When you buy a home, you need to keep up with your mortgage payments. However, if circumstances beyond your control may have caused you to fall seriously behind in payments, then you may now be facing foreclosure.
While it may seem hopeless to fight it, you still have rights as a homeowner. You can make sure that you use the legal rights afforded to you by retaining a foreclosure defense lawyer.
Delaying the Foreclosure
Your foreclosure defense lawyer can delay having your house foreclosed on and win you more time to stay in the home. Your attorney has the legal reach to convince the bank to wait a bit longer to take action against you as the borrower. This additional time can be valuable in helping you decide what you need or want to do about keeping your house.
You can use the time to try to get caught up with your payments. You can also try to refinance the house and get your payments reduced to a more affordable sum. You likewise can use that time to pack up your belongings and find another place to live. You avoid being rushed and making a bad decision because of a serious lack of time.
Your foreclosure defense lawyer can also extend your time in the home to allow you to try to sell the house on your own. If you can sell the house, you can use the proceeds to pay off your defaulted mortgage. You avoid having the blemish of a foreclosure on your credit record.
Your lawyer can convince the bank to wait for several months to give you time to sell the home. The bank may see the wisdom of trying to get the proceeds through a legitimate sale rather than foreclosing and trying to get a judgment against you.
Finally, your foreclosure defense lawyer can help you renegotiate the payments with the bank if possible. If you have no prior defaults on your record, you may be able to stave off having the home seized by working out new payments on it. The bank knows it will continue to get payments on its loan with you.
A foreclosure defense lawyer can assist defaulted homeowners like you. They can give you more time in the home, work out new payments, or advise you to sell. For more information, reach out to a local foreclosure defense lawyer, like Margery E. Golant, PA.