If you are behind on your mortgage payments, there may be alternatives to foreclosure that an attorney could recommend, such as a repayment plan. They might also know of government-backed loan modification programs for homeowners with certain types of mortgages.
A foreclosure defense lawyer has several valid legal defenses to tell the court when answering the summons and complaint.
Defend Your Rights
Your home is more than just a financial investment; it’s a place filled with memories. It would be best if you fought to keep it. A foreclosure defense attorney can help.
Your attorney will examine the foreclosure complaint and other documents to determine whether you have a legal defense. Then, they will tell the court your defenses.
For example, if your lender didn’t follow the proper procedures or give you notices, this can be used as a defense. If you have a valid defense, it may stop the foreclosure process.
Some states require lenders to hold settlement conferences before selling a property. Your attorney can attend these conferences and negotiate with the bank’s attorney. Your lawyer can also investigate whether your mortgage company’s actions violated the law. They may be able to get your loan modified or qualify you for additional aid. They can also help you find alternative housing while your case progresses.
Represent You in Court
The most important part of a foreclosure defense attorney’s job is to defend you in court. This involves defending you against the foreclosure lawsuit (or answering it if the case is nonjudicial) and responding to any summonses you receive from your lender or mortgage servicer.
This requires understanding the foreclosure process, state law, and local court rules. A foreclosure attorney from a law firm Columbia MD, can help you formulate your arguments, navigate court rules, and submit appropriate paperwork to the courts.
A foreclosure defense attorney can also help you with alternative options to foreclosure. This could include loan modification, deeds in lieu, and short sales. These alternatives allow you to keep your home and avoid bankruptcy or a deficiency judgment. An experienced attorney can negotiate with your lender to reach a solution that suits you and your family. They can also attend settlement conferences in your place to try to reach an alternate resolution that doesn’t involve foreclosure.
Negotiate With Your Lender
When people take out a mortgage to buy a home, they agree to repay the debt over time. The lender has the right to sell the property after a foreclosure if a borrower can no longer make payments. This can leave the borrower evicted from their home and show up on their credit report as a foreclosure sale, severely affecting their credit score.
Before foreclosure, a borrower should contact their lender and explain their situation. The lender can offer assistance, such as a loan modification that makes the mortgage more affordable. The borrower can also apply for a deed instead of foreclosure, where they agree to hand over the deed to their lender to satisfy the debt.
Stopping or delaying foreclosure by suing the bank in court is possible. However, this is risky, and if the suit is deemed frivolous, the borrower could end up on the hook for the bank’s court costs and attorney fees.
Help You Stay in Your Home
For many homeowners, a home is more than just an investment. It’s a place where they have memories, comfort, and safety. An attorney can help you stay in your home by examining your mortgage paperwork, reviewing communication records from your lender, and filing an action against the bank’s attorneys when necessary.
They can also help you with loan modification. Often, lenders will be willing to negotiate a loan modification that lowers your interest rate or loan term and allows you to keep your home. They can also help you file for bankruptcy, which immediately stops foreclosure proceedings and protects your house from being sold.
A foreclosure can significantly impact your credit, leaving you struggling to find housing in the future. A foreclosure defense attorney can provide the objective legal guidance you need to navigate your situation. Ultimately, they can help you regain control of your finances and reclaim your dream home.