Foreclosure is a difficult time for anyone. Often by the time foreclosure proceedings are under way, there are likely other circumstances that lead to them in the first place. The great news is that an experienced attorney can still help. A borrower does have rights, and a good attorney can often help to find other solutions to remedy the situation.
The biggest thing to note during a foreclosure process is that it is a time sensitive endeavor. An attorney’s options to help you are greatest when the borrower is first notified about the foreclosure process. A knowledgeable attorney can help navigate the complex process and ensure that the lender is appropriately adhering to the foreclosure process.
An attorney can negotiate on your behalf.
If the foreclosure process is still relatively early, the attorney can try to work out an agreement with the lender. Often called a loan modification this agreement helps to satisfy the lender’s concerns and can often lead to a lower interest rate or extend the amortization term. Loan modification themselves can be a complicated legal process and often require an experienced attorney to help ensure that the borrower is adequately represented.
In addition, a seasoned attorney will inspect the foreclosure documents to ensure they were filed correctly. A lender can, and often does, make mistakes. Cases regarding improperly processed payments are not unheard of. Each state also has its own foreclosure procedures to be adhered to.
The bottom line is the more time you give your attorney to defend you the stronger your defense will be.