You may have built up years of memories with your family in your home. Now you are facing foreclosure and you wonder what to do next. You may have heard that filing for bankruptcy can delay or stop the process, which is true, but it’s not the only option.
If you’re wondering whether or not to hire a foreclosure lawyer, you should first learn more about how they can help you with this stressful situation.
What Can a Foreclosure Lawyer Do to Help You?
You may not have to surrender your home with the help of a foreclosure lawyer. Lenders don’t always want the property and often initiate the proceedings because they want to avoid a total loss. When your property is worth less than what you owe, you may be able to work things out.
Banks also make mistakes and can violate your rights when it comes to foreclosures. An attorney has proper knowledge of the laws and processes. They will analyze all legal documents related to your loan and purchase agreement and outline your options.
They will also take over handling the communication with your lender and protect your rights as a homeowner. With an attorney who specializes in foreclosure defense, you will have someone who knows how to negotiate with the lender, defend you in court, delay foreclosure proceedings, and even challenge the validity of the foreclosure.
When you buy a home, it is a huge investment, and you do not want to lose it to foreclosure. You may need to file for bankruptcy for other reasons in certain cases, but it isn’t the only option you can pursue to hold onto the home where you’ve watched your children grow.
Can a Foreclosure Attorney Delay or Stop the Foreclosure Process?
Depending on your specific situation, your foreclosure lawyer may be able to delay or stop the foreclosure process altogether. Often, fighting the foreclosure process will buy you more time, which gives you a chance to apply for a mortgage modification or move.
When the foreclosure process is flawed or the bank is wrong about you being behind on mortgage payments, you do not want to fight these entities alone. If you are unable to keep your home, an attorney will help you avoid the liabilities that come with a foreclosure.
Unethical and exploitative lending practices can be at the root of the issue. Your lender may have made errors in the loan documents during the closing of your home. Just one small error in calculating the annual percentage rate could allow you to legally cancel your loan.
However, most homeowners do not know this. Some fall on hard times while others are thrown under the bus, even when they’ve never missed a single payment. This is why you should hire a foreclosure lawyer who will negotiate with the bank on your behalf, make a loan modification, a short sale, or show you some other options in this situation.
Your home is likely the largest investment you’ve ever made, and it only makes sense to protect it in the best way possible. Hiring a legal expert in the area of foreclosures ensures you get the best advice in your circumstances and the help to fight your home foreclosure.
It’s easy to feel overwhelmed when you don’t even know that you have options. By contacting a foreclosure attorney as soon as you get a notice of foreclosure, you can take action and make the right decision in your situation.
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