Is your lender issuing letters that indicate they will initiate the foreclosure process? If so, you might feel scared, worried, and uncertain about your future, and rightfully so. No one wants to lose their home to foreclosure, yet it happens to many people. If you want to ensure this doesn't happen, you might want to hire a foreclosure attorney. But can a foreclosure attorney stop this from happening? Continue reading to find out.
Talk to an attorney and supply them with the information
The first thing you'll need to do is to find a foreclosure attorney. Next, you can contact them to schedule a meeting. During this meeting, the attorney will ask to see all the documentation for your home loan. They'll also ask for the foreclosure letters your lender sent. The point is for the attorney to review this information to determine if the lender has the legal right to initiate foreclosure of your home. The attorney can also come up with options that might help you stop the lender from pursuing this action further.
The options the attorney might recommend
Foreclosure attorneys know the methods that homeowners can use to stop their lenders from taking their homes from them. The first option is to use legal actions to stop lenders from pursuing foreclosures when they don't have the legal right to do so. There are times this helps people stop their lenders from foreclosing, but it doesn't always work.
A foreclosure attorney might also suggest a loan modification. Lenders don't want to take homes away, as this causes more work and problems for them, but they will if they have no other options. If you can reach a mutual agreement with your lender for a loan modification, it can offer two solutions. First, it stops the foreclosure, and second, it offers a more affordable repayment plan for your home loan debt.
The other option lawyers might suggest is using bankruptcy. A Chapter 13 bankruptcy case is effective for stopping a foreclosure, and it gives you a repayment plan to help you repay all your debt. Therefore, using Chapter 13 might offer benefits in addition to preventing foreclosure.
Get help now and don't hesitate
One thing to know is that you need to act quickly to prevent the lender from going through with the foreclosure. Therefore, you should start working on it now by finding a lawyer to help you.
Share25 August 2022
Hello, my name is Neil Gamford. Welcome to my site about bankruptcy proceedings. After my divorce, I was left near penniless and without a place to stay. I was paying all of my income to alimony and my remaining debts. Although I had a solid payment plan in place, it was getting difficult to cover my financial obligations without a home. Luckily, I met with a bankruptcy attorney, who helped me find a way to discharge my debts and start over. I hope to share the information I learned throughout that process with you through this site. Please feel free to visit anytime.
