Who does not dream about owning a place they could call “home”? If owning a house is your ultimate dream, then you should worry about foreclosure of the property, in case you fall behind your mortgage payment.
Foreclosure is a process in which the lender can seize and sell the property to someone else if you are unable to make your mortgage payments. However, losing your property is the worst-case scenario, and does not have to happen to anyone. For people who have fallen behind the agreed-upon payment plan, help is out there if you want it.
Foreclosure in Detail
You might be facing financial troubles, or the business might be slow these days. It is completely fine to face minor setbacks in life. These setbacks can put you behind on your bills and mortgage payments.
A mortgage payment plan allows the lender to seize the property if the borrower has failed to hold up his end of the bargain. The lender has the authority to sell the property to someone else to overcome the financial losses. Selling the foreclosed property at auctions or by the bank or agency that owns it is an option.
Setting Up A Foreclosure Counseling and Consultation
You might want to act immediately after you have your foreclosure notice in your hands. In the case of property foreclosure, the sooner, the better whether you have received the complaint lawsuit regarding the mortgage payment or a copy of the eviction notice.
If you do not know where to start from, we suggest looking into the HUD-certified house counseling sessions. You can get professional advice on moving forward with the matter, and it is free of cost. To find the nearest counselor, you can check out their list of counselors on the website, categorized state-by-state.
Depending on your case, you can get advice from the counselor about hiring a foreclosure lawyer to fight your case. In case you decide to hire a foreclosure lawyer, the HUD counselor can ensure that all your paperwork is up-to-date.
When Should You Hire a Foreclosure Lawyer?
Once you have realized that the probability of getting your loan modified is relatively insignificant, start looking into foreclosure lawyers to help you find your way around the case. With an experienced attorney in Orlando, FL, you might have a chance of winning against the lender.
After being “served” with the lawsuit complaint, with every passing day, the window of getting loan modification gets thinner and thinner. If you are dealing with the judicial property foreclosure, you might have at most 30 days to take action, although the number is different for every state. After receiving the notice, you might need to get everything in writing and state why your lender should not seize the property. Presenting the arguments, collecting evidence and other essential documents is a job for a professional lawyer.
Sure, you have the option of appearing in court by yourself. If you feel that you can handle the documentation and fight your case efficiently, so be it. However, remember, even a small mistake can cost you your home.
In some cases, it is a common practice that lenders change locks and possess the property before the law permits them to. Under such circumstances, you can regain access to your property and even file a lawsuit against the lender, despite having a non-judicial foreclosure.
You Can Hire Foreclosure Lawyer for Some Aspects of the Foreclosure
Yes, you read it right. There is no need for you to get a foreclosure lawyer for the whole process. Based on your discussion with the HUD counselor, you might discover that something wrong with the paperwork or something might look fishy. For all these suspicious claims, you can visit an experienced foreclosure lawyer. The lawyer can review everything and guide you accordingly.
How to Find an Experienced Foreclosure Lawyer?
The fee arrangement can easily vary from lawyer to lawyer and the foreclosure case. Most of the attorneys charge clients on an hourly basis, but that does not mean that you will write a single check per week as the case moves forward. Most firms will expect you to follow through a retainer –an amount used to bill a lawyer’s time.
For instance, if you have put the amount of $4000 as your retainer. If your foreclosure lawyer charges $200 per hour, the retained $4000 can get you 20 hours of service, any longer than that would require you to pay for another retainer.
If not by the hour, the lawyer can represent you at a flat rate for their service. Moreover, you would need to pay additional fees for anything court-related.
The advantage of going with the hourly approach is that the firm is required to provide you a written accounting every month. You can see what they have used the retainer for and what the attorney has done for you. However, it is not the same for a flat rate case. One good thing about the flat fee is that you do not have to pay any additional fees throughout the process.
You should ask two most important questions yourself before hiring a foreclosure lawyer. Can you afford to hire one? Do you have a case here?
You might have missed those few mortgage payments because the business was a bit slow. If the cash-crunch situation is resolved and you are sure that you will be back on your mortgage plan in no time, you can have a foreclosure attorney fighting your case. However, if you are still unsure about the money situation, it will not be wise to add to the cost by hiring a lawyer.
If you are the verge of being bankrupt, you can always file for Chapter 13 bankruptcy with the help of a bankruptcy lawyer. A qualified attorney can help you with your loan payments and living situation if you qualify for bankruptcy.
In any case, hiring an experienced foreclosure attorney is the best course of action to save your property from going into lender’s possession. Find the best attorneys in Orlando, FL, to fight your case.