Life is unpredictable, and with that uncertainty, some homeowners fall behind on their mortgage payments. The best person who can help you in times like this is a foreclosure attorney, someone who can give you options available so you can avoid financial difficulties and get back on track. A homeowner might be facing a difficult financial problem because of a debilitating injury or a loss of job, and any other situation affecting the ability to pay bills. A foreclosure can definitely affect an individual’s credit score, and liability for deficiency on the loan following a foreclosure also applies, depending on different factors.
What can you do is your faced with foreclosure? In most cases, a short sale is a better option over foreclosure. Foreclosure laws are not really good in the part of the bank and the homeowner because a bank just hold a non-performing asset, and a homeowner will have to face the consequences for having gone into a foreclosure. A short sale is a good compromise, benefiting the bank and the homeowner. When it comes to a short sale, a buyer can submit an offer on a home for less than the amount of what is currently owed on the mortgage, and the bank can decide by then whether it will absorb the loss of the difference whatever is left over. It only means that homeowners with a home that is worth less than a number of their loans can actually consider engaging in a short sale, than having to face the tedious path of ruined credit rating. A foreclosure lawyer may also advise you to negotiate with the bank.
A foreclosure lawyer can guide you when it comes to discussing your options with your bank like reinstatement, implementing a repayment plan or forbearance. When it comes to reinstatement, the bank and the homeowner make an agreement that the amount owed will be paid by a specific deadline and the bank agrees not to foreclose the property. When it comes to a repayment plan the bank resumes the monthly payments and the buyer agrees to pay a portion of the past due payments each month as well. In forbearance, it involves requesting your bank to reduce or suspend payments temporarily while you resolve your short-term financial issues.
There are wide variety of options available out there, and there is no definite approach that applies to all cases, this’s why it is crucial to consider contacting foreclosure lawyer to help you find the best solution for you. If you are looking for a trusted and reliable foreclosure lawyer, feel free to view our website for more information.