Going through a foreclosure can be a frightening process and you probably have a lot of questions. How soon will you have to move out of your home? What will happen to your mortgage debt? Is there anything you can do to stop this from happening? Hiring a good attorney to help you along in the process can make all the difference both for your peace of mind and for your finances.
There are several laws, limitations, and regulations surrounding foreclosure proceedings. It is nearly impossible for borrowers to be aware of all of their rights and responsibilities. The bank will probably not be very helpful since their focus will be to try to recoup their losses the best they can and their actions may not be in your best interest. A qualified foreclosure attorney can help you navigate the financial jargon and let you know what your rights are. They can also make sure the bank lives up to their end of the deal and treats you fairly.
Once your home goes into foreclosure you may begin to feel a lot of pressure to move out and relinquish the property. The truth is, foreclosure proceedings can take months or even years to complete. Your foreclosure attorney will know what steps need to be taken along the way in order to extend the proceedings for as long as you need to prepare for a move. Your attorney may even find a way for your loan to be renegotiated for you to keep your house. You can use this time to save some money, get your finances in order, and plan for the future. While you allow your attorney to deal with the bank, you can be dealing with the rest of your life with a greatly reduced amount of stress.
Many people assume that once their foreclosure is complete, they will be released from the obligation incurred with their mortgage. In many cases, however, the valuation on the home is less than borrowers owed the bank at the time of foreclosure, and the homeowner may be held responsible for making up the difference. A deficiency judgement occurs when the bank obtains a court order against the former homeowners to repay the difference between what was owed and the current valuation of the home. There are several options for dealing with a deficiency judgement and all of them require a good foreclosure attorney. They will be able to help you get a new valuation on the home, negotiate a drastically lower settlement with the bank, or file for bankruptcy if necessary.