It’s happening everywhere. People are suffering from the effects of the downturn in the economy. Some are even losing their homes to foreclosure. Nothing is more disquieting than being thrown out of the home you have worked long and hard for, to provide the best for your family. When foreclosure seems imminent, be sure to check with a real estate lawyer, so you will know what your rights are when it comes to this disturbing prospect.
A real estate attorney will be able to review the details of the planned foreclosure, and lay out all your options, so that you can set up a plan of action to either stop the foreclosure, or find another place to live.
Many of the foreclosures that are occurring today are the direct result of some predatory activities that some lenders engaged in during the past. If you were a victim of some of these less than honest practices, you may have legal recourse, and could possibly save your home.
One of those practices that comes to mind is the adjustable rate mortgage, which began with a mortgage payment that home buyers could afford, but after a specified amount of time, the interest rate increased, sometimes doubling or tripling, making the mortgage payment increase as well. That increase has caused many people to lose their homes to foreclosure.
A real estate lawyer is your best answer to whether or not you have been a victim of any fraudulent lender practices, and will be able to advise you on the next best step to take to find a remedy. You should not have to suffer due to someone else’s greed.
A real estate attorney has the expertise, training and experience to help you get through the process and many times they are able to offer a solution that will help you deal, satisfactorily, with the your foreclosure process. Many times they are able to help the home owner stay in their home.
Often times, when foreclosure notices are received, the home owner chooses to dismiss it as not being possible, or to just ignore it, in hopes that it will go away. This is the worst thing that can be done, if there is any feasible way of preventing it from happening to them.
Don’t ignore your foreclosure notice if you have received one, contact a real estate attorney right away, and let them show you what can be done to stave off a foreclosure of your home. Following the advice of a real estate lawyer, you may be able to find a solution that is right for you.
One solution may be to refinance the existing mortgage, at one of the lower rates that are available today. In this case, you would be able to decrease your payments dramatically, to be better able to afford staying in your home.
The main thing to understand is that when faced with a foreclosure, you should not just do nothing. Doing so, only sets you up for failure.