Pursue Your Loss Mitigation With The Help Of A Foreclosure Lawyer

by Recovery Law Group Recovery Law Group

Are you having trouble making your house payments? If so, you might be worried about losing your home and impending foreclosure. However, the earlier in the process you speak with a foreclosure lawyer, the more options you will have and the greater the possibility that your home will be saved. Here are a few reasons to speak with a foreclosure attorney if you have trouble making your mortgage payments.

 

Why you need a foreclosure attorney

 

Federal law gives the lender the right to start the legal process we all know as a foreclosure if you are more than 120 days behind on your mortgage payments. By doing this, the lender can sell your house and recoup their investment. The federal laws that safeguard homeowners are often unknown to borrowers. A competent attorney can advise you on your options.

 

If you don't update your loan payments, the lender is required to mail you a document known as a breach letter, which serves as notice that they intend to start foreclosure proceedings. You have a limited time, typically 30 days, to bring your current loan to avoid foreclosure.

 

The best time to hire a foreclosure lawyer is when you receive a breach letter, especially if you can't make up your current debts and want to keep your house. Delay in hiring legal counsel can lead to total foreclosure, which would leave you without a home.

 

 

If you want to challenge a foreclosure, you might want to do so for the following reasons:

 

1.     Closing party unable to establish ownership

 

The party foreclosing, in this case, your bank must establish ownership of your house to have the legal right to do so. They lack "standing" to foreclose if they can't demonstrate that you are the rightful owner of the loan, they gave you. Although it happens infrequently, banks occasionally cannot produce promissory notes indicating the ownership of the loan. This occurs when a loan is bundled and secularized, or the debt may have been sold to other lenders, banks, or investors. Your foreclosing attorney can find any such gaps in the documentation to strengthen your case.

 

2.     Your lawyer can defend you against a deficiency judgment

 

If you cannot modify your loan and lose your home, the bank must sell the asset to recoup the debt. They can pursue you with a deficiency judgment, which would require you to pay the bank the amount they were unable to recover if the house does not sell for the amount, you owe them. In this situation, you have already lost your home and will now have to pay the difference, which could further strain your finances. However, there are ways to lessen this circumstance. You might be saved from the situation if your attorney is successful in their negotiations with the bank and keeps the bank from pursuing the deficiency judgment.

 

Want to hire a foreclosure attorney?

 

Employing a defense, a foreclosure lawyer can support your case and help you keep your house. If you require legal representation to contest a foreclosure, an accomplished lawyer from Recovery Law Group can act as your advocate, guide you through the difficulties of a foreclosure case, and, with the right legal advice, help you avoid a poor decision. They have a group of medical bill lawyers in addition to foreclosure lawyers. So, call them at 888-297-6203 to discuss your foreclosure case immediately and improve your chances of a successful outcome.

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Created on Sep 6th 2022 01:42. Viewed 52 times.

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