Posted on: 7 May 2020
Life is unpredictable, and a number of events can negatively affect your finances. Job loss, the death of a spouse, an accident, or serious illness or injury can make it very difficult to keep up with all of your bills, including your mortgage payment. If you do not pay your mortgage payment for a few months, your lender will begin the foreclosure process. Learning that your home is being foreclosed on can be incredibly stressful and scary. Luckily, there are options available to help you stay in your home, but the whole process can be confusing. Thus, it is in your best interest to hire a foreclosure attorney. Some of the top reasons to hire a foreclosure attorney include the following.
Review Loss Mitigation Options
If you are facing foreclosure, there are loss mitigation options available to help stop the foreclosure so you can keep your home. Once the intent to foreclose is made public by your lender, you may be contacted by different companies offering to help you. Never accept the help of a company that solicits you — your best option is to hire a foreclosure attorney as soon as possible after you learn that your lender has started the foreclosure process. A good foreclosure attorney will review the terms of your mortgage and determine which loss mitigation options are the best for your loan. Your attorney will then be able to clearly explain your options and answer any questions that you may have.
Assist with a Loan Modification
Your mortgage lender may offer you the opportunity to modify your existing mortgage loan in order to stop foreclosure. While this can be successful, it is also a confusing and difficult process. Mortgage lenders are not always especially helpful when a customer is trying to have a loan modified. If you qualify for a loan modification, a foreclosure attorney will be able to help with each step to ensure that everything is done correctly. Your foreclosure attorney can also communicate with your lender on your behalf; your lender is more likely to ensure that your case is properly handled if you have a foreclosure attorney representing you.
Defend You in Court
In some situations, foreclosure cases may go to court. For example, your case could go to court if your lender does not follow rules and regulation associated with the foreclosure process, or if your lender refuses to accept payment to bring your mortgage current and cancel the foreclosure. If your foreclosure case goes to court, it is important to have an experienced foreclosure attorney represent you.
Contact a foreclosure attorney today for more information.Share