Unfortunately, in this current economy, many homeowners may find themselves behind on mortgage payments before they even know it. Foreclosure defense is an option that may greatly help your circumstances if you are facing a pending foreclosure or are already in the process of foreclosure proceedings. Many homeowners do not know that they are able to retain legal counsel in these situations, but the facts are you do have options. It is best to contact an attorney as soon as you are falling behind on payments, because in most cases, the quicker you deal with the bank, the better your situation will be.
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You may wonder what a lawyer can do that you cannot do yourself. The short answer to this question is - knowledge. The inner workings of any kind of legal procedure, especially foreclosure, can be extremely confusing to the layperson. A foreclosure attorney can sit down with you and explain to you what is happening, and lay out the best options available to you based on the circumstances of your case. You can lose some of your legal rights in a foreclosure very quickly, so the faster you speak to a lawyer the better chance you have of a positive outcome.
There are several options available to homeowners to help avoid foreclosure, including loan modification, forbearance, and adding past due payments to the back of the loan. A loan modification consists of changing the terms of your original loan to lower payments and interest rates. Forbearance would be when a lender gives you more time to repay what is past due and get caught up on payments. Again, the quicker these options are explored the better chance you have of saving your home. There are other options that your lawyer can discuss with you that are a bit more drastic, such as bankruptcy.
Talking to a lawyer can buy you more time to try and fix your situation. When you retain an attorney, he or she can then communicate with your lender and try and negotiate terms that will be beneficial to both the bank and for you financially. It eliminates harassing phone calls and menacing letters.
It is easy to panic when you face something as distressing as potentially losing your home; however it is important to remember that there are quite a few options available to homeowners that can help prevent that from happening - or keep you in your home for as long as possible.
A good foreclosure defense attorney can help you through this stressful time in your life by providing knowledgeable service and a helping hand.
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