Foreclosure Lawyer: Things to Consider When Faced with Foreclosure
Life involves an unpredictable series of events and that uncertainty may lead to some homeowners fall behind on their mortgage payments. A foreclosure lawyer can help you with the options available so you can avoid financial difficulties and get back on track. The possible reasons why a homeowner may fall behind making a mortgage payment include loss of job, a death of the breadwinner of the family or a debilitating injury, affecting the capability to pay bills. A foreclosure can definitely affect an individual's credit score, and liability for deficiency on the loan following a foreclosure also applies, depending on different factors.
What if you are facing foreclosure? In most cases, a short sale is a better option over foreclosure. Foreclosure laws are not really beneficial on the part of the bank and most especially for the homeowner because the bank holds a non-performing asset, and a homeowner faces the consequences of a negatively impacted credit rating for having gone into a foreclosure. A short sale makes a good choice over foreclosure as it benefits the bank and the homeowner. When it comes to a short sale, a buyer can submit an offer on a home for less than the amount of what is currently owed on the mortgage, and the bank can decide by then whether it will absorb the loss of the difference whatever is left over. Homeowners with a house worth less than a number of their loans can consider a short sale. Side from a short sale, you have other options such as negotiating with the bank.
Foreclosure lawyer can guide you when it comes to discussing your options with your bank like reinstatement, implementing a repayment plan or forbearance. In a reinstatement, an agreement is made between the bank and the homeowner for the amount to be paid by a specific date and the bank agrees not to foreclose the property. A repayment plan involves an agreement where monthly payments are resumed and a part of past due payments are to be paid each month as well. In forbearance, it involves requesting your bank to reduce or suspend payments temporarily while you resolve your short-term financial issues.
So there are really wide range of factors that you need to think about when you are faced with foreclosure, and there is really no definite approach that applies to all cases, this is why it is important to consider consulting a foreclosure lawyer to help you in finding the best option for you. If you are looking for a trusted and reliable foreclosure lawyer, feel free to view our website for more information.