Despite improvements in the housing market since the Great Recession, many American families are still fighting to save their homes. The process can take anywhere from a few months to many years, depending on where you live. One thing is certain: if nothing is done to stop it, you will lose your home!
Your lender has the power to issue a notice of default if you have missed one or more mortgage payments. This paper will be used as proof that you have defaulted on your home loan if it is disregarded. The lender’s next move will most likely be to file a complaint in court, kicking off the foreclosure process.
After then, the court will mail you a copy of the complaint and give you a few weeks to respond. It is critical that you contact a foreclosure attorney at this point.
A skilled foreclosure attorney in Covina can seek to negotiate an alternate solution that does not result in the lender seizing your property in addition to representing you in court. It’s important to keep in mind that banks and mortgage companies aren’t interested in buying real estate.
They usually lose money on the sale since maintaining and selling these foreclosed homes is costly. As a result, they frequently prefer to maintain the homeowner in their current residence. The only time this does not apply is when the property owner refuses to cooperate. This is where a foreclosure attorney in Covina enters the picture.
Following a thorough review of the terms and conditions of your mortgage agreement, your foreclosure attorney in Covina will immediately attempt to contact your lender. This crucial first step can go a long way toward ensuring that the other party understands your personal and financial circumstances. Perhaps you were hurt in an accident and were unable to work, or perhaps you were going through a divorce and were struggling to make ends meet.
Whatever the problem, if your foreclosure attorney Covina can persuade the lender that you can make future payments, the lender may be more willing to work out a solution that avoids foreclosure.
While there is no assurance that a foreclosure attorney Covina will be able to keep you in your home, there are certain advantages to hiring one.
For one reason, hiring a foreclosure attorney in Covina implies that the homeowner is serious about the process. Banks and mortgage firms, on the other hand, have limited patience with consumers who fail to make payments and ignore all attempts at communication.
How can someone who can’t afford their mortgage payments for a foreclosure lawyer? The good news is that this foreclosure attorney in Covina doesn’t usually demand exorbitant prices for their services.
Attorneys often charge anywhere from a few hundred to a couple of thousand dollars depending on how much work they put into a case. When you consider that they’re trying to save your house, that’s not a tremendous price to pay!