What Can a Foreclosure Lawyer Do For You?

Foreclosure laws vary state by state and if you are facing the prospect of losing your home to the bank, you need to consult with a foreclosure lawyer to find out what your rights are in your particular state. It may be possible for a foreclosure lawyer to help negotiate a better payment arrangement with the bank or lender to help get you current on your loan and make your future payments easier to handle.

As much as you don't want to lose your home, the banks don't want to take your home either. The tide of home foreclosures has crippled the banking system, with few banks able to keep up with or even process the massive wave of homes that have come into their possession.

In normal times, most lenders saw less than five percent of homes go into foreclosure and at this slow rate of movement, most banks could process a home going back into their coffers at an effective rate.

Fast forward to the post-recession era with the sudden spike of unemployment and the new foreclosure rates almost crippling the banks as they try to process the paperwork and take possession of these homes and you have a recipe for disaster. The process to repossess a home and the thick layers of red tape in the process however are almost an insurmountable mountain to overcome and you have probably already experienced the lack of common sense in trying to deal with a lender who may have sold your loan a multitude of times to a new lender who may be in another state, making any type of long distance discussion more impersonal and frustrating.

A foreclosure lawyer may be able to aid you in keeping your home by cutting through the red tape and dealing directly with the person
that has the ability and power to help you on the lenders end.

In a worst case scenario if you are not able to come to terms to keep your home, you may at least be able to negotiate your terms to leave the home. Many lenders are paying for the home's keys to ensure that the former home owner will leave the property intact, undamaged and whole. This allows the home owner to have enough time and money to leave the home and guarantees the lender the best chance at successfully taking possession of a trouble free home and it may be the only viable solution that works for both parties.

It is also important to understand how a home foreclosure will affect your credit both now and down the road ten years. Can your lender come after you for the unpaid balance when the economy improves? Can you ever buy a home again with this on your credit? These are the types of questions a foreclosure lawyer can help you answer so that you can go forward, armed with the information you need to make the best decisions for your future credit.

A Boston foreclosure lawyer can help you keep your assets intact. Many people might need this kind of assistance, find it here: http://www.gkinsellalaw.net/.

View the original article here

How Can You Avoid Foreclosure?

Unfortunately, in this current economy, many homeowners may find themselves behind on mortgage payments before they even know it. Foreclosure defense is an option that may greatly help your circumstances if you are facing a pending foreclosure or are already in the process of foreclosure proceedings. Many homeowners do not know that they are able to retain legal counsel in these situations, but the facts are you do have options. It is best to contact an attorney as soon as you are falling behind on payments, because in most cases, the quicker you deal with the bank, the better your situation will be.

You may wonder what a lawyer can do that you cannot do yourself. The short answer to this question is - knowledge. The inner workings of any kind of legal procedure, especially foreclosure, can be extremely confusing to the layperson. A foreclosure attorney can sit down with you and explain to you what is happening, and lay out the best options available to you based on the circumstances of your case. You can lose some of your legal rights in a foreclosure very quickly, so the faster you speak to a lawyer the better chance you have of a positive outcome.

There are several options available to homeowners to help avoid foreclosure, including loan modification, forbearance, and adding past due payments to the back of the loan. A loan modification consists of changing the terms of your original loan to lower payments and interest rates. Forbearance would be when a lender gives you more time to repay what is past due and get caught up on payments. Again, the quicker these options are explored the better chance you have of saving your home. There are other options that your lawyer can discuss with you that are a bit more drastic, such as bankruptcy.

Talking to a lawyer can buy you more time to try and fix your situation. When you retain an attorney, he or she can then communicate with your lender and try and negotiate terms that will be beneficial to both the bank and for you financially. It eliminates harassing phone calls and menacing letters.

It is easy to panic when you face something as distressing as potentially losing your home; however it is important to remember that there are quite a few options available to homeowners that can help prevent that from happening - or keep you in your home for as long as possible.

A good foreclosure defense attorney can help you through this stressful time in your life by providing knowledgeable service and a helping hand.

Want to learn more about foreclosure defense?

Get more information: http://www.wjc-law.com/

View the original article here