To Foreclose Or Not: How To Know What The Right Decision Is

Going through a foreclosure can be one of the most difficult things to experience, but you don’t have to face this challenge alone. Having the right foreclosure lawyer can make a huge difference during the process.

When you choose to partner with Levin Group, you will be paired with a foreclosure attorney who will ensure that you make the right decision from start to finish. Levin Law Group has some of the brightest and most dedicated lawyers you can find.

Today, we want to take some time to explain the foreclosure process and how a foreclosure lawyer can help. So, how do you know whether or not you are making the right decision?

What is a foreclosure?

First, we need everyone to be on the same page regarding what a foreclosure entails. Foreclosure occurs when a lender is trying to recover funds from a loan that is in “default,” and the borrower is either unwilling or unable to make continual payments. The lender then has the right to use your property as collateral for not meeting the terms of your mortgage.

Regardless of the situation, it’s best to sit down with a foreclosure attorney from Levin Law Group. You may not think that you need a foreclosure attorney to help you. The simple fact of the matter is that most people have never gone through a foreclosure and may not know what to do or expect.

While they are never easy, foreclosures have been a confusing and unclear landscape to navigate throughout the last two years. It can be difficult to recover if you have fallen behind on your mortgage payments, even by one month. Being behind on your mortgage does not mean you will immediately lose your property, but you should come up with a game plan and figure out what to do next.

How can a foreclosure lawyer help?

If you believe you may be close to foreclosure, your first step should be to seek legal representation with a foreclosure lawyer.

With the help of a foreclosure attorney, you may be able to negotiate new terms for the repayment of your mortgage with your lender. For those who qualify, there may even be grants that you can apply for to help you pay your mortgage.

Your lender may try to sue you if you have not paid your mortgage. Initially, you will be issued a ninety-day foreclosure notice. Once that time has elapsed, your lender may try to reach a settlement within a short period of time to recover the missed payments. There are additional concerns that may come in the form of a tax lien when going through a foreclosure.

During this time, we will come up with a strategy with you to determine whether or not your home can be saved. At this point, we will help you decide your best option moving forward.

What solutions are available for those facing foreclosure?

It is possible to enter what is called “reinstatement,” where you will enter into an agreement to pay back everything that is owed, including missed payments, interest from those missed payments, and any penalties imposed by your lender.

Another alternative would be to see if your lender will agree to a short refinance. In this case, you would get a new loan amount for less than what is owed and your lender would forgive the difference.

Lastly, if you can prove that you are behind on payments because of temporary financial hardships, you may qualify for a special forbearance. In these cases, you would have needed to run into a financial hardship like a large medical bill or a sharp decrease in your income. Your lender may agree to reduce or suspend payments for a specific amount of time.

If you have gotten behind on your mortgage and need help determining what to do next, please contact Levin Law Group. We will fight for you to keep your home and help you understand your rights in the event of a foreclosure. Every step of the way, we will be by your side and give you the best chance to save your home. Contact us to see how we can help you today!