You may be able to get a mortgage modification to make your payments manageable enough to keep your home if your lender agrees to change the terms of your loan.
You don't usually need an attorney to apply for a mortgage modification, so communicate directly with your loan company or ask an HUD counselor to help you submit the proper forms. Since some foreclosures move quickly, try to discuss modifying your loan as soon as you anticipate difficulty making a payment, even if you haven't missed it yet.
Once the foreclosure process gets going, you're much more likely to need an attorney to succeed with any renegotiations. Your lender might not be willing or able to modify your loan, but you can still consider other options.
Even though they show up as adverse events in your financial history, they are generally considered less severe than foreclosure:.
With attention and patience, you can tackle the aftermath of foreclosure and create a promising financial future for yourself. Whether you're worried about making an upcoming payment or have already received a foreclosure notice, get in touch with your loan provider or a HUD counselor to get a grasp on your rights and options.
Foreclosure is a complex legal process, but don't panic—there are resources and options out there for you, whether you hire a foreclosure attorney or not. The purpose of this question submission tool is to provide general education on credit reporting.
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But be aware that if the servicer already evaluated a loss mitigation application from you, you can't submit another application just to stall the foreclosure. However, under federal law, if you've brought your loan current at any time since submitting a complete loss mitigation application, and the servicer reviewed that application, the servicer has to perform another review if you apply again.
Most people don't need a lawyer's help in preparing a loss mitigation application. To get free assistance, contact a HUD-approved housing counselor.
If you don't have a valid defense to the foreclosure—say you stopped making your payments, have no intention of resuming them, and think the servicer has treated you fairly—then there's probably no reason to hire or consult with an attorney.
Likewise, if you can't afford your house payments and don't want to keep your home, it might be a waste of time, effort, and money to hire an attorney to fight or try to delay the foreclosure. Instead, you can put that money towards finding somewhere else to live. If you decide to hire an attorney to represent you , it's a good idea to speak to several different lawyers to get more than one perspective and learn about all available options. If you can't afford to hire a lawyer to represent you throughout the entire process, consider scheduling a consultation with one to help you decide what to do, as well as to explain your legal rights and responsibilities.
If you can't afford even one consultation with an attorney, a legal aid office might be able to help you for free if you meet certain criteria. The information provided on this site is not legal advice, does not constitute a lawyer referral service, and no attorney-client or confidential relationship is or will be formed by use of the site. The attorney listings on this site are paid attorney advertising. In some states, the information on this website may be considered a lawyer referral service.
Please reference the Terms of Use and the Supplemental Terms for specific information related to your state. Grow Your Legal Practice. Meet the Editors. Do I Need a Foreclosure Attorney? If you're facing a foreclosure, find out when hiring a lawyer is a good idea—and when it might not be necessary.
When You Should Hire a Foreclosure Attorney Below are some situations where you should consider hiring, or at least consulting with, an attorney. You Have a Defense and Want to Keep Your Home If you think you have a defense to the foreclosure, and you want to keep your home, you'll likely need a skilled attorney to help. Some defenses that probably require the aid of an attorney include the following: The servicer didn't follow proper foreclosure procedures.
Assistance of a foreclosure defense attorney can help a homeowner negotiate the mortgage modification with the lenders. Still another option that homeowners have is that of short sale. Under this option the homeowner will sell the mortgaged property for less than balance owed on the loan. The proceeds of the sale are given to the lender.
Before the sale, the short sale lawyer will negotiate with the bank. The short sale attorney will convince the bank that due to economic or financial hardship, the bank should agree to a discount the loan balance.
Therefore, after the house is sold the remaining balance is discounted. Another way that a homeowner can avoid foreclosure is by opting for deed in lieu. The homeowner's real estate attorney will negotiate with the lender.
The homeowner will sign over the deed or title of the property to the bank and the bank in return will cancel the mortgage. Another option that a real estate lawyer can suggest to a homeowner is that of filing bankruptcy. This will not only stop all foreclosure proceedings but will also give a chance to the homeowner to repay some of the debt and retain the house.
A Florida real estate attorney can also suggest the option of refinancing to avoid foreclosure. Refinancing simply means that the homeowner replaces the existing mortgage with a new one. In most cases, the new mortgage comes with lower interest rates and better terms and conditions. Thank you very much Oaktree Law!!! My uncle Tito referred us to Marissa Pitts at Oaktree law after his Modification got approved within 30 days. We decided to try out Oaktree Law after trying to Modify our loan for a year with Bank of America which kept denying us.
I made my appointment with Marissa Pitts. She was very professional and detailed in explaining us the whole process. We are very happy and will refer her to everyone that we know that needs help with the Modification. I want to thank Marissa and Jennifer and the whole team at Oaktree Law for caring. I had an adjustable pay option that would be adjusting this July. I was also underwater. By March we received a 3mos. Before our June payment, we received our permanent modification agreement!
Continue praying, "Ask and you shall receive". Skip to content Foreclosure cases are rarely set in stone. Provide You with Options A foreclosure defense attorney knows the legal landscape better than you. Help You Get a Loan Modification A loan modification adjusts the terms of your loan such that you can afford the payments. Help You Pursue Loss Mitigation Certain loans carry loss mitigation options that give you an opportunity to stay current on your payments.
Raise Defenses in Court If the bank made mistakes in foreclosing your home, an attorney can identify them and fire back. Tips for Getting a Loan Modification. Loan Modification. What is a Forbearance Agreement? Protecting Your Home From Foreclosure.
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