A Good Foreclosure Attorney Can Help You Save Your Home
Most people don’t find the experience of home foreclosure a very pleasurable process. You’ll need the proper authorities to give sound advice and guide you in the legal matters associated with foreclosure. Hiring a foreclosure attorney allows the borrower a safe informational source during the court proceedings. A foreclosure attorney costs quite a bit of money. Depending on your circumstances, it could be beneficial to hire a foreclosure attorney, but in some circumstances, the costs exceed the benefits.
What Happens During A Foreclosure?
Any individual experiences financial matters throughout the extent of their lifetime. Foreclosures happen in the event an individual falls behind on mortgage payments and the lending company seizes the property to sell for losses pertaining to defaults on the loan. A number of different reasons surround the event of defaulting on a home mortgage payment, such as, divorce, losing a job, or suffering illnesses. Borrowers seek out programs to help avoid foreclosure before turning to a foreclosure attorney. Instead of hiring a foreclosure attorney, some borrowers should consider turning to their family for financial assistance in their mortgage issues.
How To Obtain Assistance
Hiring a foreclosure attorney will help you in the event of facing court proceedings regarding a foreclosure. Make sure to budget the costs of a foreclosure attorney before engaging services with one. Make sure to hire a foreclosure attorney with a good reputation in the business. Some foreclosure attorneys offer advice to the borrower as to file for Chapter 13 bankruptcy, which halts the proceeding of a foreclosure and extends financial recovery periods for up to 3 years on repayments for mortgage loans.
A foreclosure attorney often suggests the borrower renegotiate payments terms on their original loan amount to extend past a period or provide lower payment terms each month. The borrower will need to negotiate any repayment terms with their original home mortgage lender. Winning court cases allows the attorney to incur up to 75% in fees. Most foreclosure attorneys will not charge any fees, if the case is lost.
You’ll want to make sure to budget for hiring a foreclosure attorney in the event the case is won. Don’t hesitate in hiring a foreclosure attorney, if you feel unable to properly represent your case during court procedures.
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1 Comment on A Good Foreclosure Attorney Can Help You Save Your Home »
November 4, 2008
foreclosurelawyer @ 5:40 pm:
Excellent article. Its so true! Most people do not realize that they can stop foreclosure even if they stopped paying their mortgage. Many recent cases have been filed improperly and an experienced attorney can assist with the identification and filing of substantive and procedural defenses with the court and vigorously defend your case. Due to the lender’s actions, omissions or other facts surrounding your case, you may be able to stop making mortgage payments and stay in your home while your attorney vigorously defends your property. This does not necessarily mean that you will not have to pay the loan back or completely Stop Foreclosure. It is possible to completely Stop Foreclosure if the bank or lender is in violation of the Florida Unfair Lending Act or other predatory lending practices. If the lender has committed such a violation, the entire principal and interest balance may be waived and the mortgage may be voided. This may not be relevant in your case. But, at the very least, a successful defense can do is buy you precious time to:
* Stay in your home
* Negotiate a work-out with the bank
* Sell your home for a fair price
* Refinance your home at a fair rate
* Continue to collect rent on the property
* Apply for a Court Ordered repayment plan
* File a Chapter 13 or 7 Bankruptcy
When home owners are faced with the reality of facing a potential foreclosure, many experience a state of paralysis. They don’t know what to do. Selling the home may not be an option since the equity appears to have vanished. To fight foreclosure or not? That is the question. Clouding the answer is perhaps the biggest misconception, “Hiring an attorney is not a cost-effective option.” If I can’t afford to pay my mortgage, then how in the world can I afford to hire a competent attorney? And why should I, if I am upside down in my home? First of all, EVERYONE can and should hire an attorney to represent them in their foreclosure case. There are many competent attorneys who specialize in this area. Due to the growing number of these cases, many attorneys have become “experts” in this area. Due to the fact that most of these cases are very similar, many excellent attorneys have experienced staff and can offer extremely affordable payment arrangements. Most people don’t know that once the foreclosure proceeding has started, the bank will not accept any future mortgage payments - doing so may adversely affect their ability to foreclose on your property. Furthermore, the bank pays any delinquent real estate taxes and the insurance on the property. In summation, once the bank files a foreclosure lawsuit, most of the homeowner’s expenses are being paid by the bank (mortgage, taxes and insurance). However, as the legal owner of the house with full possession, you have all the rights associated with same including residing in your home, collecting rents on the property, etc. Imagine the “EQUITY” you can save / build, if you fight the foreclosure case for a year or more. The cost of qualified legal representation is a drop in the bucket compared to your typical home ownership overhead. Time is money and the real estate and financial markets are likely to turn around. The hiring of the right attorney will save you thousands of actual dollars, in addition to thousands in time value of money. Its really a no-brainer.
Respectfully,
Frederick A Neustein
http://StopForeclosureLawyer.com