Facing foreclosure is a time of challenge and uncertainty. On top of financial difficulties, you may be dealing with aggressive mortgage companies and the prospect of having your home taken away. That’s why you should never navigate a foreclosure case without an attorney. There are many ways a foreclosure attorney can improve the odds your case will succeed.
What Is a Foreclosure Attorney?
A legal professional specializing in the foreclosure process, they are familiar with the most current regulations that pertain to your case and can use their experience and judgment to avoid losing your home. Just as every foreclosure case is different, so is each law firm focused on this area. Some lawyers specialize in bankruptcy, while others are better negotiators. An attorney knows how to build a defense for each case, beginning with a consultation to learn about a client’s situation, concerns, and options.
How an Attorney Can Help Avoid Foreclosure
Your attorney can examine the lender’s practices to see if they’ve made any mistakes or even have a legal basis for foreclosure. For example, a borrower must receive a Notice of Default. Then they have 90 days to cure the default before the lender can take any other actions. Besides ensuring the lender has followed every rule and regulation, an attorney can help you explore options such as:
- Loss Mitigation: Depending on your loan, you may have loss mitigation options. Lenders don’t always let borrowers know about them. A foreclosure attorney can determine if loss mitigation is an option for you, and choose an approach to pursue this path, so you can become current on payments once again.
- Loan Modification: Modifying your existing agreement can result in a lower interest rate or monthly amount due, making payments more affordable. The challenge is convincing the bank to approve a modified loan. To pursue this option, you must provide various details on your income. An attorney can present this information to a bank so it’s more likely to approve an option that works for you.
- Chapter 13 Bankruptcy: Once you file for Chapter 13 bankruptcy, your lender must cease all foreclosure procedures. An automatic stay will go into effect on all collections actions. The bankruptcy process is complex, but your attorney can help navigate it and negotiate a three- to five-year payment plan so you can catch up, improve your financial situation, and keep your home.
Additionally, they can:
Negotiate with Your Lender
If there aren’t too many legal options, your attorney can help negotiate with your lender. The goal is to help keep your home. To maximize your chances of success, your lawyer will suggest steps to take before formal proceedings begin. Options may include paying all past due payments, including penalties and foreclosure costs, or negotiating a short sale.
Negotiate with the Bank’s Attorney
If a settlement conference is mandated, your lawyer can work directly with the bank’s attorney to negotiate a means to save your home from foreclosure. This conference enables both parties to reach an alternate resolution. Succeeding in doing so is difficult without the time and knowledge that an experienced attorney has.
Represent You In Court
If your case goes to court, your attorney will build a strong defense. Winning a court case requires the right strategy. A foreclosure attorney may find the lender engaged in unfair lending practices, breached your loan contract, or violated the state’s foreclosure laws. There are many ways they can help postpone foreclosure. And, if the court accepts the argument, a settlement may be on the table. Sometimes a court will even dismiss a lawsuit.
Contact OakTree Law
At OakTree Law, we provide foreclosure services in Los Angeles and Orange County. Our foreclosure attorney has many options to defend you and your home against foreclosure. We can explore many alternatives and help on the path to restoring your financial freedom. To get started, request a free evaluation or call 888-348-2609 today.