You should never surrender or go into a legal battle over your home without exploring all your options. Cases of foreclosure are rarely final. The best chance you have of stopping a foreclosure is to hire an experienced attorney as soon as possible. Choose a firm with knowledge of debtor-creditor workouts if you are serious about keeping your home. Here are a few tremendously valuable things a foreclosure attorney can do for you.
Amp Up Your Court Defenses
A lawyer can help you find any flaws in the bank’s foreclosure process so you can take legal action against the lender. For example, the party doing the foreclosure might not be the rightful owner of the mortgage debt, the lender might have broken the terms of your loan agreement or the foreclosure might be against the law in your area.
Also, you may not have known it, but you may have been a victim of illegal mortgage assignments or predatory lending. A skilled lawyer like those at Ligori & Ligori Attorneys at Law can use various methods to delay the foreclosure process. If the court agrees with our reasoning, you could be offered a settlement or have the case dismissed.
Act As Your Representative in Dispute Resolution Conferences
A lawyer can represent you at settlement conferences with the bank’s lawyer. At the meeting, the parties can talk about alternatives to foreclosure and try to reach a settlement that works for everyone. Without legal representation, you would be at the mercy of the bank’s attorney with your limited time and knowledge.
Aid in Loss Mitigation
Loss mitigation alternatives available on some loans can help you keep up with your monthly payments. Unfortunately, some lenders will not even let you know about this possibility. Instead, a lawyer will let you know if loss mitigation is applicable and advise you on the various strategies available.
Help You Obtain a Mortgage Modification
If you struggle to make your monthly loan payments, a modification may help. While there is no cost to request a loan modification, most homeowners will need legal representation to persuade their lender to accept the new terms of their loan. Before making a decision, the bank will look at several factors related to your financial situation. Then, if you need help getting approved for a new, more manageable loan, an attorney can provide the necessary paperwork and portray it in the most favorable light possible.
Assist in Filing for Bankruptcy
Chapter 13 bankruptcy is an option if everything else fails, and an attorney can help you file for it. If your application is accepted, you may have three to five years to keep your mortgage payments current and keep your house.
Explain Your Available Choices
A lawyer specializing in foreclosure defense can advise you on your best action plan. Time will be saved, potential dangers avoided and the likelihood of successfully rescuing your home increased thanks to their expert guidance. Loss mitigation, loan modification, Chapter 13 bankruptcy and direct court representation by a foreclosure attorney are all options you may want to consider if you want to save your home and not lose it to foreclosure. An accomplished foreclosure attorney can explain the benefits and drawbacks of each choice.
Do Not Delay! Call Ligori & Ligori Today
The sooner you get in touch with us, the sooner we can begin working on your case. If you have an issue, you should begin the process immediately. We can start by advising you on how to stabilize your finances. You might be in a position where you have so much debt that you cannot even think straight.
Financial burdens like this are debilitating and make it hard to take any action. Avoid letting this happen to you. Instead, let our legal team take on the responsibility of fighting for your home so you can keep it. The sooner we work on voiding your Act 91 Notice or foreclosure complaint, the more likely we will find a way to resolve your issues. Call us today.
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