It is never easy to fall behind on your mortgage payments, especially when you are working so hard to meet them each month. If you fall far enough behind, the lender may begin the foreclosure process.
This means your home will be sold at public auction, with the proceeds meant to cover some of the unpaid loan. At this moment is when you have a choice to make: whether or not to hire an attorney.
Many might shy away from an attorney, especially if in a financial bind, but you will most definitely be at a disadvantage if you go through foreclosure without an attorney.
How Can an Attorney Help?
For starters, the foreclosure process is a difficult one to understand. Procedures vary from state to state, and even from court to court. You need someone on your side that understands the process and what it takes to navigate it. The right attorney not only understands the process, its many rules and varying paperwork, the right attorney can also help you avoid foreclosure completely through other means.
Your attorney has the ability to pursue a loan modification, which is an agreement between you and the lender that changes the original terms of the loan. This could result in a lower interest rate or extension of the amortization terms.
An attorney can also represent you in foreclosure mediation, which some states offer. This is when you and the lender come together to work out an alternative to foreclosure. An attorney will ensure the bank treats you fairly and you are not taken advantage of.
Another advantage to having an attorney when going through foreclosure is that they can inform you about loss mitigation options. These can bring your balance into good standing. It is important to note that not all lenders will make you aware of every option available to you, which why an attorney will come in handy. So, if you are facing foreclosure, it is safe to say you will need an attorney. They are your ticket to hopefully keeping your home when it is all said and done.
NJ Attorney Can Help You Avoid Foreclosure
In your time of need you should turn to Joel R. Spivack, an experienced New Jersey real estate and bankruptcy attorney. For over 25 years he has helped those who have fallen behind on mortgage payments and are at risk for losing their home. Let him put his experience and skills to work helping you keep your home. From filing for Chapter 7 bankruptcy to filing Chapter 13 bankruptcy, there are options available for you. To learn more, fill out the online contact form and see what Mr. Spivack can do for you.
The articles on this blog are for informative purposes only and are no substitute for legal advice or an attorney-client relationship. If you are seeking legal advice, please contact our law firm directly.