subject: A Foreclosure Attorney May Help Save Your Home [print this page] A foreclosure attorney is the type of professional you will want to hire if you need assistance with anything relating to foreclosures. If you are behind on your mortgage payments, your lender may file after a certain number of payments are missed. Every lender may have different requirements, but once it happens you need to act fast.
You will probably not be able to defend yourself on this matter because fighting your lender may be very difficult. You should instead hire a legal advisor to help you through this. If you hire a foreclosure attorney, they will help you. They will be on your side and will help you try to save the home if possible. There are documents that they will file to stop the proceedings. Once the proceedings are stopped, there will be time to work on making other arrangements.
One thing that many lenders are now offering is called a loan modification. A loan modification is often what is used when a person is about to lose their home. This is something that a lender does not have to offer, but often will to let you keep your home. This type of loan will replace your current loan. All of the money that you owe on the home, including past due interest, will be taken into consideration. Based on this amount, the lender may offer you a different loan.
With a loan modification, the interest rate often drops down to a very low rate. This rate may only be good for five years, but it will make a huge difference. The entire past due payments will be included in the loan, and this makes you current on the loan. Because of the interest rate being lowered, your payment amounts will also be lower. This period of time is given to a person so that they are able to improve their lifestyles and be able to then afford the loan.
After the five years is up, the person may need to refinance the loan or a different interest rate will kick in. One thing that your foreclosure attorney will tell you is that you must stay current on your payments. If you miss a mortgage payment, the modification might get canceled. This could again cause your home to go into foreclosure.
These types of attorneys are in high demand right now. The housing market and the economy have both played a large role in this. Many people are losing their homes, but those that have hired foreclosure attorneys have obtained a better chance of stopping this from happening. Don't let your bank take away your home without a fight. Hire a lawyer that is an expert in this branch of law. This will be your best bet for keeping the home that you live in.
