Navigating Foreclosure: When to Enlist a Foreclosure Defense Lawyer
The possibility of foreclosure is a distressing experience. It’s also an experience that many people face: in 2022 there were over 300,000 properties in foreclosure in the U.S. If you face this possibility and find yourself asking: “Do you need to hire a foreclosure attorney?”, rest assured – you’re not alone. In this article, we’ll help you weigh the options and know when to hire a foreclosure defense lawyer.
What is Foreclosure?
Foreclosure is a legal process when the bank who holds your home loan seizes the property. They can do this when the mortgage holder does not make timely payments on the mortgage. Usually, this can happen if you are 120 days late on payments. The lender may place the property in foreclosure so they can recover outstanding debt by selling the property. Foreclosure means you lose ownership of the property and face eviction.
How Can a Foreclosure Attorney Help?
A foreclosure defense attorney is like a seasoned guide leading you through the dense maze of legal proceedings. Here’s how they can lend a hand:
Help You Understand the Process
Foreclosure laws and proceedings can be baffling for anyone not well-versed in legal jargon. A foreclosure defense attorney can break down the process, explaining each step in a way that’s easy to understand.
Protect Your Rights
Foreclosure defense lawyers know how to spot violations of your rights during the foreclosure process. If a lender has breached regulations, or gone outside of their bounds, an attorney knows how to keep them accountable.
Negotiate on Your Behalf
These attorneys are skilled negotiators. They can communicate with your lender to explore alternatives such as loan modifications or repayment plans, aiming to keep you in your home.
Present Your Case
If you go to court, a foreclosure defense attorney can represent you. They can challenge the lender’s claims, present evidence, and advocate for your best interests.
Buy You Time
One of the most immediate benefits of hiring a lawyer is that it can slow down the foreclosure process. This can allow you more time to work out a solution so you don’t lose your home.
When A Foreclosure Attorney Is Your Best Option
If your foreclosure is straightforward, and you know you are delinquent and cannot pay your mortgage, you may not need an attorney. However, in certain cases an attorney can help you ward off foreclosure.
Did you serve in the military?
If you served in the military, you may be eligible for certain relief under the Service Members Civil Relief Act, the SCRA. This act provides extra protections for people who have financial trouble during their time of service.
Do you have a government or FHA loan?
Do you have a government backed loan? If you have a loan backed by the federal housing administration, you may be able to get additional aid to pay off your loan. An attorney will be able to guide you here.
Is your financial difficulty related to the pandemic?
Even after the pandemic, you may be subject to a temporary foreclosure moratorium that was enacted during COVID. This might protect you from losing your home. An attorney can help you decide if you have a right to request relief, and if pandemic related regulations apply to you.
Are you facing wrongful foreclosure?
Does your bank have the right to foreclose on you? Do you think your home was wrongfully foreclosed? Perhaps your bank or mortgage lender did not follow the right steps, or perhaps they do not have a right to foreclose. There are cases when an attorney may be able to help you find a valid legal or procedural issue with your foreclosure. This may help you delay or put off losing your home.
Choosing A Foreclosure Attorney
So, if you’re asking yourself, “Should I hire a foreclosure lawyer?”, understand that most attorneys offer a free consultation. If you decide to search for a foreclosure attorney, ask around to find out who has a good reputation in your local area. Check the Better Business Bureau for reviews, and ask the attorney for references of past clients. When you meet with them, ask questions and pay close attention to whether they give helpful answers. Make sure they are clear about what it will cost for them to represent you.
These elements of communication will let you know if the attorney will be the best choice to fight for your case.
The Best Steps Forward
Dealing with foreclosure is a complex and emotional experience. For most people, the idea of losing your home can overwhelm you as you try to wade through the next steps. Hiring a foreclosure defense attorney can give you a sense of control and stability as you navigate this legal process. They know how to best safeguard your rights and guide you to the best outcome. Even if you’re not sure if you need to hire a foreclosure attorney, consulting with one can help you get clear about your case and how to proceed. This will help you decide if an attorney is the right decision for your family when facing foreclosure.