The foreclosure process is a lengthy one, but it’s best to hire a foreclosure attorney as soon as you can. With an attorney by your side early in the process, you’re more likely to be able to negotiate a resolution with your lender and keep your home.
When to Hire a Foreclosure Attorney
Your lender can begin proceeding with a foreclosure once you are 120 days late on your mortgage payments. Before the foreclosure starts, your lender will mail you a breach letter, which notifies you that they are about to start the foreclosure process unless you make the payments you owe.
The best time to hire a foreclosure defense attorney is when you receive this breach letter. There are more options available to you at this point and an attorney can help you understand them and determine which is the best course of action for your situation. The longer you wait, the fewer options you have—and if you wait too long, your lender may have completed the foreclosure process and at that point, it’s impossible to get your home back.
What a Foreclosure Attorney Does
Like any legal proceeding, there are countless rules, documents, and details involved in a foreclosure. Handling these without an attorney can be overwhelming, particularly when you’re also grappling with the emotional stress of potentially losing your home. A foreclosure lawyer can also help you by:
Negotiating a Loan Modification
Most lenders would rather come to an agreement with you rather than have to foreclose on your home. A loan modification allows you to change the terms of the loan, including lowering the interest rate or extending the amortization term.
Helping You Understand Loss Mitigation Options
For certain types of loans, there are loss mitigation options available to help you bring your account back into good standing. A skilled foreclosure attorney will know the options that are available and help you decide if they’re right for you.
Making Sure Your Lender Abides By Foreclosure Rules
There are strict federal laws regarding foreclosure in order to protect consumers. If your lender doesn’t follow these rules, you may be able to stop the foreclosure process. An attorney will examine all of the documents from your lender to look for anything that hasn’t been done by the book.
Filing for Chapter 13 Bankruptcy
If your lender will not modify your loan agreement and you do not have the resources to fight a legal battle or pay the balance that you owe, a Chapter 13 bankruptcy will allow you to keep your house and give you up to five years to bring your balance current.
Representing You in Mediation or Court
Should you need to go to mediation or appear in court, your foreclosure attorney will represent you and fight for your rights.
Get Help From a Foreclosure Attorney
If you’re struggling to keep up with your mortgage payments or you’re in the midst of a foreclosure, our experienced foreclosure defense attorneys can help you find solutions that allow you to stay in your home. Contact Kelly Legal Group today at 512-505-0053 to schedule a consultation with a foreclosure and real estate lawyer in Austin, TX.
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