.jpg "Hiring Foreclosure Attorneys")
Whether you're facing a foreclosure or just looking for a new place to live, you should take the time to hire a foreclosure attorney. The right attorney will guide you through the process and help you avoid foreclosure. But how do you go about hiring an attorney?
Consultation with a foreclosure attorney
Having a consultation with a foreclosure attorney can help you get the best outcome for your case. Not only does it give you the information you need, it also gives you the chance to voice your concerns.
A foreclosure attorney can help you understand the foreclosure process, as well as the various ways to save your home. Your attorney will review your loan paperwork, and may even examine your mortgage company's communications.
Your attorney may also recommend other solutions. One option is to try a short sale. A short sale is a process in which a homeowner sells their home for less than the amount owed on the mortgage. The lender may ask you to pay lower commissions to a real estate agent, and make other concessions to lower the amount of the sale.
Other options include working with a mortgage company to try to modify the mortgage or find other alternatives. There may be a government-backed loan that can provide protection against foreclosure. These options may not be available in every case.
If you are a homeowner who is facing foreclosure, you should contact an attorney as soon as possible. You will need to provide your attorney with financial information, and you may need to take certain steps to help the lender negotiate a loan modification.
There are many resources available to help you navigate the foreclosure process. You can attend seminars at your local library, banking group, or real estate association. You may even be able to find a lawyer who will charge a flat rate.
The free consultation with a foreclosure attorney can provide you with important information. A lawyer may not be able to change the facts that are leading up to the foreclosure, but a free consultation can give you the knowledge you need to move forward.
Costs of hiring a foreclosure attorney
Using an attorney to fight your foreclosure can be expensive. Depending on your case, you may have to pay thousands of dollars. Luckily, there are ways to minimize the cost. You can find a lawyer who will help you fight your foreclosure, negotiate with the lender, or get a loan modification.
Most attorneys will charge either by the hour or a flat fee. For example, an attorney may charge $100 per hour, or he may charge you a flat fee of $1,000 to $4,000.
An attorney may also charge you an upfront retainer. This is a prepayment of a certain amount of time spent on the case. The retainer is usually a few hundred dollars to thousands of dollars. The benefit of a retainer is that it allows the attorney to withdraw money from a trust account as he works on your case.
Some attorneys will also charge a monthly retainer. This is more realistic for homeowners facing foreclosure. This allows the attorney to earn a monthly fee from the client even if little activity takes place.
Some attorneys will even offer free consultations. This allows the client to ask questions and get an idea of what is involved in the foreclosure process.
There are also attorney-based organizations that may offer lower attorney's fees. This is great for people who are in need of legal assistance but cannot afford to pay high fees.
Finally, there are also many free and low-cost online resources. These include legal aid clinics, nonprofit organizations, and online foreclosure resources.
Using an attorney to fight your foreclosure can make the difference between keeping your home or losing it to the bank. Hiring the right attorney can save you thousands of dollars in time and money.
Non-judicial foreclosure removes the court system from the foreclosure process
Generally speaking, non-judicial foreclosure is not a legal process, but is used by some lenders to sell properties to recover debt. These processes are faster and more efficient than judicial foreclosures. However, the difference between them can have a significant impact on the defenses that a homeowner has against the lender.
When a borrower is behind on payments, the lender can foreclose on the home. If the borrower wants to delay the foreclosure, he can file a lawsuit in court and seek judicial review of the process. The lawsuit must be filed in the proper court and must present substantial evidence to the judge.
In some states, non-judicial foreclosure procedures are not permitted, so the lender must use judicial foreclosure. If the borrower does not contest the foreclosure, the lender can sell the property at auction to recover the debt.
In some states, a lender can foreclose on several properties if the borrower does not repay the loan in a timely fashion. The lender can pursue the foreclosure with the assistance of a foreclosure trustee. The trustee is a neutral third party. The trustee will take over the property and auction it to pay off the loan and foreclosure costs.
A borrower who is behind on payments but wants to delay the foreclosure can file a lawsuit to stop the sale. The lawsuit must convince the judge to issue a temporary restraining order. This order freezes the current state of affairs until the hearing.
If the borrower contests the foreclosure, he may be able to obtain a deficiency judgment. This judgment may be limited to a money judgment if the property was sold to a bona fide purchaser. In addition, attorneys can help homeowners spot mortgage fraud.
Punitive damages awarded by a foreclosure attorney are capped by the Federal Government
Unlike compensatory damages, which are awarded by a foreclosure attorney for damages that a plaintiff has suffered, punitive damages are given when a defendant has committed malicious or egregious acts. They are designed to deter others from doing the same. They also serve as an example for the defendant.
Punitive damages are sometimes called "exemplary damages." They are awarded in cases where the defendant has committed gross negligence, a deliberate act, or a reprehensible act. It is also awarded for conduct that is extremely offensive or hard to detect.
Punitive damages are based on the Book of Approved Jury Instructions and are intended to deter future misconduct. The defendant is always given fair notice of the punitive damages. The amount awarded depends on additional factors.
The Federal Government caps punitive damages at nine times the value of the actual damages. A lawsuit against a mortgage lender for a fraudulent or harmful mortgage modification agreement may result in punitive damages. Similarly, in the case of a product liability lawsuit, the company selling a defective product can be ordered to pay punitive damages.
A state may also set a cap on punitive damages. In Missouri, for example, punitive damages are limited to five times the actual damages. In Montana, punitive damages can't exceed $1 million. There are also caps on punitive damages in other states. In New York, punitive damages are awarded for violations of anti-discrimination employment laws.
Punitive damages are sometimes awarded in cases of medical malpractice. It is important to know that the standard of extreme negligence is not always enforced. Different courts have different interpretations of the standard.
Punitive damages are often awarded in addition to compensatory damages. They are intended to deter future misconduct and serve as an example for the defendant.
Chapter 13 to avoid foreclosure
Whether you want to avoid foreclosure or just catch up on your mortgage payments, you should consider filing for Chapter 13 bankruptcy. A bankruptcy filing will delay the foreclosure process by a month or two, giving you more time to work out a solution.
In addition to giving you a fresh start, a bankruptcy filing can help you keep your home. It can also help you renegotiate with your mortgage lender. You may also be able to have your second mortgage reclassified from unsecured to secured, and have a reduction in your monthly mortgage payments.
Another benefit of filing for bankruptcy is the automatic stay. The automatic stay stops all collection activity from your lender and stops legal actions against you.
If you cannot make the plan payments, the bankruptcy will not work. However, if you can continue to make the mortgage payments, the plan can save your home.
In Chapter 13 bankruptcy, the debtor reorganizes his or her debts into a manageable payment plan that will last between three and five years. The debtor will then begin making regular payments on the plan. The court approves the plan, and the debtor will make payments on the plan according to his or her income. This plan may include paying back back taxes, back mortgage payments, or making up missed payments.
While Chapter 13 bankruptcy can save your home, it can also negatively affect your credit rating. If you don't make the plan payments, you will still be responsible for your debts. In addition, the plan will not bring you to positive equity in your home.
If you are considering filing for bankruptcy, you should speak to a bankruptcy attorney. They can help you figure out what type of bankruptcy is right for you. They can also answer your questions about the bankruptcy process.