Although the foreclosure rate has declined in the wake of the Great Recession, more than 1.1 million properties were repossessed 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 of knowing for sure how long it will take. Also, the financial institution (usually a bank) that owns your mortgage has no obligation to help you. As such, it is always a good idea to hire a foreclosure attorney as soon as possible. With that in mind, here are answers to some common questions you might have.
I received a notice of foreclosure. That I have to do?
To start the process, mortgage lenders must file a notice of foreclosure with the court. This notice expresses your intention to get your property back by a certain date, unless you can make up all late 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 that you are in default, you can present a defense that the court can consider. If, for example, someone in your family suffers from a life-threatening condition that required you to deplete your savings, a judge may take that into account. Not only can a foreclosure attorney help you file the necessary documentation with the court, they 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 say for sure. State averages vary widely from six months to three years. That said, hiring an attorney will almost certainly delay the process, and that’s not necessarily a bad thing. After all, the longer it lasts, the more time you have to pay back what you owe.
How can I pay for a legal advisor?
It may surprise you to learn that the average foreclosure attorney doesn’t charge as much. Because you know the process inside and out, you generally ask for a flat fee of between $ 1,500 and $ 4,500. Now that may seem like a lot when you can’t pay your mortgage, but it’s a drop in the proverbial bucket compared to what you would spend on moving costs and future lawsuits. Even after your home is taken away, your lender has the right to sue you for late payments. A reputable attorney will help you fight these lawsuits. You may even be able to arrange principal reductions, allowing you to pay much less on the full amount you owe.
How can I win?
In his rush to repossess a property, a mortgage lender may ignore established legal procedure. 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 can be dismissed by the courts. At the very least, you’ll have more time to save your pennies and get ready for a fresh start.
If you’ve received a notice from your mortgage lender, don’t delay. Contact an experienced attorney immediately.