The idea of losing a home can be a frightening idea for anyone. A person who is facing foreclosure will need as many resources as possible to combat the bank in the process. Foreclosure is a serious situation, but it is not the end of the world. Homeowners can find help during any part of the process, even after the sale date is issued.
How to Find Foreclosure Legal Help
A homeowner who is facing foreclosure or personal bankruptcy can take several avenues to prevent it. The Obama Administration developed several programs to help Americans who were dragged into unaffordable home loans. The Making Home Affordable program was put in place for unemployed homeowners and homeowners who have monthly payments that are more than their monthly income. The program grants low-interest loan modifications to qualified applicants.
The Home Affordable Modification program can lower a homeowner’s payments down to 31 percent of his or her monthly gross income. This makes payments much more affordable for a person who is struggling to keep up with the mortgage. Other government programs that help homeowners who are facing foreclosure are the Second Lien Modification program and the Principal Reduction Alternative.
Seeking Help from Foreclosure Attorneys
Some homeowners may feel more comfortable finding a foreclosure attorney. Foreclosure attorneys can perform a number of tasks to help a struggling homeowner maintain his or her residence. A foreclosure attorney may offer flexible payment plans for representation or even help with bankruptcy discussions.
A foreclosure attorney has the clout to speak directly with the bank’s legal department. He or she could negotiate for a forbearance or deferment for the client. Another service a foreclosure attorney can provide is a modification request. The process of getting foreclosure help from the government may be slow as compared to having an attorney working on the case. An attorney can stop the bank from giving a homeowner the runaround.
Shady Mortgage Defense
Many mortgages were issued by banks that did not properly qualify their applicants. They purposely issued mortgages to single parents and low-income people who were not qualified to make mortgage payments. Any homeowner who was involved in that type of mortgage deal has a good chance of getting off the hook during foreclosure. An experienced attorney would need to examine the initial mortgage paperwork and look for errors and legal faux pas. He or she can use this information as a defense for a homeowner’s poor payment history.
Finding the Right Foreclosure Legal Help
A multitude of foreclosure attorneys is always available, but only some of them are honest, professional and legitimate. A homeowner should be leery of a foreclosure law firm that asks for a set monthly payment to “stop foreclosure” and does not explain how it plans to achieve such. A homeowner must conduct research to ensure that he or she is hiring a legitimate foreclosure defense attorney. One should always check the law firm’s credentials along with consumer comments, ratings, and testimonials. Chances are high that a shady firm will garner a great deal of negative online comments. While foreclosure attorneys can offer advice on how bankruptcy impacts foreclosures, they are not bankruptcy lawyers. A good foreclosure attorney should put you in touch with a capable lawyer should you decide to pursue that route. The opposite rings true for a legitimate firm. A legitimate firm will have hundreds of happy clients vouching for it.
