Foreclosure is the process of reclaiming a house from the person with a mortgage because they failed to meet the obligations of that mortgage. If you are in danger of being foreclosed on, you can have a foreclosure prevention lawyer intervene to help save your house. One of the ways that an attorney can help is through foreclosure negotiation attorney services, which means they can negotiate with lenders to reduce your debt or adjust payment plans to prevent foreclosure.
What Are Foreclosure Negotiation Attorney Services?
Banks don’t like to foreclose on houses. It is bad for business in a lot of ways, and they would much rather get the money from the person they have already invested in. Because of that, you have a chance of staving off foreclosure by working with an attorney to create a plan to repay.
Any adjustment in the terms of repaying a mortgage requires a negotiation with the lender. Foreclosure prevention lawyers step in and negotiate with banks. A successful negotiation can restructure the mortgage payments to match what you can afford. That way, you can catch up on the mortgage and continue to make payments to keep it current. If that happens, the bank doesn’t have a reason to foreclose on your house.
Contact a Lawyer Before Foreclosure Starts
The best time to contact a foreclosure prevention lawyer to negotiate with lenders is before they file for foreclosure. Starting negotiations early gives you more leverage to change the situation. If you wait until foreclosure starts, it becomes much harder to argue on your behalf. Don’t let the situation deteriorate to the point where foreclosure is inevitable. Be proactive and seek help as soon as you are able to.
How Much Can a Lawyer Reduce My Mortgage Payments?
A lawyer may be able to negotiate your mortgage payments, but the amount that they can negotiate to depends on several factors. Ultimately, lenders are not required to negotiate contracts. They can hold you to the original payment requirements if they decide to. However, they are likely to negotiate to avoid a foreclosure or bankruptcy filing. Legal filings create more problems for them and will likely take a simpler negotiation option.
What your mortgage payment can be depends on your resources and your lawyer’s ability to negotiate. With luck, it will be an amount that you can easily afford. Otherwise, you may need to file for bankruptcy to resolve mortgage issues.
Kain + Henehan Can Help With Bankruptcy
Another way to prevent a foreclosure is to file for bankruptcy, where your home is a protected asset. You will still have to negotiate with the lender and make payments, but they won’t be able to foreclose on your home. To learn more about home protections in bankruptcy, call Kain + Henehan, bankruptcy attorneys in St. Cloud, Minnesota, at (612) 438-8006 or use the contact form to schedule a consultation about your case.
