No homeowner expects to go through foreclosure and experience the possibility of their home being taken from them. The reality is however, foreclosure can happen to anyone for a variety of reasons. It only takes an unexpected event such as a drastic medical emergency or natural disaster to disrupt your financial stability. With a sudden rise in expenses, it may affect your ability to make your mortgage payments. No matter what your circumstances are, you can rely on a qualified lawyer to be there for you and protect your legal rights as a homeowner. If you are not sure whether it is time to hire a lawyer, here are some things that you should consider.
You have missed multiple payments
Foreclosure is officially triggered after four months of missed payments. People who are unable to pay their mortgage will receive a notice that foreclosure can be imminent unless they take immediate action to ensure that their payments can be made. However, for many people who are in precarious financial situations, they do not have the ability to make their payments. If you do not know how you can manage making your payments, you can turn to a lawyer for guidance and they can explain what you can do.
You want to negotiate your loan
Borrowers may be able to make modifications to their home loan and request to adjust their interest rate. This allows homeowners to be able to reduce their monthly payment to a much lower amount that they can pay. Having a lawyer at your side can greatly improve your chances of having the modification approved. They can evaluate your case and determine approaches and strategies that will enable you to get the adjustments you are striving for.
You are considering declaring bankruptcy
Bankruptcy is a major decision, and anyone who is thinking of filing for bankruptcy should first consider other alternatives. If you are seeking to understand whether you are eligible to file for bankruptcy and whether it is the right solution for you, an experienced foreclosure lawyer can do a complete case assessment for you. As a skilled lawyer like one from Therman Law Offices, LTD explains, an attorney can give you details on how Chapter 13 bankruptcy can stop the foreclosure process and what effects what impact you if you do decide to file bankruptcy.
You are facing sudden expenses
Whether you are taking care of a loved one or have recently been laid off from work, there are many scenarios that can make it difficult for you to make your monthly payments for your home. When expenses rise suddenly and unexpectedly, your financial position can be jeopardy. It may signal that you need to see a lawyer so that you can better understand what your options are so that you can know what the best move is. Meeting with a lawyer to discuss your finances is beneficial because they can evaluate your situation.
When figuring out if you actually need to meet with a competent and reliable lawyer, there are many elements to consider. If you have uncertainties or questions about the foreclosure process and what kind of action you must take to keep your home, contact a trusted and highly experienced lawyer to receive the legal help that you need.