage laws, if someone is behind in paying their mortgage, a good attorney will provide a defense in a foreclosure action.

Their representation, in general, is to help you keep your home.

That’s why it is helpful to have a working knowledge of the process, as a homeowner, so you know what a bank can and cannot do. Knowing how to do a loan modification, assuming you qualify, can make a difference, for example.

Read on:


The first thing to understand about foreclosure is timing. Once you receive a summons, you have 28 days to file a response or you give up your right to defend yourself against the action. So, you’ll need to move quickly.


Help is available. Many homeowners facing foreclosure can do a loan modification. Many lenders offer this, so it pays to know it’s an option.

Walking away

If you cannot keep your home – or you don’t want to – you may be able to walk away.  A mortgage company does have the right to pursue the foreclosure deficiency judgment (even though they usually won’t).

Other options

If you know you can’t afford to keep your home, you do have options other than walking away. You can try a short sale. A short sale is when a buyer offers less than what’s owed on the mortgage and negotiates with the lender. The homeowner isn’t held responsible.

Filing for bankruptcy is also an option: Either when you want to keep your home or walk away.

Mina Nami Khorrami LLC knows foreclosure

If you or someone you love is facing foreclosure, the legal experts at Mina Nami Khorrami LLC can help. Call us today at 614-857-9590!

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