Foreclosure can be the most difficult thing a homeowner can deal with and when difficult financial times set in even the most liquid people can experience the heat, stay behind their mortgage and risk losing their homes in a foreclosure case. Fortunately, a stop foreclosure attorney can help distressed homeowners to avoid foreclosure and protect their homes.
A foreclosure attorney is usually in a good position to discuss with your mortgage company, acting as a mediator between you and the mortgage firm to help end the foreclosure process and negotiate for an alternative solution. Apart from losing your home, foreclosure damages your credit history and ratings.
How a Lawyer Can Help Save a Home You Have Worked So Hard to Get
Foreclosure attorneys understand the pain that you can go through when you lose your home. As such, they can fight to slow the process in order for them to find the best solution. During this time, they can advise you on the best option that will minimize the loss. The reason you need an attorney is that mortgage companies respect attorneys and once they are aware of their involvement, they will immediately consider slowing the process. This period can be used to the advantage of the homeowner to reshape his or her finances.
Apart from slowing down the process to foreclose, attorneys can discuss with your mortgage company on a workable repayment plan. While it may be argued that individual borrowers can discuss refinancing options with their mortgage company, a foreclosure lawyer knows the right channel and questions to put before the mortgage company to ensure that a favorable plan is adopted. People who are distressed may not be suited to discuss issues that led to their condition. Therefore, an attorney may be the right person to talk to your mortgage company while you look for ways to tighten your financial belt to deal with the likely repayment plan.
Perhaps you are asking when you should involve a stop foreclosure attorney. Thompson and DeVeny Co. LPA recommends the sooner after you miss your first payment the better the chances of protecting your home. Some mortgage companies will begin a foreclosure process just after 20 days after a missed payment.