Failing to meet mortgage payments continues to be an ongoing problem in the United States as one out of every 200 homes end up in a foreclosure. Losing a home in a foreclosure can seem devastating. Foreclosure is a process where the property rights to a home are given up when homeowners can't meet the mortgage payments.
When this occurs, a mortgage company or other type of lender can legally repossess your property and then resell it to recover the loan cost. If an owner is unable to pay the outstanding debt or sell the house by using a short sale, the property has to go a foreclosure auction.
This situation can cause stress for homeowners as well as their lenders. However, despite the process of foreclosure, there are still some steps you can take that can save your home. If you, or someone you love, is facing foreclosure, here's how an attorney can help you.
Advantages of Using a Foreclosure Attorney
- It slows down the foreclosure process—This gives you additional time to correct your financial problems. After your attorney get involved in a foreclosure, the legal department of your lending company has to deal with your attorney.
- Your attorney can work out a plan to repay your lender
- Foreclosure lawyers know what to ask your mortgage company so that negotiation is more likely. While most lenders are reluctant to talk with people having financial issues, they'll work with attorneys.
Considerations and Warnings
- Don't hide from collection agents—Ignoring your problem an only make your financial situation worse. In other words, take responsibility and face your debts.
- Determine the root cause of why you can't pay your mortgage payments. For example, is it because of a job loss or health problem? Maybe the reason is due to overspending.
- Don't procrastinate getting legal help. The sooner you consult with a foreclosure attorney, the more likely you'll be able to find a reasonable answer to your problem. Waiting too long to talk to a lawyer can be detrimental as even a qualified attorney may not be able to help you.
To talk more about this, or anything else, please contact us. Our highly qualified and experienced team of lawyers at the Law Offices of James C. Shield can do everything possible to resolve your problem. Besides foreclosures, we also handle a wide range of legal issues such as estate planning, bankruptcy and probate.