what is it like to be a foreclosure attorney

Attorneys have special skills to fight a foreclosure. Good foreclosure attorneys have years of training and extensive knowledge about the law. They also know how to apply the law properly in court documents and during a trial. Foreclosure law evolves. New laws get passed, and courts decide cases that could help with your foreclosure.

Full Answer

Why do I need a foreclosure lawyer?

A foreclosure lawyer has the experience to identify things to help your case, like a legal defense you aren’t aware of or a legal misstep by your mortgage company. Another major advantage of having an attorney represent you is that they already know how the foreclosure process works and what it takes to get through it.

How much does a foreclosure lawyer cost?

The price of a foreclosure lawyer will depend on many variables, including: Attorneys bill clients using different fee structures, including an hourly, flat fee, or monthly fee arrangement. With hourly billing, the attorney charges a set amount of money for each hour worked on a case.

Can a homeowner represent themselves in a foreclosure case?

But homeowners often represent themselves during foreclosure proceedings. If a homeowner decides to get a lawyer to give them legal advice, it’ll be a foreclosure defense attorney, not a plaintiff’s attorney. It might seem like hiring an attorney only makes sense when the homeowner is trying to stop the foreclosure. But that’s not always true.

What are some legal defenses to foreclosure?

You have one or more valid defenses to foreclosure. The lender suing you in a foreclosure may not own your mortgage loan. Or they tried foreclosing too soon after your first missed monthly payment. You’ll need to assert these legal defenses at the right time and in the right way.

What is a foreclosure defense attorney?

A foreclosure defense attorney knows the legal landscape better than you. Their experience and judgment will save you time, help you avoid pitfalls, and maximize your chances of saving your home. Depending on your situation, your best course of action may be to avoid foreclosure via loss mitigation, modify your loan, file for Chapter 13 bankruptcy, or have your foreclosure attorney represent you in court outright. An experienced foreclosure attorney in Los Angeles can help you understand the pros and cons of each option.

What happens if a bank forecloses on your home?

If the bank made mistakes in foreclosing your home, an attorney can identify them and fire back. For example, the lender may have breached your loan contract or violated state foreclosure laws, or the foreclosing party may not be the rightful owner of the mortgage debt. You may unknowingly be the victim of unfair lending practices or an unlawful mortgage assignment. There are dozens of strategies and tactics an experienced attorney can use to postpone foreclosure. And if the court accepts your attorney’s argument, you may receive the option of a settlement or even have your lawsuit dismissed entirely.

Can a bank attorney attend a settlement conference?

If you live in a state that mandates settlement conferences, your attorney can attend them in your place and negotiate with the bank’s attorney to save your home. The conference is an opportunity for both parties to reach an alternate resolution that doesn’t involve foreclosure. Without an attorney, you’d have to contend with the bank’s attorney on your own time with limited knowledge.

Can you modify a mortgage without an attorney?

A loan modification adjusts the terms of your loan such that you can afford the payments. While modifying a loan is free, few homeowners can convince the bank to approve a modified loan without help from an attorney. The bank must review several key pieces of information about your income before making their decision. An experienced attorney can provide and present this information in the best light to help you get approved for a new loan you can afford.

What does a Foreclosure Lawyer do to get your loan mitigated?

Some loans have loss mitigation with them which allows you to stay current on your loans. Even though many lenders will do their best to not include loss mitigation in their loans, with an experienced foreclosure defense lawyer, you can exercise this option if it’s available to you.

How can a Foreclosure Lawyer help you file for Bankruptcy?

In this case, you will get three to five years to get back on your feet financially and get current on your loan payments. Through this way, you will get some time to get financially stable enough to pay back your loan, and you get to keep your assets like your home and your car as well.

What does a Foreclosure Attorney do to help me in loan modification?

An experienced foreclosure defense attorney can help you to get your loan modified by convincing a bank to approve a modified loan. A foreclosure lawyer can get your loan modified in such a way that it is affordable to you.

What happens if a bank forecloses on your property?

If a bank or any other lending entity mistakenly forecloses your assets, a foreclosure lawyer will identify them and go against them in court. For example, if your loan contract gets violated by the lending entity or the foreclosing entity is not even the rightful owner of the property, then the foreclosure lawyer will do his/her best to provide you legal support. People often become a victim of unlawful mortgage practices, and an experienced foreclosure lawyer can help you out of such situations. A foreclosure defense lawyer knows about many foreclosure defense strategies that will help postpone the foreclosure of your assets.

Can you keep your house if you are in foreclosure?

If you want to keep your property and get some leverage on the loan that you have borrowed, a foreclosure attorney can help you do that. With the help of a foreclosure lawyer, you can not only keep your house and other assets, but you can also get enough time and opportunities to pay back your loan in a lawful manner.

Do foreclosure attorneys have a good relationship with clients?

They maintain a great attorney- client relationship, which is why they feel for you and will help you out in the foreclosure process while safeguarding sensitive or confidential information about you.

Can a bank go to foreclosure if you don't pay?

I f you have been lent money by a bank, a company, or a person, then upon not paying that loan, the lending entity can go for judicial foreclosure. It’s is a legal procedure through which the entity will recover the remaining balance of the loan from the loan borrower who is falling behind on mortgage payments, by forcing the sale of the borrower’s assets that he/she kept as collateral for the borrowed money.

Why Hire a Foreclosure Lawyer?

Depending on the terms of your mortgage and where the foreclosed real estate is located , the foreclosure process can be either judicial or nonjudicial. Regardless of which type of foreclosure applies to your case , there are several reasons to consider hiring a foreclosure lawyer.

