3 Great Reasons To Hire An Attorney When Facing Foreclosure

4 August 2018
 Categories: , Blog

Nothing is worse than having your home foreclosed on. You probably worked your entire life to be able to afford a home, and a foreclosure would stop this dream dead in its tracks. You can fight back by working with a foreclosure attorney service, however. They can provide the following benefits to this stressful situation.

Modify Your Current Home Loan 

Your current home loan may no longer be feasible. Life may have gotten in the way to the point where it's hard to cover these monthly payments. Instead of losing your home, a foreclosure attorney can work with your lender to adjust your loan.

Either your monthly payments will be worked down or your interest rate will be lowered. Whatever adjustments are made, your attorney will look over the final paperwork to ensure the adjusted loan is financially feasible based on your particular situation. With an attorney's help, you can receive the financial relief you've been hoping for.

Ensure the Law is Upheld 

Unfortunately, there are some lenders out there who try to take advantage of families during a foreclosure. They may intentionally not process forms correctly. Then even though you took corrective actions regarding your loan, your home may still face foreclosure.

This will not happen under the guidance of an experienced foreclosure attorney. They'll ensure the lender you work with abides by the law the entire time. If they don't and your attorney feels like you're taken advantage of at any point, they can file a suit and help you receive compensation for everything they put you through.

Act as a Mediator 

Some states actually offer mediation, where you and the lender can sit down face to face with the intent of working out some sort of deal besides foreclosure. It's important to have a foreclosure attorney during these discussions, since things can escalate out of control pretty quick if both parties are not careful.

With an attorney by your side, you won't have to worry about heated arguments ensuing between you and the lender. Your attorney will ensure both parties are civil, which is paramount for coming to an agreement that both you and the lender favor. Having an attorney during mediation also gives you confidence because they can overlook the proposed alternative agreement before anything is officially signed. This helps protect you from a financial standpoint. 

Foreclosure is a word you never want to hear as a homeowner. If you're facing one for whatever reason, the best thing you can do is hire a foreclosure attorney. They'll do everything possible to work with your lender and come up with an alternative solution, so you can keep your beloved home.