A Foreclosure Attorney Can Help You Stall Or Stop Proceedings

If you've missed a mortgage payment, or several, don't start packing your bags just yet. A foreclosure attorney can help you slow down or completely prevent loss of your home. The price for professional legal advice might seem too steep since you are already in financial trouble. However, if saving your home and credit is important to you, it will be worth every cent. Even a simple consultation for a small fee can help shed some light on options you can exercise on your own.

Renegotiate
If you think you can solve your financial woes if you just had a little break, your lender may still be willing to negotiate. People are often too ashamed to ask for assistance, but it is much more practical not to foreclose for both borrower and lender. You would be surprised about just how flexible a creditor can be. You can ask for a lower interest rate, reduced payments, and even a period of forbearance. If you are unfortunate enough to find yourself butting heads with a stubborn creditor, it might be time to enlist in the services of a foreclosure attorney. They can help you negotiate a better deal and might instill more confidence in a lender that you are serious about a second chance.

Short Sale
If changing the terms of your mortgage is simply not an option, you can attempt to convince your lender to allow a short sale. In this scenario, you will sell the home at a price for lower than what you owe. Few lenders like to agree to this, but if suggested early on before too many payments have been missed or late, and with the help of a foreclosure attorney, it may be a viable option. A short sale will still slam your credit score, but you won't be stuck with the heavy fees and debts if you were to lose your home to the bank. Credit recovery following a short sale is also considerably smoother than the alternative.

Buy Time
If the end is in sight; you still don't want to end up on the street with little notice. A foreclosure attorney can help you delay the inevitable for a considerable period of time and a fee that is much less than paying rent and initial deposits. One of the first techniques is to ask the lender to produce the note that proves the loan agreement. In the best case, this will take them weeks or even months to find. If they're well organized, they may have it to you within a few days. You may also file for bankruptcy (only advisable if it's necessary), which will stop the procedures, at least temporarily. If you really need more time, take your lender to court. You won't win, but the legal process is time consuming, and not only will you score a few more months of a roof over your head, but you'll likely annoy your lender greatly for the inconvenience, which can be satisfying in itself.