Bank Foreclosure List

Do You Need a Foreclosure Lawyer to Save Your House?

If you're facing foreclosure, it's a tough and stressful time. You don't want to lose your home, but paying all the back payments you owe may not be possible for you, and your bank may not offer a solution that you can use. While banks don't really want to take back your house and get into the business of owning property, they ARE in the business of making money, and while they'll offer you some solutions to prevent foreclosure, most of them are unrealistic for a person already in the position of possibly losing their home. Once you get that foreclosure notice posted on your door, you may think that there's nothing left for you to do but give up. However, don't despair! There ARE ways to save your home. You can accomplish some of these solutions yourself, but it can be difficult to navigate the legal system of foreclosures without help. That's why a foreclosure lawyer may be a good option for you.

You can request a suspension of payments for a few months, until you get back on your financial feet. You can also request the missed payments be tacked onto the end of the loan, allowing you to resume monthly mortgage payments without having to add in the late payments. You could also request a small amount of each late payment to be applied to future payments until the back payments are paid off. Most banks will initially either say no to these options, or offer you make-up payments that are way too large for you to handle. A foreclosure lawyer can talk to your bank for you and put a little bit of pressure of the law on them to get them to work out a more reasonable solution for you.

Your foreclosure lawyer may also suggest bankruptcy as a solution. While this is not the ideal way to save your house, it can be effective. If you're filing Chapter 7, the bank can not take your house until the bankruptcy is discharged. This gives you a few months to come up with back payments, sell the house, or think of another option. If you file Chapter 13, your back housing payments can be included in your repayment plan at a rate that works for you. Whatever way you choose to save your house, a foreclosure lawyer can help you make it happen a lot more easily than if you try to do it on your own.