The Mortgage Bankers Association reports 250,000 new families face foreclosures every quarter in America, according to realtor.com. So, if you think this is the only option left to you, how do you determine when it’s time to get a foreclosure defense attorney? The first step is understanding the process.
Steps of the Foreclosure Process
When you start missing mortgage payments, your lender will reach out to assess your financial status. They will work with you to avoid a formal foreclosure process by offering payment and interest adjustments and other concessions. If you still do not pay the mortgage, a notice of default follows via certified mail giving you 90 days to catch up.
If you fail to pay within 90 days, the lender typically sends a notice of sale via certified mail. Your property will be sold at a public auction within 21 days to a bidder who can pay the full amount due immediately.
When Do You Need a Foreclosure Attorney?
You may need a foreclosure attorney if you have a solid foreclosure defense. In order to determine this, you need to consult with someone who understands real estate law and the associated documentation and other requirements needed to present an effective argument. If you feel that this applies to your situation, select a foreclosure defense attorney who is highly experienced. Set up an appointment to ask about their credentials and the outcomes of their past cases.
What to Bring to the First Meeting
Be ready to discuss your case openly and make sure the attorney feels they can help you resolve it. The foreclosure defense attorney will consider the facts to determine if you were defrauded or given a loan obviously above your ability to repay. If you have it readily available, bring copies of your correspondence with your lender (emails, letters, and notifications).
Additionally, find out if your attorney will bill you monthly, hourly or charge a flat fee and whether the charges will be deferred pending the outcome of your foreclosure.
Jackson Abdalla Law Group features experienced lawyers who understand real estate and can help you through the foreclosure process. Julia Jackson and Bryan E. Moore, the principals in the firm, have expertise in condo and single family homes as well as short shorts and other complicated real estate transactions.