How much does a foreclosure lawyer charge?

And an attorney working in a location with a high cost of living will also charge more for the same work than someone working in an area where it’s less expensive to live. You can expect the typical foreclosure lawyer to charge anywhere from $100 per hour to as much as $500 per hour.

What is dual tracking for foreclosure?

For example, a federal regulation from the Consumer Financial Protection Bureau restricts the use of dual tracking. Dual tracking occurs when a mortgage loan servicer forecloses on a home at the same time that they’re working with the homeowner to prevent foreclosure, such as through the use of loss mitigation. If your servicer is dual tracing, they may be breaking the law.

How much does a flat fee for foreclosure cost?

Depending on the facts of your case, the flat fee to handle a foreclosure could range from $1,500 to $4,000.

What can an attorney do for a bank?

Your attorney can also assist with loss mitigation or negotiating with lenders. For instance, you might be trying to convince a bank to accept a foreclosure alternative, like a deed in lieu of foreclosure. And if your lender makes a mistake during the foreclosure process, your attorney can use this during negotiations to get a better outcome.

Can a lawyer help you with a foreclosure?

Second, moving through the foreclosure process is complicated. If you’re in a judicial foreclosure, a foreclosure lawyer can help you with the lawsuit. This could include:

Do you have to pay for foreclosure?

Although there are a few exceptions, the majority of foreclosure lawyers will ask you to pay for their services. In addition to paying for their time and expertise , you’ll also have to pay for administrative costs, such as postage, copying, travel expenses, and filing fees.

A foreclosure attorney can help you understand the government programs that assist with foreclosure prevention

More than 90% of all mortgages are backed by Fannie Mae, Freddie Mac, FHA, VA or USDA.

An attorney can explain the loan modification process and whether it can help you stop foreclosure and keep your home

A mortgage modification (or a loan modification) is one way to stop the foreclosure process and keep your home.

A foreclosure attorney can talk to you about other types of loss mitigation options that may help you stop foreclosure

If you’re not interested in keeping the home, there are other types of loss mitigation options (and foreclosure alternatives) to help you get out of the home. Options like short sales or deed in lieu of foreclosure options may be available to you.

A bankruptcy attorney can help you understand whether bankruptcy is the right option to help you stop foreclosure

Sometimes, you may need to stop your foreclosure process fast. Or, you may have other burdensome debt in addition to your mortgage that needs to be handled.

A foreclosure attorney can help you understand whether you are facing a judicial foreclosure or a non-judicial foreclosure

There are two types of foreclosure proceedings, judicial and non-judicial. Judicial foreclosures happen through the court system. Non-judicial foreclosures happen outside the court system through a series of foreclosure notices.

A local foreclosure attorney can help you understand where you are in the timeline of the foreclosure process

It is important to understand how much time you have before the foreclosure auction of your home. Depending on how far along you are in the foreclosure process, different options may be available to you. An attorney can help you understand which options you have time for and which you don’t.

An attorney can help you build a tailored plan for your particular situation

Because foreclosure has so many moving parts – an attorney is most helpful because they can put all the pieces together to build you a specific plan that applies to you to help you stop foreclosure, taking into consideration:

What does a foreclosure attorney do?

In representing you in the foreclosure action, your attorney explores all possible avenues available to you, including resolving the lawsuit to avoid sale of your home. Whether that can be accomplished depends on your specific situation.

What to do if your lender initiates foreclosure?

If your lender initiates an action, you should immediately contact an experienced foreclosure defense attorney. Your attorney analyzes your circumstances and the facts of your case to determine the best strategy for defending against the foreclosure action. If options are available, your lawyer explains them and works with you to decide on the best course to follow.

How to avoid scams with mortgage lenders?

The best way to avoid potential scams and unscrupulous lenders is to communicate only directly with your mortgage lender or mortgage servicing company — and know your rights. Remember to document everything. That means take detailed notes of your interactions related to your mortgage loan. Make copies of any document you sign and send to any individual, including your mortgage lender. Do not hesitate to turn to an experienced, reputable attorney that is knowledgeable about mortgage and foreclosure law the second you need help.

What is foreclosure in Kansas?

Under Kansas law, mortgage foreclosure is a judicial process. To initiate a foreclosure action, the lender files a lawsuit against the borrower, requesting a judgment for at least the amount you owe, as well as the right to foreclose the mortgage lien on your home. As a borrower and defendant in the foreclosure lawsuit, you can take advantage of all of the rules of civil procedure. You can file an answer, engage in discovery, file motions, and even go to trial.

What is the redemption period for a sheriff's sale?

The redemption period is the period of time in which a borrower living in the home can redeem the property by repaying the purchaser the full amount of the Sheriff’s sale price, plus interest and other costs.

What is a sheriff's sale?

If the court grants a judgment for foreclosure and you can’t pay the entire amount owed, the property is auctioned off at a public sale , commonly called a “Sheriff’s sale.” A Sheriff’s sale can only occur after a court order and the required notifications are published and sent to the borrower.

When does the moratorium on foreclosures end?

The moratorium on mortgage foreclosures for most federally-backed loans (which comprise about 70% of all loans) now expires on August 31, 2020 , extended from the original expiration date of May 18. In addition, Kansas courts are slowly getting back underway as part of phased reopening after the COVID-19 lockdown. Unemployment is at an all-time high, and some of us will never recover from the economic damage suffered. For those and other reasons, homeowners who are behind on their mortgage payments will face foreclosure in the not-too-distant future. If you are in that situation, an experienced foreclosure defense attorney may be able to help.