When it comes to foreclosure, hiring an attorney is a cost-effective way to help ensure that you know all your options. Though you may be able to handle a foreclosure on your own, the process can be extremely challenging to navigate.
However, an attorney isn’t free – so how do you know if it’s worth spending the money on an attorney when money is already so tight? Then again, losing your home and having to relocate would be extremely expensive. In the end, an attorney may be able to help you save money, by applying for a mortgage modification, or finding another option, to keep you in your home.
If you fall far enough behind on your mortgage payments—typically more than 120 days delinquent under federal law—the lender can begin a legal process, called a foreclosure, which allows the lender to sell your home to repay the loan. Before officially starting a foreclosure, the lender usually must, under the terms of the mortgage contract, mail you a letter -called a breach letter- notifying you of its intention to begin foreclosure proceedings if you don’t get current on loan payments.
In a foreclosure, when the lender takes over the property, the borrower is forced to move out, and the mortgage company will try to sell or auction the home to regain some of the debt they’re owed. You’ll want to act immediately as soon as you receive a notice of the foreclosure, whether it’s responding to a lawsuit complaint or a copy of the notice of default. You have a narrow window of time, usually about 30 days although it depends on state law, to respond after you receive a copy of the lawsuit complaint. Hiring an attorney early in the process helps ensure that you have more options available to you than what might be available later in the foreclosure process.
Foreclosure defense attorneys handle all the legal aspects of foreclosure, including court proceedings and mortgage company negotiations. An attorney will know the latest regulations relevant to your case and, in turn, they’ll know how to best defend your rights. They may be able to form a valid defense against the foreclosure, like in cases where the servicer didn’t follow the law or made a serious error with your account. Or, for example, if your lender changes your locks and takes possession of your home and your property before it’s legally entitled to do so, you’ll want help to do everything you can to rectify that.
Spending money on an attorney at a time when a lack of money is generally the precise issue at hand, can seem like an impossible move. However, the money invested in a good attorney can pay off in a big way – ultimately saving you from the expenses involved in losing a home. A pending foreclosure is a very stressful time – delegate some of that stress to the helpful attorneys at Sternberg Law Group. For over a decade, our foreclosure defense attorneys have been helping Southern California homeowners stay in their homes. We pride ourselves in tailoring legal strategies to reduce stress and help homeowners make the right decisions. To find out more about the options that may be open to you and how we can help, contact us here for a free consultation. Don’t delay – get help with your pending foreclosure now.