Foreclosure Lawyer: His Possible Recommendations

A foreclosure lawyer is the legal professional to go to when a person has troubles regarding property which may be seized or foreclosed. Although similar to a bankruptcy attorney, there are differences between them in the sense that the former focuses mainly on the possible loss or seizure of land while the other helps in filing for bankruptcy. This kind of legal professional tries to help his client not lose the real property that he or she owns to creditors or a bank from which the client borrowed money using the land as collateral.

Possible Solutions

The foreclosure lawyer is likely to offer some options which are beneficial to his client. These recommendations vary in the sense that the client needs to weigh them in his mind in order to see which one appeals to him or her most. The result of the suggestions may stop the debtors or bank from foreclosing the land through some measure or avoid the possibility altogether.

Filing for Chapter 13 bankruptcy is one of the possible recommendations that the legal professional may advise his client. Foreclosing collateral is the usual action by a bank or creditor when there are delinquent payments by the borrower. In this case, the borrower can catch up with his delinquent payments through a span of a few years, typically three to five years as given by the court trough the appeal of the foreclosure attorney. The filing of Chapter 13 can be done before the land is to be sold or foreclosed.

The modification of the mortgage that is owed by the borrower is another option that some lenders may feel comfortable with. Banks and other lending establishments might be inclined to modify the loan payment schedule in order to accommodate both that of the borrower's and lender's needs. The modification may occur as an extension of the allotted loan payment schedule or the lowering of the amount originally agreed upon, dependent on the extension of the duration of time needed to pay off the mortgage. This does not happen often with most private lending firms but some banks might have this. The federal government might also have some assistance programs that are focused on helping those in financial crises. There are certain circumstances that will convince the government that certain individuals qualify for these government assistance programs.

The full payment of the loan can also help to stay the seizure of the property. This is usually done by coming up with the necessary amount enough to pay off the loan and the other fees which may also be outstanding. The foreclosure lawyer may have some difficulty recommending this option to this client because usually, people who have these kinds of issues do not have the means to come up with the necessary amount.

These are most of the options that are often recommended by the foreclosure attorney to his clients. He can also help with the filing of Chapter 13 bankruptcy as well as the application for mortgage modification and government assistance programs.