subject: An Introduction to Foreclosure Consultation [print this page] A foreclosure occurs when a lender pursues his lien on a property. It can happen after 90 days of non-repayment of the loan. The lender can either repossess the property or open it to bidding. The title is thereby transferred to the successful bidder.
Foreclosure consultation is very helpful for people who are facing foreclosure due to their disability to pay off the loans or mortgages. An expert on foreclosure consultation can prevent or postpone foreclosure and sale of the property. The foreclosure consultation expert can also stop the creditor from exerting pressure on the mortgagee to repay the loans. He helps his client to exert his right of reinstatement. The foreclosure consultant can also get extension of the time period for payment of the loan. He can help the mortgagee to receive another loan. This may have to do with home loan refinance. Home loan refinance implies applying for a new home loan to payoff the current loan of buying a house.
If you are facing foreclosure you should go for foreclosure consultation as it will help you to understand the whole process. The process is a complicated one legally and financially. So you need a legal expert to understand it. You will know you scopes of protecting your home. In the minimum it will help you from getting your credit report tarnished.
But how should you select a good foreclosure consultant. Well, a good one will never advise you to snip all communication with your creditor. He will not demand for the fees before he fetches you worthwhile results. A foreclosure consultation expert will not ask you to sign a security agreement for compensation. He will also not demand for a power of attorney that goes beyond inspecting documents.
You can get good foreclosure consultant through government agencies. Before meeting them face to face, speak to them over the phone, online. If you find him suitable and experienced, talk to him in person.
Moreover you neither need nor go for foreclosure consultation only if you face foreclosure. You can opt for it, to make a plan ready, if such circumstance emerges in future. Thus you can avoid a situation in which your property would risk foreclosure. He will guide you about helpful budgeting techniques and also enlighten you about the rights under situation of foreclosure to be used to protect your family and property in the long run.
A foreclosure consultation expert will thoroughly study your financial situation and find out ways that you can use to negotiate with your lender to get rid of foreclosure. He will also predict the types of arrangements your lender can make in the event of foreclosure.
Besides seeking the help of a foreclosure consultant, you can also go for a forensic loan audit expert. Such a person will study all your papers to determine if you have fallen victim to the stratagems of your lender. Thereby he can help you and your attorney about the rights that can be used to escape danger of the lender's repossession of your property.
