You can immediately take numerous steps to stave off foreclosure should you receive a foreclosure notice. Losing your home is not inevitable—especially if you immediately contact a foreclosure defense law firm that can help you identify your options and determine which one is best in your situation.
If you are late on payments and have received a notice of intent to foreclose, your options include:
- Full reinstatement
- Repayment plan
- Loan modification
Probably the first thing your attorney will do is contact your lender. Ideally, this will happen once you realize that, for whatever reason, you will likely fall behind on payments. Your attorney can head off trouble before it gets serious and negotiate a possible resolution to your problem that will avoid default and the threat of foreclosure.
Once you receive a notice, however, you need to have an attorney contact your lender immediately. Lenders often want to avoid foreclosure as much as you do, because they would rather receive payments on your mortgage than have to deal with maintaining and selling your home. Your attorney can discuss the possibility of a loan modification or even a short sale, in which you sell your home on your terms without your lender taking possession. A skilled foreclosure attorney can ensure that you explore every option and can present the best case possible in favor of a solution besides foreclosure.
How Can a Lawyer Help Me Fight Foreclosure?
An attorney who specializes in fighting foreclosures can help you negotiate with your lender to obtain a reasonable loan modification or find another solution. An experienced attorney will be more familiar with your options—and an attorney who routinely deals with foreclosures should be familiar with options that a lender might willingly consider in your specific situation.
Finally, if your lender is determined to foreclose, an attorney can help you fight that action. Odds are, your current mortgage holder is not the same company that originally loaned you the money to buy your home. Mortgages are sold frequently and repeatedly—and often they are sold as securities to investors. It is entirely possible that the current mortgage holder has none of the original paperwork on the mortgage from the company that originally loaned the money in the first place. In such instances, mortgage holders may be unable to prove that they have the right to foreclose. In other situations, your attorney may argue that you were the victim of predatory lending. An experienced attorney can prove invaluable at staving off or even preventing foreclosure of your home—and these are only two options at a foreclosure defense attorney’s disposal.
If You Are Facing Foreclosure in Salt Lake City, Call Jory L. Trease of JLT Law to Discuss Your Options
If you have received a foreclosure notice in Salt Lake City, you need to understand your options. Take advantage of a free case evaluation to determine if an attorney can help you keep your home. Jory L. Trease can help. Contact JLT Law at (801) 896-9444 or through our online contact form.