Foreclosure attorneys are experts in all aspects of foreclosure law, which includes mortgage contracts, predatory lending protection, mortgage litigation, and more.
A local foreclosure attorney should be consulted by any individual facing the threat of foreclosure. The attorney will have the skills necessary to prevent, or at least stall, foreclosure proceedings. Since foreclosure notices often surprise borrowers, any amount of time that the borrower can delay the process while they formulate a plan to handle their debts is a valuable amount of time. The services that foreclosure attorneys offer include residential mortgage solutions and litigation representation. Both of these services are related but separate, but both would benefit from being handled by the same attorney.
Mortgage litigation representation is the representation of a party to a mortgage contract in court. When a borrower and lender can’t come to an agreement on the terms of the contract after the contract has taken effect, litigation is one of the few ways that the dispute can be resolved. It takes a clever attorney to be able to successfully represent a mortgage litigation client. Many borrowers are victims of predatory lending practices and don’t even know it, so the attorney will have to do their homework and comb the terms of the original mortgage contract, line by line, for evidence of predatory lending practices that may be to blame for the borrower’s troubling financial state.
Residential mortgage solutions for borrowers are basically a description of every other tactic besides litigation to avoid foreclosure. For example, a short sale and a deed in lieu are two mortgage solutions that allow borrowers to avoid foreclosure and salvage their credit score. Another form of a residential mortgage solution that is the most popular for homeowners in distress is loan modification, in which both parties to a loan contract agree to modify the terms of the original contract in an effort to lower the monthly payments of the borrower. This is the most popular method because it allows the borrower to lower their monthly payment and, perhaps most importantly, remain in their home.
A foreclosure attorney can help the struggling homeowner through every step of residential mortgage solutions and litigation. In fact, it is recommended that the same attorney be used for both of the above services so that the transition from offering one service to the other is seamless and without wasted time. Some borrowers will enlist the help of a non-attorney loan modification service, be denied their modification, only to discover that the non-attorney consultant that they hired can’t represent them in court. This places the borrower in the position to track down a new service provider with no background information on the borrower’s case. Ask any borrower who has already been through the pre-foreclosure / litigation process and they will admit that time is of the essence when the lender is trying to repossess. The more time that the borrower spends looking for an attorney to represent them after a failed negotiation attempt is more time that the borrower spends without representation.
It is far better to hire one person who can offer all services. This will ensure continuity and case familiarity throughout the process.