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Bankruptcy, Loan Modification and Foreclosure Defense Lawyer
Foreclosure Defense Attorney
If you have been served with foreclosure papers it is imperative that you react as soon as possible. You have a certain amount of days(usually 20) to file an answer to foreclosure with the court. If you do not act within that time, you can lose your right to contest the foreclosure! Having a foreclosure attorney is key to making an informed decision. During the foreclosure process, your home can not be taken until there is a trustee’s sale, which takes anywhere from 90-120 days after default notification. Starting the process in the early stages of foreclosure, will enable you to explore as many options possible to get you a favorable outcome. Circumstances will dictate what your options are, but the most common ones are loan modification, file for bankruptcy, refinance, forbearance, reinstatement, repayment plan or in some cases a short sale, short refinance or deed in lieu of foreclosure. A loan modification can lower your monthly payments, adjust your variable rate, decrease your interest rate, allow extensions on payments and ultimately reduce the loan balance to keep you in your home.
What A Foreclosure Attorney Will Do For You
Contacting a foreclosure attorney soon after you have been served with foreclosure papers will put more time on your side for fighting your case. A good lawyer will do more than just file an answer to foreclosure. They will represent you when going before the judge at your hearing, help you negotiate with your lender with an agreement on a loan modification or help get you extensions when trying to sell your home before foreclosure. A foreclosure attorney will make the bank prove its case by searching for legal violations committed by any parties involved in the original lending process. Some banks may have been in a hurry to close a loan and were sloppy in abiding by certain rules. A foreclosure attorney can facilitate resolutions which are seldom presented to homeowners with no representation.
Filing Bankruptcy
Homeowners who are about to lose their homes should carefully consider filing a petition in bankruptcy. This can stop the foreclosure process and allow them time to regroup and try to work out a plan to keep the home. Bankruptcy may also help you cure past defaults and make future payments. However, the bankruptcy option is complicated and it is a good idea to seek an bankruptcy attorney. Bankruptcy law requires almost all debtors to receive budget and credit counseling within 180 days before the bankruptcy case is filed. Homeowners who are considering bankruptcy should obtain credit counseling from an approved agency well before they need to file the bankruptcy case.