Most homeowners consider facing foreclosure to be the ultimate nightmare. They use this scenario as a reminder to pay their mortgages on time. With the pandemic causing several people to lose their jobs, many homeowners have missed these payment due dates. Although most lenders provided extensions, some were less forgiving.
Protect yourself and your home by knowing your rights. Foreclosure is a complex process that is confusing for the average homeowner. By consulting with a real estate lawyer, you can learn what can be done so you don’t lose your home.
What is a Real Estate Lawyer?
As the name suggests, this type of lawyer specializes in real estate transactions. They know all the rules and regulations concerning real property, from zoning laws to mortgage agreements. When you hire a real estate lawyer, they will act as your consultant and representative in legal issues concerning your home.
What is Their Role in a Foreclosure?
The role your real estate lawyer plays will depend on the services you require. Discover what these services are to understand how your lawyer can help you in the foreclosure process.
Advisor
Not all foreclosures are the same. If you think yours has no basis, you should consult with a real estate lawyer. Ask them to review your original contract, specifically the mortgage arrangement you and your lender agreed on. The lawyer will provide you with the appropriate advice on how to move forward.
Negotiator
Your lender may let you keep your home if you pay off a certain amount of your missed payments. But most lenders are hesitant to do this because it can encourage bad practices in borrowers. By hiring a real estate lawyer, you can negotiate a new deal that works for both parties. Additionally, lenders are more responsive when lawyers are involved because it gives them the reassurance that you won’t run from your responsibilities.
Drafter
Paperwork is essential to any transaction. A real estate lawyer is trained to draft documents that contain all the necessary details regarding your home. They can also carry out actions that will prevent foreclosure.
- A lawyer can draft the documentation for the foreclosure resolution.
- A lawyer can file for bankruptcy, temporarily stopping the foreclosure process.
- A lawyer can prepare a forensic loan audit, launching an investigation of the whole loan process.
If you’ve missed mortgage payments, you might soon be faced with a foreclosure notice. Consulting with a real estate lawyer gives you insights into your legal options. Don’t think of this service as an additional expense; rather, look at it as an investment for your home and peace of mind.
Sullivan Law Offices: Your Partner in Protecting Your Property
No one should have to worry about losing their home, especially during these unprecedented times. We at Sullivan Law Offices are well-versed in real estate law, both for commercial and residential properties. If you require legal help regarding your mortgage, our team of lawyers is ready to provide their services.