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Mar 16, 2023 // By:aebi // No Comment

Advice on Choosing the Right Attorney to Handle Your Foreclosure Case

Looking for the Best Lawyer Specializing in Foreclosure Cases? Here are five things to keep in mind when searching for the most qualified foreclosure attorney to handle your case.

A Concentration on Foreclosure: Ensure that your attorney is knowledgeable in the areas of loan modifications and bankruptcy law, particularly with regard to chapter 13 cases. Your attorney’s major focus should be on modifying your loan, as this is the most effective instrument available. One of a handful of measures that are frequently used to rescue a house from foreclosure and secure a loan modification when others are not attainable is filing for bankruptcy under Chapter 13, which may, at times, be utilized in combination with a loan modification. The bankruptcy process under chapter 13 is significantly more difficult than the “Fresh Start” procedure under chapter 7 for individuals with no assets.

Make sure your attorney has at least some experience in the field, preferably dating back to 2008, when the present problem in the mortgage industry began. Your attorney should be handling foreclosure cases on a regular basis and should have been doing so for at least five years. This will ensure that your attorney is aware of the most recent modifications to the law and will understand the various options that are available to prevent the loss of your home to foreclosure.

Knowledge Alone Is Not Enough. When it comes to filing for bankruptcy, you should be sure that your attorney is not just a bankruptcy lawyer who will only provide you the option to file for bankruptcy as a solution to your financial problems. Filing for bankruptcy isn’t the only option for preventing the loss of a property to foreclosure; in fact, there are other avenues that can be explored first before resorting to bankruptcy. These other avenues should be thoroughly studied. The first of these other potential alternatives that should be investigated is the possibility of renegotiating the terms of the mortgage.

Be Wary of Scams: Be wary of attorneys, who are typically from out of state, who want to charge you a big upfront retainer of $2,000 to $3,000, with a monthly retainer of $500 to $700, while they negotiate a loan modification for you. This is a con almost all of the time.

Knowledge and experience with modifying loans. It is crucial that your attorney understands the significance of loan modification as the primary tool for preventing the loss of a residence due to foreclosure. The modification of your loan is an efficient solution that should be considered as an option for you to pursue if you satisfy the requirements to do so. If you do not meet these conditions, you will not be able to modify your loan. Declaring bankruptcy should only be done as a last resort or as a backup strategy when all other options have been exhausted. Be sure to give these suggestions a lot of thought when looking for the most qualified foreclosure attorney to handle your particular case.

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