No-one wants to think about losing their home. Foreclosure is one of the things that could happen to you, if you are not keeping up to date with all your mortgage repayments or repayments of other debts. Utilizing the services of a foreclosure attorney can help you through this trying time, but you will need to have a thorough understanding of what the foreclosure process is. Each state has different regulations regarding foreclosure, so ensure that you a hire a foreclosure attorney that is licensed and knowledgeable about that specific state’s laws.
When a homeowner is unable to make the necessary payments on their loan, your bank or lender can have your home repossessed and sold to recuperate their losses on your loan.
Stages to the Foreclosure Process
- After missing payments for a certain period of time, (usually 3-4 months) your lender will send you a Notice of Default (NOD). The NOD is a form of notification that lets you know that you may lose your property to foreclosure unless you are able to get up to date with your overdue payments.
- A reinstatement period is then initiated, this means that you need to either enlist the help of a legal professional skilled in foreclosure law or pay back the defaulted amount immediately or your home will be repossessed and sold.
- If you are unable to repay the loan immediately and don’t have a loan modification in place, after a court proceeding, your home will be sold at an auction and sold to the highest bidder, you will also receive an official notice of sale. This will be recorded in the local county recorder’s office and it will be publicized in various newspapers in the run-up to the sale.
- The time and date of the sale will be published alongside the notice of sale in newspapers, and the home will be auctioned off to the highest bidder, who will then receive the title deed to your (former) property.
Not a single section of the foreclosure process sounds pleasing, especially when it is your home that is undergoing foreclosure. Therefore, it will benefit you to utilize the services of a legal professional that is well versed in your states foreclosure laws.
Benefits of a Foreclosure Attorney
- Your attorney will be able to discuss with you all your available options with regards to your homes foreclosure. However, the first step your attorney will take is to ensure that you do lose your home immediately by filing the relevant documentation and defending you in court. While you may never speak to your lenders lawyers, they will be more open to communication with your lawyer.
- Legal jargon can confuse anyone, but with an attorney at your side you don’t need to worry. Not only will your attorney be able to explain the terminology to you, but he will also understand the nuances that you may miss when reading though the paperwork. Your attorney will do all the necessary leg work to ensure that everything is filed and ensure that your defense is perfected for court.
- The greatest benefit of hiring a foreclosure attorney is that you will be buying more time, which gives you a better chance of saving your property. The more time you have, the more money you will hopefully be able to save and put towards your loan repayment while living your home. More time also ensures that you can come to an agreement modifying your mortgage with your lender’s lawyers which will enable you to keep your home while repaying the loan. If this is not possible, you may have to resort to what is known as a “short sale”, where the property is sold on the open market and your lender agrees to take a lesser amount than the amount you owe and to not seek any deficiency from you.
Don’t lose your home to foreclosure because you didn’t understand legal terminology or all the options available to you. Contact the friendly team at Gary I. Handin, P.A. to answer any questions you may have and to help you keep your home.