Do I Need a Foreclosure Attorney?
With the fluctuating economy, many people get in over their heads and end up losing their homes. Although foreclosure may be imminent, there may be options that a foreclosure attorney could help you with.
What is Foreclosure?
Foreclosure happens when a homeowner fails to pay their mortgage on time, and the lender evokes the foreclosure clause in the mortgage agreement and takes possession of the property. Typically, the lender will sell the property at auction to recoup their losses.
Usually, the lender must wait until you are 120 days overdue on your mortgage payment before they can proceed with a foreclosure. State courts generally handle foreclosures.
What Does a Loss Mitigation Lawyer Do?
A loss mitigation lawyer can help homeowners with all aspects of the foreclosure process. Some specific items might include negotiating with the mortgage company on your behalf, attending court proceedings to fight for more time or a compromise, and offering you guidance and support throughout.
Most loss mitigation lawyers offer free consultations where you can discuss your situation and talk about options. You might need to bring paperwork such as mortgage statements, overdue notices, and other correspondence between you and the lender.
One option that may be available to you is filing for bankruptcy. Talk to your foreclosure lawyer about your rights and options.
When to Hire a Foreclosure Attorney
Sometimes it’s hard to know when the right time is to hire a foreclosure attorney. Here are some tips to help you decide.
Valid Reason – If you believe you have a valid reason for non-payment and the evidence could hold up in court, you should hire a foreclosure attorney to help you fight the case. If your lender made errors with your account, that might also qualify.
You Want to Keep Your Home – If the non-payment is legitimate and you don’t have a good argument for why but want to keep your home, a foreclosure attorney can help you negotiate terms that might avoid the loss of your home. If you feel like foreclosure is imminent, contact your lawyer as soon as possible so they can get started on a defense strategy.
You Are a Member of the Military – According to the Service members, Civil Relief Act (SCRA), current and previous military service people may have legal options available to them in place of foreclosure.
Government-Backed Loan – If the federal government backed your mortgage, such as the Federal Housing Administration (FHA), you might be eligible for legal assistance to avoid foreclosure.
Pandemic-Related Issues – If your loss of income and non-payment of your mortgage was due to pandemic-related issues, you might also have legal recourse, so you don’t have to lose your home.
Where to Turn for Help
Contact Haber Law for help with foreclosure issues. We have extensive experience with all types of real estate and property law cases.