If you have received a letter stating that your lender intends to begin a foreclosure on your property, hiring a lawyer as early as possible in the process will go a long way towards making the procedure go as smoothly as possible. Sometimes lawyers are able to come to an agreement with your lender, allowing you to stay in your home if they are brought in to help early on. The first step in the foreclosure process is for your lender to send you a letter which lets you know that they intend to begin foreclosure proceedings.
Filing for Chapter 13 bankruptcy is one option that you have if you’ve spoken with your lender about adjusting your loan. By proposing a plan to repay your debt over a period of three to five years, you may be able to keep your home. It is important to contact an attorney early though, because if you miss a deadline from your lender or they finish with the foreclosure before you’ve acquired legal counsel it will be very hard to get your home back. A couple of your options may include loan modification and loss mitigation and a lawyer can help you to be certain that your lender is adhering to federal laws.
If your home is being foreclosed upon, you may wonder who to talk to, what your options are, and how long the process will take. Contact C Rainford Law Firm to discuss your options and figure out a solution to your problem today!