It can be devastating, although not necessarily unexpected, to get the notice from the bank that your home is being foreclosed on. This is a relatively long process, so it isn’t likely you’ll have to leave the home immediately. However, there may be a way to stop the foreclosure process entirely and save the home in some cases. Hiring an attorney that specializes in foreclosure in Hamilton OH may be helpful for figuring out a solution.
Alternatives to Foreclosure
An experienced foreclosure attorney will know all of the potential alternatives to foreclosure and be able to advise a homeowner on whether or not they apply in the homeowner’s situation. These alternatives include a short sale, in which the home is sold for less than the amount left on the loan, a loan modification or returning the deed to the bank in lieu of foreclosure. The sooner an attorney is consulted, the more likely one of these alternatives will be possible. For example, contacting either the lender or an attorney before a mortgage payment is even missed when it has become clear this is likely may make it possible to negotiate new loan terms that will prevent a foreclosure.
Benefits of Hiring a Foreclosure Attorney
The foreclosure process is a bit complicated, and the paperwork involved can be confusing. An attorney specializing in Foreclosure in Hamilton OH will be well versed in all of the relevant laws and able to make sure that the paperwork is properly executed and that the lender is following all of the relevant laws. This means that if the homeowner wants to go to court to try to avoid foreclosure, someone will be available to represent them well. Lawyers for the lender will also be more likely to be willing to speak to a homeowner’s lawyer than to the homeowner. An attorney may find it possible to negotiate a better solution than foreclosure. If nothing else, an attorney may be able to negotiate a later foreclosure sale date to allow the homeowner with more time to come up with a new living situation.
Contact Dean Snyder Attorney At Law for more information on foreclosure options.