why is there an attorney for my foreclosure

Here are a few reasons you might want to hire an attorney if you want to fight a foreclosure: 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 in the proper way in court documents and during a trial. Foreclosure law evolves.

Full Answer

How can I stop foreclosure in Michigan?

During this period, to avoid foreclosure you can do any of the following:Sell your home.Refinance your home.Seek a loan modification with your lender.Pay all missed payments and late fees.File for bankruptcy (if you are considering this, you may want to talk to a lawyer)

How do you get around a foreclosure?

6 Ways To Stop A ForeclosureWork It Out With Your Lender. ... Request A Forbearance. ... Apply For A Loan Modification. ... Consult A HUD-Approved Counseling Agency. ... Conduct A Short Sale. ... Sign A Deed In Lieu Of Foreclosure.

What means foreclosure?

Foreclosure is a process that begins when a borrower fails to make their mortgage payments. When a home is foreclosed upon, the lender typically repossesses and attempts to sell the house. This happens because mortgage loans are secured by real estate, meaning your home is used as collateral.

What is a foreclosure bailout loan?

A "foreclosure bailout loan" is a mortgage loan designed to stop a foreclosure. Usually, the foreclosure bailout loan will refinance the entire balance of the existing loan. But some lenders make loans in an amount that's just sufficient to reinstate the defaulted loan.

Can a mortgage company refuse payment?

Your mortgage company may refuse payment from you if they have started the foreclosure process. They may attempt to collect the full amount of arrears that you owe to bring your account up to date. If you go to court, you can force the lender to accept payments and start a payment plan to catch up.

How long is the pre foreclosure process?

Typically, the pre-foreclosure process will last around 120 days, but this time-period can be longer if the lender files the foreclosure complaint after the required 120-day waiting period.

Can I refinance while in foreclosure?

Can I Refinance While In Foreclosure? It's not possible to refinance while you're in foreclosure. If you were to refinance, the best option is to be current on your payments and refinance into a more affordable payment before you're in serious financial trouble.

What happens to your credit after foreclosure?

Once a home is lost to foreclosure, the homeowner's credit score could drop dramatically. According to FICO, for borrowers with a good credit score, a foreclosure can drop your score by 100 points or more. If your credit score is excellent, a foreclosure could reduce your score by as much as 160 points.

How can I stop foreclosure in Colorado?

You must file a notice of intent to cure with the trustee no later than 15 calendar days before the sale date. You'll then get a cure statement explaining the amount that you have to come up with to stop the foreclosure. You have to pay the total amount due to the public trustee before noon on the day before the sale.

How can I stop foreclosure in Louisiana?

Redeeming the Property One way to stop a foreclosure is by "redeeming" the property. To redeem, you have to pay off the full amount of the loan before the foreclosure sale. Under Louisiana law, you can prevent the sale by paying the sheriff the amount of the judgment with interest and costs.

How can I stop foreclosure in NC?

How Can I Stop a Foreclosure in North Carolina? A few potential ways to stop a foreclosure include reinstating the loan, redeeming the property, or filing for bankruptcy.

Which process temporarily stalls foreclosure?

Filing for Chapter 7 bankruptcy will stall a foreclosure, but usually only temporarily. You can use Chapter 7 bankruptcy to save your home if you're current on the loan and you don't have much equity. Otherwise, you'll just be able to delay a foreclosure by a few months, unless you're able to modify the loan.

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:

When Do You Need a Mortgage Foreclosure Attorney?

There are several reasons why you may need legal representation in mortgage and foreclosure. These include:

How Can Gomez and Simone Help?

If you are based in Los Angeles, Gomez and Simone can expertly litigate your State or Federal Court case.

What Mortgage and Foreclosure Cases Do We Handle?

If you require legal assistance, we have years of experience in the following case types:

How Our Foreclosure Attorney Can Help You

If you are interested in a loan modification, it’s in your best interest to retain the services of an experienced loan modifications lawyer in the courts of the New York metro area, including New York, New Jersey, and Connecticut.

Contact a Loan Modification Lawyer

When it comes down to it, negotiating a loan modification is a legal process that should be handled by a skilled legal professional. Although it’s not mandatory for you to hire an attorney, it’s to your advantage to do so.

What to do if you don't have an attorney for foreclosure?

If you decide to proceed without an attorney, you should still learn at least a little bit about state and federal foreclosure laws. This will give you an idea of what to expect when negotiating with your lender. And if they don’t follow the law as they should, you can point it out to them and prevent them from taking advantage of you. There’s also a chance that a lender’s misstep could delay or stop the foreclosure proceeding.

How to help with foreclosure?

In this case, there are other options you can use to help you through a foreclosure proceeding. You can handle the foreclosure on your own, set up a free consultation with an attorney, contact a free legal aid society, or look for a pro bono lawyer.

Why do people stop paying mortgages?

The majority of home mortgage foreclosures happen because homeowners don’t have enough money . As a result, they stop making their mortgage payments. But many times borrowers have a legitimate defense against foreclosure. Or they’re willing to accept the foreclosure but could use some help in making sure their rights are protected during the foreclosure process. But because the homeowner has limited financial resources, they can’t afford to hire a foreclosure attorney.

What is Upsolve for bankruptcy?

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What to do if you don't qualify for legal aid?

If you don’t qualify for help from a legal aid office or they don’t have the resources to help you, you can try to find an attorney who will take your case for free. Lawyers are strongly encouraged to volunteer some of their time providing free legal services to those in need. This volunteer work — also known as working pro bono — can take several forms.

How to find a free lawyer?

To find out if you have a program or attorney in your area who might be able to take on your case for free, you can use the American Bar Association’s Free Legal Help search tool. But if you can’t find a pro bono or volunteer lawyer, there are other places to look, like your state and municipal bar associations. These are professional organizations that most attorneys join for professional development and volunteer opportunities. Depending on where you live, you should have a state bar association and maybe a city and/or county bar association.

Can you foreclose on a house while in the military?

You may also want to hire a foreclosure attorney if you’re a service member. Being in the United States armed forces doesn’t make you immune from foreclosure, but it does give you special legal rights. For example, the Servicemembers Civil Relief Act (SCRA) limits when and how a mortgage company can foreclose on your home while you’re on active duty.