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Foreclosure Lawyer:
Who Are They? What Do They Do?

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What Is A Foreclosure Lawyer?

A foreclosure lawyer, also called a foreclosure law attorney, handles legal matters related to foreclosure laws and regulations. They can represent foreclosure law exclusively or may practice as a real estate lawyer or business lawyer as well.

In general, foreclosure lawyers represent individuals and families facing a bank foreclosure. However, they can also represent the banks themselves or buyers looking for foreclosure homes for rent, foreclosure homes for sale, and other foreclosure listings.

Here is an article about foreclosure .

What Does A Foreclosure Lawyer Do?

Foreclosure matters are not necessarily set in stone. Hiring an aggressive and experienced foreclosure attorney will protect your rights while your home is in the process of foreclosure. It is stressful enough to think about losing your home, so hire a foreclosure lawyer you can trust.

Here are 9 examples of what a foreclosure lawyer does:

  • Example 1: Provide ongoing legal counsel and advice during the foreclosure
  • Example 2: Handle loss mitigations and other strategies to prevent foreclosure from happening
  • Example 3: Represent you at hearings or settlement conferences
  • Example 4: Negotiate terms and conditions with banks that allow you to keep your home
  • Example 5: Handle communications between you and your mortgage loan servicer or bank
  • Example 6: File all documents promptly to receive a loan modification
  • Example 7: Defend your case in mediation, arbitration, or in court
  • Example 8: Assist you in filing for Chapter 7 or Chapter 13 bankruptcy
  • Example 9: Work with creditors to negotiate more favorable payment terms for liquidity purposes

Your residence is likely the most significant purchase that you will ever make. It is an investment in your future with a lot at stake when the bank seeks a foreclosure. A foreclosure lawyer will help you navigate the process while providing advice regarding the given situation’s best course of action.

Here is another article on the topic of foreclosure .

Understanding the Foreclosure Process

The foreclosure process is frightening to experience, mainly if this is your first time facing proceedings. There are phases that the process will go through, and the time it takes varies on a case-by-case basis. Other considerations should be made before going through the foreclosure process as well.

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How does Foreclosure work?

While most lenders will give you a chance to catch up on your payments, there is a series of events that a foreclosure follows if it happens. You can prepare for the worst-case scenario by reviewing the phases of a foreclosure.

Here are the phases of foreclosure:

  • Phase 1: Your payments go into default
  • Phase 2: The bank issues a Notice of Default
  • Phase 3: The bank issues a Notice of Trustee’s Sale
  • Phase 4: The trustee sale happens
  • Phase 5: The property is transferred to the buyer
  • Phase 6: You become evicted from the premises

It is worth speaking to your bank if you are facing foreclosure. It is far less expensive for them if you catch up on your payments than to look for a new buyer. Make sure you let them know about recent lifestyle changes that affect your ability to pay, including having a child, changing jobs, or following an unemployment period.

How long does foreclosure take?

Foreclosure can take up to a few years. The amount of time that a foreclosure takes depends upon the state in which it is located. Each state follows separate rules, which means you should speak with a foreclosure lawyer to establish the timeline that applies to your case.

Is foreclosure a bad thing?

Several bad things happen after a foreclosure. Not only are you left without a home, but a foreclosure also negatively impacts your credit. As such, it is critical to avoid foreclosure if you can.

Stopping Foreclosure Once Started

For many situations, you can challenge or delay a foreclosure when you hire a foreclosure lawyer. You have rights when facing a foreclosure, and your attorney will help you protect them.

You have a few options for stopping foreclosure once it has started:

  • Option 1: Loan modifications
  • Option 2: Loss mitigations
  • Option 3: Bankruptcy

There are options available to prevent foreclosure from happening. Make sure that you do not delay if you are facing proceedings. It is possible to resolve your situation in a few months rather than lose your home.

Will I owe money after foreclosure?

Yes, you could owe money after foreclosure if the sale proceeds are insufficient to repay the total amount of the mortgage. The monetary difference between the total outstanding balance and sale price can result in a loan deficiency. Your bank could end up getting a deficiency judgment against you to collect the difference.

For more information about the foreclosure process, check out this article .

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Who Needs A Foreclosure Lawyer?

It would be best if you had a foreclosure lawyer when you are facing foreclosure. Ensure that you hire a legal professional early on in the process to ensure that you know your options and legal rights. A foreclosure lawyer can help you negotiate with the back or fight your case in court.

Individuals who need a foreclosure lawyer include:

  • Residential property owners
  • Commercial property lawyers
  • Single-family homeowners
  • Landlord with tenants
  • And other individuals facing foreclosure

Do not leave your foreclosure case to chance. A foreclosure lawyer has a strong command of applicable state and federal laws along with how they apply to your specific circumstances. He or she could end up saving you more money in the long run.

To learn more about foreclosure laws and whom they help, check out this website for details.

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How Much Does A Foreclosure Lawyer Cost?

It costs between $150 and $500 an hour to hire a foreclosure lawyer. However, some foreclosure lawyers offer their services at a flat rate, which can range between $1,000 and $5,000 to handle your situation from start-to-finish.

Hiring A Foreclosure Lawyer

Hiring a foreclosure lawyer can be just as daunting as navigating the foreclosure process. You deserve an experienced legal representative and should only receive legal advice from a licensed professional that you can trust implicitly.

Here are a few tips for hiring a foreclosure lawyer:

  • Tip 1 : Make sure they take the time to answer your questions and address your concerns.
  • Tip 2 : Don’t be afraid to ask foreclosure lawyer candidates tough legal questions.
  • Tip 3 : Get the terms and conditions for paying your attorney in writing.
  • Tip 4 : Review the attorneys’ client testimonials and online reviews to ensure you select someone with a track record for success.
  • Tip 5 : Shop around and go with a legal professional that makes you feel confident and comfortable.
  • Tip 6 : Take the foreclosure upon his or her offer of a free consultation when available.

You can begin your search for a foreclosure lawyer by getting referrals from family and friends or conducting an online search. Make sure that you only vet candidates that are licensed to practice in your state. Depending upon your needs, you may be able to hire a foreclosure lawyer for a simple project through legal services websites.

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