Many people unfamiliar with foreclosure defense don't see the reasoning behind seeking legal counsel during foreclosure. In many people's eyes, the homeowner is to blame for the foreclosure and why should a lawyer advocate for them. In actuality, foreclosure defense isn't about getting a person a free home. Ultimately the mortgage will need to be paid. However, foreclosure defense can save a home when nothing else will. Here's how.
For those who have fallen way behind on their mortgage, foreclosure might seem inescapable. However, there are several options available to homeowners that could allow them to keep their homes. While these alternatives can be pursued without legal counsel, there are so many considerations and technicalities that success is most likely with legal help. Here are a few ways a foreclosure attorney can assist a homeowner in avoiding foreclosure:
*Repayment plan. Sometimes, all that's needed to catch up on mortgage payments is a little bit of financial reorganization. A skilled attorney can assist homeowners in coming up with a repayment plan in which the monthly mortgage payment plus a portion of the delinquent amount is paid each month. Furthermore, an attorney can be instrumental in getting it approved through the bank
*Loan modification. Many homeowners fall behind on their mortgage because of decreased income or unforeseen financial emergencies. In many cases, a lower monthly payment could allow a homeowner to avoid foreclosure. Applying for a loan modification requires a lot of paperwork to be filled out and a foreclosure attorney can help in that process
*Bankruptcy. When other options fail, an attorney can discuss bankruptcy options and can assist homeowners in filing for bankruptcy. In many cases bankruptcy has proven effective at buying homeowners extra time to get the money together to catch up on their mortgage
Mediators between lenders and borrowers
Sometimes, foreclosure is simply the result of a lack of communication between the lender and the borrower. Banks are often backed up with foreclosure cases, and submitted applications for loan modifications are overlooked. A borrower may be unable to get a hold of the same representative twice. An experienced attorney however can be the mediator that starts meaningful dialogue between the lender and the borrower. Often an attorney can get results where homeowners have already failed attempting to do it on their own.
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