When it comes to foreclosure, it is completely natural to feel stressed and overwhelmed. As bad as the situation may seem, there may be a way to avoid the foreclosure. Foreclosures end up costing the lender excessive expenses, and the process of removing the current resident and reselling the house can be long. So, contrary to common belief, the majority of lenders aren't in favor of a foreclosure. In fact, they are generally more likely to attempt to work out a solution with their clients, even with delinquent payments. If you are facing foreclosure and want to keep your home, the first step is to contact a foreclosure defense lawyer. Here are some of the ways a foreclosure attorney may be able to help you keep your home.
Extension or Forgiveness
Many homeowners are facing foreclosure simply because they have gotten stuck in a difficult situation, such as defaulting on payments because of a job loss. Unfortunately, once you have defaulted on payments, the late fees also begin to add up, making it seem impossible to catch up. The good news is that you may still be able to save your home, but it will require quick action and flexibility from the lender. A foreclosure defense lawyer, while working on your behalf, can request an extension on the payments and request forgiveness for some or all of the accrued fees and defaults.
Lower Monthly Payments
One of the most common reasons people face foreclosure is because they are unable to make the minimum mortgage payment or their interest rates have inflated to extremely unreasonable amounts. It is especially difficult to make your monthly payments if you are in a low-paying job or have lost your job. This type of situation often forces people to choose between making the mortgage payment and providing food for your family. If you are able to show that you can afford a lower mortgage payment, a foreclosure defense attorney can help you negotiate with the lender for a lower monthly payment and interest rates. The payment reduction can help relieve your financial stresses and give you a chance to get back on your feet again and help you keep your home.
Under certain circumstances, a foreclosure defense lawyer may be able to negotiate with your lender for an agreement to a forbearance period. During a forbearance period, the lender agrees to dramatically decrease or temporarily stop your monthly payments. This will allow you to get back on track and work out a budget that allows you to make your mortgage payments on time. However, it is important to keep in mind that once the forbearance is over, you will be required to resume your payments as previously agreed upon.
If you are concerned that you won't be able to make the payments, even if they have been lower or you were granted forbearance, another option may be to request a deed in lieu of foreclosure. This means you will not have a foreclosure on your credit rating; however, you will return the property to the lender and be released from any further obligations to the property or your loan. If you choose this option, it is essential that you have a foreclosure defense lawyer handle the process. An attorney will ensure that the deed in lieu is all-inclusive, which prevents you from facing any further consequences, such as being responsible for the difference in selling price and the original loan.
Hello, I'm Phillip Kerr and I just love the legal profession and courtroom drama. Have you ever watched judge shows on TV? I know that these shows are not an accurate representation of the courtroom, but there is something you may have noticed. Some individuals come into the courtroom well-dressed, articulate, respectful and with the knowledge and documents necessary to support a case, while others come unprepared, slovenly dressed and appear as if they do not have a care in the world. How you present yourself and the knowledge that you have of the law will have an impact on how you are treated, even if you have legal representation. This blog is designed to assist those who are going to trial in doing just that.