When Should You Hire A Bankruptcy Attorney?

When it comes to foreclosure, hiring a bankruptcy attorney can be your safest bet. They can help you ensure that you have options available for you during the foreclosure process. In Orlando, a foreclosure attorney can help you with so many things, from working out with your lender to let you stay in your house to fighting the foreclosure in the court. On the other hand, a business bankruptcy attorney can help you to get back on your feet and save your ongoing business. However, during such a situation, the sooner you seek professional help, the better.

When Should You Get Help?

If you have fallen far behind your mortgage payments, typically 120 days considered by the federal law, the lender is allowed to begin a legal process called foreclosure. Under the foreclosure, your lender is allowed to sell your home and pay off the loans.

Before beginning the foreclosure process, the lender is obligated, by the mortgage contract, to send you a warning letter, called “breach letter.” The letter is to inform you of the intentions of the lender concerning the foreclosure process if you don’t start paying off your loan. In order to stop the bank moving forward with the action, you need to bring your loan current, typically within 30 days.

Once you have received your breach letter, it might be the best time to start looking in Orlando for a foreclosure attorney –especially if you know that you will struggle with catching up on your payments. If you want to keep your home, it is the best course to get professional help. Once you get a lawyer, there will be limited time available to stop things from proceeding further.

We recommend that you not wait long enough to get an attorney because it might cost you your home. If the lender completes the foreclosure proceeding, you might not be able to get your house back in any way, even if there was a legal violation during the whole process.


How Can A Attorney Help You With Foreclosure Proceedings?

The foreclosure process is difficult to understand and requires specialized skills to deal with it. Court procedures can vary from state to state, or even from court to court. Even the non-judicial foreclosures are different in each state.

Fighting a foreclosure requires you to submit proper documentation, rules of evidence, and much more. An experienced attorney knows their way around and can help you with the legal proceedings. They can offer a number of solutions, such as a “loss mitigation” plan (loan modification), represent you in the court, or help you in saving your home through Chapter 13 bankruptcy.


How To Find The Right Attorney?

Once you know that you need professional help, you should start speaking to several lawyers to get their perspectives. It can also help you learn about your options. If you cannot afford a lawyer for the whole lengthy process, arrange a consultation with one to decide what course of action would be best in this situation. During the consultation, the attorney can explain to you your legal rights and responsibilities.

What Options Can Be Presented To You By An Attorney?

Like we said, the sooner, the better. If you reach out to an attorney at the earliest, there are several options available to stop the foreclosure proceedings.

Loan Modification

Load modification is an agreement between the borrower and the lender that alters the original terms of the mortgage. An attorney can assist you throughout the process and suggest the best course of action. The modified plan might have lower interest rates or extend the amortization terms. Your attorney will go through all the terms and conditions set by your lenders to ensure that the modification is in your interest. The attorney can review all the documents regarding any illegal fees or charges added to your total balance.


Loss Mitigation Options

Certain types of loans come with loss mitigation options that can allow you to bring your balance to good standing. One of these loss mitigation options is the “partial claim,” a type of loan, which can bring you current on payments. However, your lenders might not inform you regarding all the alternative options available to you. An attorney can save the day in this case.


Ensures There Is No Legal Violation

Lenders are not known to be the kindest people during the loan modification processes. There might be some violations of strict federal or state laws. An attorney can make sure that all the laws are being followed by your lender. The foreclosure lawyer can help you enforce your rights.


Represent You In Foreclosure Mediation

Foreclosure mediation is a process where the lender and homeowner can discuss any alternative to the foreclosure proceedings. An attorney can represent your interests during the negotiation and ensure that your lender treats you fairly.


Defend You In Court

If the bank made legal violations during the foreclosure process, your attorney can easily identify them and take action against them in the court. Having a qualified and experienced attorney is essential to help you through this ordeal. You can unknowingly become a victim of unfair or illegal lending practices. Your attorney can even postpone the foreclosure. If approved by the court, you can have an option for settlement or dismissed lawsuit.

File For Chapter 13 Bankruptcy

Filing for Chapter 13 bankruptcy can be a good way out for you, if your lender will not modify your loan or accept any alternatives or if you cannot afford a lengthy legal battle. If you qualify for the petition, you can keep your house and structure a repayment plan to pay off your debts. It can bring your debts current over the course of three to five years.

Get An Attorney Today

If you are struggling financially, keeping up with your mortgage payment can be a difficult task. If your lender decides to go forward with the foreclosure proceedings, it is high time to get an attorney to look after your case. Get the help you need with Bankruptcy Law Center, and experienced foreclosure and business bankruptcy attorney at your service. Set up a consultation and let’s discuss how we can get you debt-free.

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