This reality displaces more families from their homes than necessary and demonstrates an underlying problem of the mortgage crisis that gets little attention-the majority of people facing foreclosure are not represented by lawyers and do it on their own.
Contrary to popular belief, the homeowner often doesn't bear full responsibility for the foreclosure circumstances. Sudden unemployment, medical emergencies and flawed loan servicing practices are a few examples putting conscientious, hardworking people behind on their payments. Here's how a foreclosure lawyer works to help put the law-and hope-on the homeowner's side:
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By ensuring the legal process is followed correctly to avoid problems based on technicalities. By helping renegotiate loans. By obtaining protection under bankruptcy law if necessary. By arguing under a statute that allows those unemployed or underemployed extra time to file a response to the foreclosure, possibly even delaying proceedings up to six months. By being able to identify and raise claims against lenders and servicers who may be in violation of the law. By reviewing foreclosure prevention assistance offered through federal, state and local governments and social organizations.
Remember, the main part of a foreclosure attorney's job is to evaluate all ways available to prevent the foreclosure. If foreclosure is unavoidable, a foreclosure lawyer advises you on the different types of foreclosure and which type is best for your specific situation.
It's also important to contact a foreclosure attorney promptly after being served the foreclosure notice. The longer you delay your defense the less chance you have to avoid foreclosure before mediation begins. When shopping for a foreclosure lawyer, be sure to ask these questions:
Is the lawyer licensed in my state? Does the lawyer offer a free initial consultation? What is the lawyer's rate and what payment options are available to me? How many foreclosure cases that have you litigated against mortgage companies? Does the lawyer have one or various strategies in foreclosure cases? How often will the lawyer be available to help me? How does the lawyer learn about mortgage companies' latest tactics and strategies?
Let's face it - times are tough and full of enough worries without having to worry about losing your home. Working with a foreclosure attorney or firm brings piece of mind. Knowing that your situation is in competent hands can alone be a big relief and the first step to saving your family and your home.
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