Property owners who use a 3rd party such as the bank to finance their ownership are left with mortgages to pay off. When taking the mortgage, certain loan agreements are made which the lender must adhere to until they are able to replay back all the money they had borrowed. At times, for one reason or the other, the property owner may fail to fulfil these payments. This, in turn, may trigger foreclosure proceedings. This is where the bank or any other lender takes possession of the property in question as a way to make up for the debt that is owed to them. When this happens, one of the biggest questions that property owners ask themselves is whether they should hire a foreclosure lawyer. Hiring a foreclosure lawyer might be good due to the following reasons.
The Foreclosure Lawyer will Deal with All the Files
When you hire a foreclosure lawyer, their first step would be to file a Notice of Appearance. This is a notice that is meant to inform the court as well as the lender in question that you will be represented by the lawyer from that point forward. Filing this will bring a difference in how the case information is being handled. That is, you will not be dealing with the foreclosure directly. Instead, all the communication in regards to your foreclosure case will be forwarded directly to your lawyer. This also includes all the necessary documents. Being able to avoid dealing with all of that, the process will become a little bit less stressful for you.
The Foreclosure Lawyer will Answer to the Summons and Complaint
For judicial foreclosure states, it is required for a lawsuit to first be filed before a house can go through foreclosure. Hence, you are likely to have a lawsuit filed against you by the lender. To officially make you a defendant in that lawsuit, a summons and complaint will be served to you. It is mandatory that you respond to it within the provided duration. Otherwise, you will risk an automatic judgement which will lead to definitely losing your home.
It can be hard to determine how to respond appropriately to a summons and complaint. However, with a foreclosure lawyer, they can handle this for you. They will also try to find any issues with the complaint that may help with the case.
They Will Represent You in Settlement Meetings
When you are facing a foreclosure, there are some ways in which you can avoid losing your home. One of these methods is to hold a settlement conference with your lender. Here, you will try to find a middle ground with your lender such that you can avoid the foreclosure altogether. Going to such meetings alone can feel intimidating as you may not have the skills and knowledge to perform these negotiations effectively.
Here, a foreclosure lawyer will be beneficial. This is because they will act as your representation during the mediation. With your best interest in mind, they will apply their skills to help you end up with the best deal possible.