It’s always discouraging to fall behind on your mortgage payments, especially when you’re working so hard to meet them each month.
But if you fall far enough behind, the lender may begin the foreclosure process, which means your home will be sold at a public auction, with the proceeds meant to cover some of the unpaid loans.
If this moment arrives, you need to strongly consider hiring an attorney. You might be hesitant, especially since you’re in a financial bind, but you’ll definitely be at a disadvantage if you try to go through foreclosure without an attorney.
How Can an Attorney Help?
For starters, the foreclosure process is difficult to understand. Procedures vary from state to state, and even from court to court. You need someone on your side who understands the process and how to navigate it.
The right attorney will understand the process, rules, and varying paperwork, and they can help you avoid foreclosure completely through other means. Attorneys can also help by:
- Pursuing loan modifications, which are agreements between homeowners and lenders that change the original terms of loans. Getting a loan modification could result in a lower interest rate or extension of the amortization terms.
- Representing you in foreclosure mediation, which would involve you and your lender coming together to work out an alternative to foreclosure. Your attorney will ensure the bank treats you fairly and see to it that you’re not taken advantage of.
- Informing you about loss mitigation options, which can bring your balance into good standing.
It’s important to note that not all lenders will tell you about every option available, which is why an attorney will come in handy. So, if you’re facing foreclosure, it’s safe to say you’ll need an attorney to help save your home!
NJ Attorney Can Help You Avoid Foreclosure
In your time of need, turn to experienced New Jersey real estate and bankruptcy attorney Joel R. Spivack. For over 30 years, he has helped many people who have fallen behind on mortgage payments and risked losing their homes. 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. Fill out the online contact form to get your free initial consultation with Attorney Spivack.
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.