If your home is going through a foreclosure or you believe you are about to be foreclosed upon, you are likely thinking about your options. There may be one or more options open to you, depending upon your circumstances and the specifics of your loan. The first thing you should do is consult with a foreclosure defense lawyer. The following are a few things they may be able to do for you.
They are likely to be able to slow down the process
There are various legal maneuvers that a lawyer can use to slow down the process of a foreclosure. This will give you breathing room to explore all of your options and decide what you want to do. This means that you can stay in your home for a while longer as the foreclosure case makes its way through the court system, and you will not find yourself homeless because the foreclosure process can happen quickly.
They may be able to assist with loan modifications
There are many possibilities with loan modifications. For example, if you fell behind in your mortgage payments because you lost your job, it may be possible to change the mortgage and tack on those missed payments to the end of the loan. You will have to demonstrate that you can make the payments now, but you simply cannot catch up on your back payments. It is important to keep in mind that rarely will the principle of the loan be affected by a modification. However, some interest may be reduced, and certainly, the late fees will be given consideration. There may also be the possibility of a reduced rate and lower monthly payments.
They may be able to discover bank misconduct
Over time, banks have become sloppy with mortgages, and there may be any number of problems. The chances are that your loan has undergone one or more transfers, as one lender sells your mortgage to another. A foreclosure defense attorney can analyze your mortgage. There may be issues of loan security or even fraud. These types of issues can result in the current lender having no legal standing to bring a lawsuit against you, which means there can be no foreclosure.
If you face a foreclosure, the best time to contact an attorney is before you receive your court summons. There may be many things they can do for you. They may be able to modify your loan agreement and keep you in your home. There is also the possibility that there are issues with the transfer of the mortgage from one lender to the next. But whether you have been served a foreclosure notice or not, at the very least, an attorney will be able to slow down the entire process. Look for a foreclosure defense lawyer in your area.