Should You Consider Working With An Attorney On Your Foreclosure?
If you are facing possible foreclosure on your home, there are a number of reasons why you might consider hiring an attorney to help you through the process. Of course, for many individuals, doing so is not even really a consideration due to the cost involved. However, for those who can afford it, working with an attorney may provide a number of advantages over navigating the process by yourself.
Reason 1: Working With the Bank
First, consider the fact that the banks will without doubt have a plethora of lawyers at their disposal to pursue your foreclosure case or trustee sale. Most of the time, bank employed attorneys will not take calls directly from a borrower, but may be more likely to speak with the borrower’s legal representation. They speak the same language and know the rules of the game, whereas the borrower often does not, and so hiring an attorney can sometimes make the process of communicating with the bank a bit more productive.
Reason 2: Prevent Being Taken Advantage Of
A second reason why working with an attorney may be worthwhile during foreclosure is that it can pay off to have someone familiar with your state laws take a look at all of the documentation and ensure that proper procedures are being followed. Banks may sometimes take advantage of the fact that borrowers usually do not fully understand all of the rules of the foreclosure process. If you have an attorney to review things, back you up, and object if you are not being treated fairly and in accordance with the law, you may be less likely to encounter an devious practices by the bank.
Reason 3: Buying More Time
Another consideration is allowing oneself more time to reestablish income, reach a resolution with the bank, and retain the home. While it can often cost several thousand dollars to hire legal representation during a foreclosure proceeding, doing so can often stretch the case out for several more months, allowing a borrower to save more while still in the home, and lengthening the time in which an agreement might be worked out with the bank.
Reason 4: Better Loan Modification Prospects
If you are seeking a loan modification, having an attorney on your side may result in better modification terms. For example, if you pursue a loan modification on your own, you may only be able to secure a temporary modification. If an attorney helps with the process, on the other hand, it may be possible to secure a permanent modification to the loan.
At the end of the day, deciding whether or not to hire an attorney might simply come down to the money involved. If you’re already behind in making your payments, it may not be an option for you to come up with the fees to pay for legal representation. If you have the funds, however, having an attorney in your court can provide you with a number of really helpful advantages.