If you are facing foreclosure or struggling with making your mortgage payments, it is important that you consult with an experienced real estate attorney who can handle your foreclosure case. Some of the critical roles that a lawyer can play during the foreclosure process include:
They Know the Relevant Laws
The foreclosure process in Michigan is complex and confusing, so it is important to work with a knowledgeable lawyer who is familiar with the relevant laws, including foreclosure laws, contract laws, and consumer rights laws. He or she can assess your particular situation to determine whether you have a claim under state law or a defense based on federal law. Experienced foreclosure defense lawyers know how to defend against foreclosure while also holding lenders responsible for unfair lending practices.
They Can Examine the Specifics of Your Case
A skilled foreclosure defense lawyer can examine your mortgage note and other documents to determine your contractual rights and obligations. Additionally, he or she can identify the reasons for your hardship and whether it provides you with additional options to negotiate to stop the foreclosure of your home. He or she can assess if there were any procedural defects the mortgage lender caused during the foreclosure process. Ultimately, this careful assessment can help you identify your rights and make an informed decision about whether you should fight the foreclosure or pivot to other relief, such as a short sale or better move-out date.
They Can Help with Loan Modifications
Many homeowners are not aware of their right to ask for a loan modification, which can provide for lower payments by lowering the interest rate, extending the loan term, forbearing loan payments or otherwise modifying the loan. However, to receive this relief, you must prove that your income falls within the acceptable range to be eligible. A lawyer can help you gather the necessary evidence to facilitate this process. Additionally, he or she can try to show the bank how it is also in their best interest to modify the loan so that it is more willing to work with you.
They Can Protect Your Rights
An experienced foreclosure defense attorney can take the necessary steps to protect your rights. He or she can file a notice of appearance that shows that he or she is representing you and puts the bank on notice that you are taking the case seriously. Additionally, he or she can provide a prompt response to the complaint and summons you receive that asserts all of your defenses. He or she can then fight the lawsuit and negotiate on your behalf during the process. Having a trusted advocate on your side can help you level the playing field.
They Can Advise You on Bankruptcy
For some borrowers, filing bankruptcy may be the best option to manage debt and keep their homes. Once you file bankruptcy, an automatic stay applies that prevents your creditors from taking any further action until your bankruptcy case is resolved. Your lawyer can discuss whether this is a good option in your particular situation.
For More Information
If you would like more information on the foreclosure process, what defenses you may have or how a foreclosure defense attorney may help, visit www.strebylaw.com/.