When foreclosure threatens your home or business property, you might experience feelings of fear, uncertainty and shame. These feelings are natural and understandable, but should not cause you to lose hope. After all, millions of people are in same predicament you are in. One thing many people don't realize is that you can stop foreclosure in its tracks, so you have time to recover financially and develop a plan. A foreclosure protection attorney can help.
Many people with homes in foreclosure face the ordeal alone without anyone to protect their rights; don't make that mistake. An attorney can represent you and your interests so you can keep your business, and you and your family can stay in your house. Most of the time two procedures are available to people in your situation; your attorney can help you decide which choice is the best one for you.
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Loan Modification
With decades of experience under their belt, foreclosure attorneys have developed working relationships with most of the bankers in the area and around the country. These attorneys have professionals on staff that will help negotiate new terms for your mortgage that will help you stop foreclosure, keep your residence, and get some financial breathing room. Negotiating a loan modification is very difficult for home and business property owners who are not familiar with the law; that's why having an attorney by your side is very important.
Foreclosed properties often sit on the market for many years and finally sell at a severe loss to the bank. Because of this, many lenders would rather let you keep your commercial or business property, so they can continue receiving payments. However, loan modifications are not guaranteed to anyone, so you should not risk trying to negotiate an agreement on your own.
Attorneys with a thorough knowledge of the latest state and federal laws and regulations can assert rights that you may not even know you have. This prevents banks from taking advantage of you during stressful moments of your life and encourages them to be as lenient as possible with their new terms.
Short Sale
A short sale is a special arrangement with your mortgage company that allows you to sell your house or business property for less than the balance remaining on your loan. If the lender agrees to a short sale, you can usually avoid foreclosure. However, you must give up your property to the new buyer. The advantage of a short sale for you is that you can often clear up your account without the stigma of a foreclosure appearing on your credit report. Banks like a short sale because they get a guaranteed sum upfront and don't have to spend money trying to collect on a bad mortgage or foreclose on the property. A foreclosure attorney can guide you through this process if you decide that it is the best solution for you.
An attorney can help you avoid two pitfalls of the short sale. First, he or she can negotiate terms that will forgive the balance of your loan that is not covered by the sale. Your attorney can also help you with the other pitfall, Uncle Sam. In many situations, the government will consider forgiven debt as earned income, so - without the proper legal counsel - your life could become even more devastated by the tax bill you receive.
Bankruptcy
A Chapter 13 bankruptcy can discharge many of your debts and allow the restructuring of your mortgage. Your attorney can negotiate the best terms for your bankruptcy, file all the paperwork, and make sure you get to keep you house and other important assets.
Schedule your free consultation today, so you can learn how having an experienced foreclosure prevention attorney can help you stop foreclosure and have a good life.
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