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People who are facing financial difficulties often get behind on their monetary obligations. This may occur for a variety of reasons, from job loss, poorly performing investments, medical issues, or even natural disasters.
When people get behind on their mortgage, a lender may attempt to foreclose on their property. Foreclosure is a legal process by which the lender forces the sale of a piece of property to recover losses when a borrower stops making payments. It can occur either by court order, or through a specific statutory process that is dependent on your jurisdiction.
Contact a Foreclosure Attorney
If you’re behind on your house payments and don’t know what to do, don’t delay, and call a foreclosure attorney now. If a Notice of Default has been issued, again the first thing you should do is contact a foreclosure attorney to receive a legal review of your situation.
As a result of the sub-prime mortgage crisis the federal government allocated many millions of dollars to programs created to help homeowners refinance their mortgages to reduce the interest rate and monthly payment. Home owners have complained that banks have been extremely slow and in some cases unfairly biased against poorer applicants when processing applications to refinance home loans.
An attorney can advise you on the foreclosure laws of your state, set out for you the process that must be followed, and help you determine which method of addressing your mortgage delinquency is best for your situation.
Also, if the bank has not taken the correct steps to legally sell your property, a lawyer can petition to have the auction halted until the matter is investigated. If your application has been denied, an attorney can look into whether the denial was fair and made in compliance with the law and bank policy.
How a Foreclosure Attorney Can Help
Fortunately for people who are struggling to keep up with their house and property payments, there are several ways in which an attorney may be able to help you avoid foreclosure. While the law allows lenders to foreclose on properties in certain cases, it also protects debtors and can be utilized to delay an imminent foreclosure long enough for borrowers to catch up on their obligations. Some of the ways in which a foreclosure attorney may be able to assist you include:
- Chapter 7 or 13 bankruptcy – when a person files for bankruptcy, they come under the protection of the “automatic stay,” which stops all collection efforts on the part of creditors, including foreclosures. The stay may be able to provide enough time for a borrower to pay the past due amount or negotiate another arrangement with the lender.
- Negotiate directly with the lender on your behalf
- Represent you in any legal proceedings
- Ensure that the lender is in compliance with the applicable laws in your jurisdiction
The specific ways in which a foreclosure attorney will be able to help you depend largely on circumstances of your particular situation.