Foreclosure Lawyer Can Help Answer Your Questions
Although the foreclosure rate has decreased in the wake of the Great Recession, more than 1.1 million properties were foreclosed on in 2014. For those facing the prospect of losing their homes, the process can be confusing. Because lenders have different standards and practices, there is no way to know for sure how long it will take. Also, the financial institution (usually a bank) that owns your mortgage is not required to help you. As such, it is always a good idea to hire a foreclosure lawyer as soon as possible. With that in mind, here are answers to some common questions you may have.
I received a foreclosure notice. That I have to do?
To start the process, mortgage lenders must file a notice of foreclosure with the court. This notice expresses your intent to repossess your property by a certain date, unless you can make up all missed payments. Under the laws of most states, you have a firm deadline to admit or deny that you missed payments. But even if you claim you are delinquent, you can present a defense that the court can consider. If, for example, someone in your family suffers from a life-threatening condition that has forced you to deplete your savings, a judge may take that into account. A foreclosure lawyer can not only help you file the necessary paperwork with the court, but can also represent you in all future legal proceedings.
How long does the process take?
Because different states have different laws, there is no way to know for sure. State averages vary widely from six months to three years. That being said, hiring a lawyer will surely slow down the process, and that’s not necessarily a bad thing. After all, the longer it lasts, the more time you have to pay what you owe.
How can I pay for legal advice?
It may surprise you to learn that the average foreclosure lawyer doesn’t charge that much. Because he or she knows the process inside and out, he or she typically asks for a flat fee of between $1,500 and $4,500. Now, that may seem like a lot when he can’t pay his mortgage, but it’s a proverbial drop in the bucket compared to what you’d spend on moving costs and future laws. Even after your home is towed, your lender has the right to sue you for late payments. A reputable attorney will help you fight these lawsuits. He or she can even arrange principal reductions, allowing you to pay much less on the full amount you owe.
How can I win?
In their rush to repossess a property, a mortgage lender may ignore established legal process. When this happens, a good representative can stop or win a case. If he or she can prove that the lender violated state and/or federal laws, the case may be dismissed. At the very least, she’ll have more time to save her pennies and prepare for a fresh start.
If you have received a notice from your mortgage lender, do not delay. Contact an experienced attorney immediately.