Ways A Real Estate Attorney Can Help You Stop A Foreclosure On Your House
Being served with foreclosure documents can be a frightening and overwhelming experience, but it does not necessarily mean that you will lose your house, and you certainly won't lose it anytime within the next few weeks. If you love your house and really want to keep it, you might be able to stop the foreclosure, even if you do not have enough cash on hand to pay the arrearage you owe. To do this, you will need help from a real estate attorney.
What Is The Process Of Foreclosure?
When you fall behind on your mortgage payments, the lender has the right to put your house into foreclosure. This means that the lender is taking the necessary steps to seize the house from you for lack of payment. The foreclosure process does not happen instantly, and your lender must go through a series of steps before the house can be taken from you.
In most cases, a foreclosure takes at least one year from start to finish, but it can take even longer than this. This gives you time to determine what you are going to do, and your first step might be to hire a real estate lawyer for help.
How Can A Lawyer Help You Stop The Process?
There are several different ways a real estate lawyer can help you during this time, and the route you take may help you avoid losing your house through foreclosure. One of the things your lawyer may want to do first is to review all your paperwork.
As the lawyer looks at your home mortgage documents and the papers relating to the foreclosure, he or she may try to find problems or discrepancies. If the lawyer can find evidence that proves the lender has not handled the foreclosure process correctly, the lawyer might suggest pursuing the lender to drop the foreclosure proceedings.
The second way your lawyer could help you through this is by developing a new plan with your lender. Banks typically do not want to seize homes through foreclosure, but they do it because they have to. If you can work out a plan with your lender that is favorable for both parties, the lender might accept it.
This is often called a loan modification, and it is a great way to stop foreclosure proceedings once they have started.
If you would like to learn more about your options regarding a foreclosure, contact a real estate professional such as Saba Richard D. Attorney. This step may help you save the home that you and your family love.