Adoption 101: The Legal Fundamentals

5 Ways A Real Estate Attorney Can Help You Avoid Foreclosure

29 November 2022

Brayden Miles

If you're facing foreclosure, it's one of the most distressing times. However, all is not lost after you receive a foreclosure notice. You can still keep your home with the help of good legal aid. A real estate attorney can help you avoid foreclosure and keep your home using different tactics, including the following.

1. They Can Help You Negotiate with Your Lender

If you're behind on your mortgage payments, your lender may be willing to work with you to bring your account current. But negotiating with a lender can be tricky, especially if you don't know what you're doing, so you need an attorney.

2. They Can Review Your Loan Documents for Errors

Lenders are required to follow certain rules and regulations when originating and servicing loans. If your lender has made errors in servicing your loan, an attorney can help you identify those errors and use them to your advantage in avoiding foreclosure.

3. They Can Help You Apply for a Loan Modification

A loan modification may be worth considering if you're struggling to make your mortgage payments. In this arrangement, you come to new terms for clauses such as the interest rate or the length of the loan term to make it more affordable for you in the future.

A real estate attorney can help you prepare and submit a loan modification application to your lender and negotiate the best possible terms for your situation.

4. They Can Help You File for Bankruptcy

If all else fails, filing for bankruptcy may be an option worth considering as a last resort to avoid foreclosure on your home. Bankruptcy will temporarily stop foreclosure proceedings and give you time to catch up on missed mortgage payments or sell your home through a short sale or deed in lieu of a foreclosure agreement. A real estate attorney can guide you if you decide to file.

5. They Can Assist You Short Sell Your Home

If you owe more on your mortgage than what your home is currently worth, a short sale may be an option to avoid foreclosure. In a short sale, the proceeds from selling your home are used to pay off the balance of your mortgage, with any leftover funds going to you.

While a short sale will still result in a negative mark on your credit report, it will be less damaging than a foreclosure. A real estate attorney can help you navigate the short sale process and ensure you get the best possible terms given your circumstances.

Foreclosure is a scary prospect, but it doesn't have to be the end of the world. If you're facing foreclosure, you have options with qualified legal counsel. Consult a real estate attorney for more information.

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About Me

If you've decided that you want to adopt a child, the first thing you should do is reach out to a family law attorney. While it may not seem logical to get an attorney involved from the start, it's important that you protect yourself legally from the beginning. After making the decision to adopt, I have been through the process several times. I created this site to help other adoptive parents understand what they can expect from the entire process, including the legal support you're likely to need. I hope this information helps you feel more confident in this major life decision.