When to Contact a Foreclosure Defense Attorney?

Foreclosure Defense Article:

How does one know when to contact a foreclosure defense attorney?

You know your job is coming to an end. They’ve already announced the layoffs. You only have one month left to get another job, or go on unemployment. If you do take unemployment how much would the monthly amount be? Chances are it won’t be enough to live on. You have exactly two months of mortgage payments socked away in the bank. Will you get another job? Does one panic now, or take a wait and see approach?

When you are faced with a job loss or have been unable to make your mortgage payments, contact a foreclosure defense lawyer. What you can learn can only stand you in good stead, and help you prepare for an uncertain future with added wisdom.

A few things to look into:

• Special forbearance: Try to arrange a repayment plan with your lender. It will be based on your financial situation. It can provide for a temporary reduction of your payments. If you’ve recently lost your job, you may qualify.

• Mortgage modification: You may be able to refinance the debt. This can help you reduce your monthly payments so you can catch up.

• Pre-foreclosure sale: Check into this to avoid damage to your credit rating. It will allow you to sell your property and pay off your mortgage thereby avoiding foreclosure.

• Deed-in-lieu of foreclosure: As a last resort, you may be able to voluntarily “give back” your property to the lender. This won’t save your house, but it makes your chances of obtaining another mortgage that much better.

• The Burgess Law Firm in Weston Florida is here to answer any of your questions concerning foreclosure defense.