Are you having trouble making your house payments? If so, you might be worried about losing your home and impending foreclosure. However, the earlier in the process you speak with a foreclosure lawyer, the more options you will have and the greater the possibility that your home will be saved. Here are a few reasons to speak with a foreclosure attorney if you have trouble making your mortgage payments. Pursue Your Loss Mitigation With The Help Of A Foreclosure Lawyer
Why you need a foreclosure attorney
Federal law gives the lender the right to start the legal process we all know as a foreclosure if you are more than 120 days behind on your mortgage payments. By doing this, the lender can sell your house and recoup their investment.
The federal laws that safeguard homeowners are often unknown to borrowers. A competent attorney can advise you on your options. If you don't update your loan payments, the lender is required to mail you a document known as a breach letter, which serves as notice that they intend to start foreclosure proceedings. You have a limited time, typically 30 days, to bring your current loan to avoid foreclosure.
Closing party unable to establish ownership
The party foreclosing, in this case, your bank must establish ownership of your house to have the legal right to do so. They lack "standing" to foreclose if they can't demonstrate that you are the rightful owner of the loan, they gave you. Although it happens infrequently, banks occasionally cannot produce promissory notes indicating the ownership of the loan. This occurs when a loan is bundled and secularized, or the debt may have been sold to other lenders, banks, or investors. Your foreclosing attorney can find any such gaps in the documentation to strengthen your case.
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