Facing Foreclosure? See How Your Foreclosure Attorney Will Help You Avoid It

29 November 2021
 Categories: , Blog

Everyone feels good when they own their dream home because they will live independently and enjoy their desired level of privacy. That's why most people apply for a mortgage to speed up the home-buying process. However, foreclosure can crush your dream because it means your home is now a bank's property. Actually, foreclosure is a nightmare for many homeowners because it makes them lose the home they have sacrificed a lot to own. And since handling the mortgage lender or foreclosing party yourself can be really difficult, it's advisable to hire a foreclosure attorney, and here's is why.

They Will Negotiate for a Fairer Settlement

If you are facing foreclosure, it's good to get a defense against it, but this isn't the only available option. Foreclosure attorneys are great negotiators, and they can negotiate with the lender for a fairer settlement. For instance, the attorney may push for a reinstatement, where they ask the lender to come up with a payoff option or ask you to bring the loan current. Such options are usually rare, but you can get any when working with an experienced foreclosure attorney. The attorney could also negotiate for a short payoff, where you won't pay the full amount at once. They analyze all the available settlement options and negotiate for the one that favors you most.

They Will Defend You During Trial

Most homeowners want to reach an agreement with the lender before the matter proceeds to court to keep their home. Unfortunately, the lender will sometimes not want to participate in any settlement negotiations, and they may choose to take a legal approach. And since court procedures are usually scary, you need to hire a foreclosure attorney to defend you during the trial. The lawyer will cross-examine the lender to determine if they considered all the legal aspects when issuing a foreclose notice. If the lender overlooked some, the foreclosure attorney might consider the lawsuit illegal. Also, if the lawyer discovers that the mortgage assignment was somehow unlawful, they will nullify the lawsuit and instead sue the lender for their unfair lending practices.

You Don't Become a Victim of Deficiency Judgment

Some homeowners feel relieved when the lender takes their home, assuming that the burden is now off their shoulders. Unfortunately, most of them don't know that the lender doesn't stop at that. In fact, the lender proceeds to court to get a deficiency judgment, so they can compel you to pay the remaining amount. If the lender obtains it, they make your life more miserable because you have to pay up the balance even after losing the home. That's why you need to hire a foreclosure attorney because they will compel the court not to give the lender a deficiency judgment. Most foreclosure attorneys foresee this problem, so they raise a defense against it before it happens.